How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis
How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis
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DOI：
10.1093/rfs/hhaa134
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发表时间：
2021-11-01
影响因子：
8.2
通讯作者：
Stulz, Rene M.
中科院分区：
文献类型：
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作者：
Fahlenbrach, Rudiger;Rageth, Kevin;Stulz, Rene M.
财务灵活性更高的公司应该更有能力为COVID-19冲击造成的收入缺口提供资金，并从政策应对中获益较少。我们发现，在一个行业中，财务灵活性高的公司股价下跌26%，或9.7个百分点，低于财务灵活性低的公司。当股价反弹时，这种差别回报会持续存在。受COVID-19冲击影响更大的公司从现金持有中获益更多。没有证据表明，最近的支出加剧了公司股价的平均下跌。我们的结果不能用杠杆效应来解释。
Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 shock and benefit less from policy responses. We find that firms with high financial flexibility within an industry experience a stock price drop that is 26%, or 9.7 percentage points, lower than those with low financial flexibility. This differential return persists as stock prices rebound. Firms more exposed to the COVID-19 shock benefit more from cash holdings. No evidence suggests that recent payouts worsened the average firm's drop in stock price. Our results cannot be explained by a leverage effect.