Research On The Impact Of Credit Support Policies On Corporate Performance During The COVID-19 Pandemic

Since the 21 st century,sudden public health incidents have occurred in various countries around the world.For example,the SARS epidemic in 2003,the Ebola virus outbreak in 2014,and the COVID-19 epidemic in 2019.Such sudden public health incidents,with their unique sense of urgency and uncertainty,not only pose a threat to the affected areas,but also have a heavy and profound impact on the world economy.The COVID-19 epidemic is a large-scale and widespread public health incident that has had a significant negative impact on China’s economic operation.In addition,the epidemic has exacerbated the financing constraints faced by enterprises,and the financial risks of many companies in some regions and industries have become more pronounced,especially with a significant increase in cash flow pressure during this period.To cope with this challenge,the Chinese government has implemented a variety of credit support policies during the COVID-19 epidemic to reduce enterprise financing costs,optimize credit structures,and alleviate financing pressure,in order to help companies overcome difficulties and stabilize economic development.The implementation of these policies is of great significance for mitigating the impact of the epidemic.The food and beverage industry is an important part of China’s national economy and one of the main sectors in the consumption field.This article takes the listed companies in the food and beverage industry in the A-share market during the COVID-19 epidemic as an example,selects 1834 observations,collects and organizes financial data from 11 quarters from the first quarter of 2020 to the third quarter of 2022 in their relevant reports,and establishes a stepwise multiple regression model.The model takes the total asset turnover ratio and earnings per share as the explanatory variables,the quarterly increase in the total credit scale of the country and whether the enterprise is state-owned as the explanatory variables,and the company size,equity concentration,board size,and asset-liability ratio as control variables.Through this model,two important conclusions are analyzed and verified: firstly,the intensity of credit support policies has a significant negative correlation with enterprise performance,indicating that the credit support policies of China during the COVID-19 epidemic have a reverse regulatory effect on the performance of food and beverage industry enterprises,which can avoid the situation of economic overheating or overcooling;secondly,compared with state-owned enterprises,the correlation coefficient of non-state-owned enterprises is larger,and their sensitivity to credit support policies is stronger.The value of this article is to provide some reference and inspiration for future research and policy-making in related fields.On the one hand,it is conducive to the government’s formulation of mechanisms and ideas that are more conducive to the recovery of corporate operating capacity in the event of sudden public health incidents;on the other hand,it is conducive to enterprises in making adaptive adjustments in the face of such global and long-term negative events,and to obtain better survival and development space.