在台灣收入下降期間，財務靈活性如何影響企業績效？ 來自 COVID-19的證據

Abstract

本文調查了在 COVID-19 大流行期間台灣收入受到意外衝擊時財務彈性是否有價值。本研究發現持有較多短期債務和長期債務的公司在崩盤期間股票報酬率較低。這種不同的報酬在復甦期間繼續存在，使得高和低財務彈性公司之間的報酬差異在復甦期結束時超過 5%。此外，受到COVID-19 高度影響的公司從現金持有中受益更多。在復甦期間，現金增加一個標準差會使得股票報酬提高2.68% 。總體而言，研究結果表明，財務彈性有助於公司獲得更好的股票表現。

This paper investigates whether financial flexibility is valuable when there is an unexpected shock to revenue in Taiwan during the COVID-19 pandemic. I find that firms which hold high short-term debt and long-term debt experience lower stock returns during the collapse period. This differential return continues during recovery period, making the return difference between high and low financial flexible firms over 5% at the end of recovery period. Furthermore, firms that are highly exposed to COVID-19 benefit more from cash holdings, a one-standard deviation higher cash is associated with higher stock returns of 2.68% during the recovery period. Overall, my findings suggest that financial flexibility helps firms to have better stock performance.