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本文以2008年全球金融危机为研究背景,以中国上市公司为研究样本,从公司层面研究公司微观特征对于公司在金融危机中表现的影响,并进一步从股票回报率和财务业绩两方面考察货币政策和财政政策是否起到了预期的效果。我们发现:就金融危机冲击作用而言,行业特征、公司偿债能力,尤其是短期偿债能力,对于公司的表现有显著的影响,而且危机前扩张速度快、估值水平高的公司更容易受到危机的负面冲击。与已有的针对其他国家的研究结论不同,我们并没有发现公司治理对公司在危机中的表现有显著影响的证据。就政策效果而言,货币政策没有起到纾缓公司流动性困难和财务困境的作用;4万亿财政政策仅在短期内对其重点支持的行业起到了显著的正向作用,但就长期而言没有获得预期的效果。
This article takes the global financial crisis in 2008 as the research background, the Chinese listed companies as the research sample, studies the micro-characteristics of the company on the company’s performance in the financial crisis from the corporate level, and further examines the monetary policy from the stock return rate and the financial performance And whether fiscal policy has had the desired effect. We find that industry characteristics, solvency of companies, and short-term solvency, in particular, have a significant impact on the performance of companies in terms of the impact of the financial crisis and are easier for companies that have enjoyed rapid expansion and high valuation before the crisis Negative impact by the crisis. Unlike the existing research findings for other countries, we find no evidence that corporate governance has a significant impact on a company’s performance in a crisis. In terms of policy effectiveness, monetary policy did not play a role in alleviating the liquidity and financial distress of the company; 4 trillion fiscal policy played a significant positive role in the short-term only on the industries it supported strongly, but in the long run Words did not get the desired effect.