The impact of Covid-19 on the finances of multinational enterprises from the perspective of Balance of Payments transactions

Monika Andrzejczak
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引用次数: 2

Abstract

Purpose: The analysis of the impact of the Covid-19 pandemic on the finances of economic entities from the perspective of the structure of financing, investments and dividend policy. Design/methodology/approach: The research covered the countries of the EU, due to the specific type of ties between these countries. Research stages: 1. Classification of countries in terms of the selected IIP and the BP statistics and macroeconomic data in 2018–2019 (pre-pandemic period), average levels for 2018–2019 in relation to GDP; 2. Presentation of the development of selected monthly BP statistics during the pandemic period (from January 2020), in terms of: (i) changes in the share of GDP (first half of 2020 in relation to the first half of 2019); (ii) year on year changes. Research methodology: data source: Eurostat, annual, quarterly, and monthly data in million EUR, the collected statistics were adjusted to the Harmonised Index of Consumer Prices (HICP). Findings: At the end of November 2020, it is difficult to identify the pattern of changes to the flows of the discussed categories based on the analysis of information from the pre-pandemic period. Practical implications: The creation of a“new” division between the EU countries as a result of Covid-19 may result in a change in the priorities of functioning within the entire Union and in a change in the rules of redistribution of the EU funds. Originality and value: An original way of framing decisions on capital structure, investment decisions and dividend policy through the prism of the Balance of Payments flows.
从国际收支角度看新冠肺炎疫情对跨国企业财务的影响
目的:从融资结构、投资结构和股利政策等角度分析新冠肺炎疫情对经济主体财务的影响。设计/方法/方法:由于这些国家之间的特定类型的关系,该研究涵盖了欧盟国家。研究阶段:1。根据选定的IIP和BP统计数据以及2018-2019年(大流行前时期)的宏观经济数据对国家进行分类,2018-2019年与GDP相关的平均水平;2. 介绍大流行期间(自2020年1月起)选定的月度BP统计数据的发展情况,包括:(i) GDP份额的变化(2020年上半年与2019年上半年相比);(ii)年度变动情况。研究方法:数据来源:欧盟统计局,年度、季度和月度数据,单位为百万欧元,收集的统计数据根据消费者价格协调指数(HICP)进行调整。调查结果:截至2020年11月底,根据对大流行前时期信息的分析,很难确定所讨论类别的流量变化模式。实际影响:2019冠状病毒病在欧盟国家之间造成的“新”划分可能导致整个联盟内部运作优先事项的变化,以及欧盟资金再分配规则的变化。原创性和价值:通过国际收支流动的棱镜,对资本结构、投资决策和股息政策进行框架决策的一种原始方式。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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