不确定冲击下纵向一体化与企业价值

Vertical Integration and Corporate Value under the Uncertain Impact

摘要: 利用新冠疫情的外生冲击，基于2019年11月~2020年6月沪深300指数中上市公司股票平均收益率的数据，本文考察了企业在面临不确定风险时，纵向一体化能否保证企业价值的稳定。研究发现，虽然企业纵向一体化水平与疫情窗口期的股票平均收益率显著负相关，但是纵向一体化水平较高的企业在冲击影响减弱后其企业价值能够更为迅速的回归到正常水平。

Abstract: Using exogenous shocks from COVID-19 and based on data on the average stock returns of listed companies in the CSI 300 index from November 2019 to June 2020, this paper examines whether vertical integration can ensure the stability of corporate value when firms are exposed to uncer-tainty risks. It is found that although the level of vertical integration of firms is significantly and negatively related to the average stock returns during the epidemic window, firms with higher levels of vertical integration can return their corporate value to normal levels more quickly after the impact of the shock has abated.