论文标题
短期冲击，持久的付款：卢山地震的证据
Short-term shock, long-lasting payment: Evidence from the Lushan Earthquake
论文作者
论文摘要
突然的灾难性事件将业务风险带入公司。该论文在2013年在中国介绍了巨大的卢山地震，这是一种意想不到的震惊，以探索长期和短期内对公共公司的因果影响。进行DID-PSM方法是为了检查因果推断的鲁棒性。鉴定和估计表明，灾难性冲击会对现金流动性和短期内的盈利能力产生负面影响。此外，对经过治疗组的企业制造和运营的实际影响。公司增加了非企业支出并保留收入，作为在冲击期内抵制串联风险的财务措施。作为长期支付，生产因素的下降，尤其是在就业水平和固定资产的损失是永久性的。地震的全面互动也得到了反映。从灾难中恢复将通过提高R \＆D的增长率并通过增加市场份额增强竞争力来使这些公司受益，尽管这些影响是暂时的。实施了PSM-DID和事件研究方法，以调查特定强烈地震对全国当地公共公司的一般影响。与Lushan地震一致，现金流与销售的比率急剧下降，并在随后的3个学期中恢复。销售的震惊是短暂的，仅在当前学期。
Abrupt catastrophic events bring business risks into firms. The paper introduces the Great Lushan Earthquake in 2013 in China as an unexpected shock to explore the causal effects on public firms in both the long and short term. DID-PSM methods are conducted to examine the robustness of causal inference. The identifications and estimations indicate that catastrophic shock significantly negatively impacts cash flow liquidity and profitability in the short term. Besides, the practical influences on firms' manufacturing and operation emerge in the treated group. Firms increase non-business expenditures and retained earnings as a financial measure to resist series risk during the shock period. As the long-term payment, the decline in production factors, particularly in employment level and the loss in fixed assets, are permanent. The earthquake's comprehensive interactions are also reflected. The recovery from the disaster would benefit the companies by raising the growth rate of R\&D and enhancing competitiveness through increasing market share, though these effects are temporary. PSM-DID and event study methods are implemented to investigate the general effects of specific strong earthquakes on local public firms nationwide. Consistent with the Lushan Earthquake, the ratio of cash flow to sales dropped drastically and recovered in 3 subsequent semesters. The shock on sales was transitory, only in the current semester.
