库存对企业抵御 Covid-19 大流行病的作用

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2024-09-13 DOI:10.1111/eufm.12517

Olga Dodd, Shushu Liao

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引用次数: 0

摘要

2020 年 "科维德-19 "事件引发了对消费者需求、商品价格和供应链的外生冲击，我们研究了库存在企业抵御 "科维德-19 "事件中的作用。消费者需求和商品价格的意外下降会增加库存成本。相反，持有库存可以缓冲供应中断。从经验上看，由于消费者需求下降，库存较高的美国公司在危机初期经历了更消极的股市反应。然而，自 2020 年 5 月以来，库存作为对冲供应中断的工具变得越来越有价值，从而改善了公司业绩。在科维德-19 危机期间，与其他危机不同，库存在对冲供应中断方面发挥了独特的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

The role of inventory in firm resilience to the Covid-19 pandemic

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The role of inventory in firm resilience to the Covid-19 pandemic

We study the role of inventory in corporate resilience to Covid-19 in 2020, which triggered exogenous shocks to consumer demand, commodity prices and supply chains. Unexpected drops in consumer demand and commodity prices increase the costs of inventory. Conversely, inventory holdings can buffer against supply disruptions. Empirically, US firms with higher inventory experienced more negative stock market responses early in the crisis due to falling consumer demand. However, since May 2020, inventory has become valuable as a hedge against supply disruptions, improving firm performance. During Covid-19, unlike other crises, inventory played a unique role as a hedge against supply disruptions.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.