| 摘要: | 本研究以2017至2021年間的資料，以差異中的差異方法(DID)探討了COVID-19疫情對不同行業和公司績效的影響。結果顯示，受疫情影響較深的行業包括營建工程業、住宿及餐飲業、不動產業、支援服務業、藝術娛樂及休閒服務業以及其他服務業，在疫情後其ROA、ROE和Tobin’s Q的表現皆顯著較差。以槓桿比與現金流量為中介變數發現只對股東權益報酬率有顯著影響，對於其他績效指標則無，顯示在疫情期間，公司的財務狀況對ROE影響較大，其他指標則不明顯。
若將企業規模分為小、中、大型公司討論疫情期間的績效表現差異，發現小型、中型和大型公司的績效都受到了負面影響，但中型公司所受的影響較小。對於小型和中型公司而言，槓桿比率作為中介變數時，與績效指標ROE呈現負相關，而現金流量作為中介變數，與ROE呈現正相關。大型公司在疫情中，槓桿比率與ROE呈現負相關。而現金流量與ROA呈現正相關。
;This study employs the Difference-in-Differences (DID) method to examine the impact of the COVID-19 pandemic on various industries and firm performance using data from 2017 to 2021. The results indicate that industries such as construction engineering, accommodation and food services, real estate, support services, arts, entertainment and recreation services, and other services were more heavily affected by the pandemic, exhibiting significantly poorer performance in terms of ROA, ROE, and Tobin′s Q. When leverage ratio and cash flow are considered as mediating variables, it is found that they only have a significant impact on the return on equity (ROE), while their effects on other performance indicators are not evident. This suggests that during the pandemic, the financial condition of companies had a greater influence on ROE compared to other indicators.
When discussing the performance differences during the pandemic based on company size (small, medium, and large), it was found that all company sizes experienced negative impacts on performance, with medium-sized companies being relatively less affected. For small and medium-sized companies, the leverage ratio as a mediating variable was negatively correlated with the ROE, while cash flow as a mediating variable showed a positive correlation with ROE. In large companies, the leverage ratio was negatively correlated with ROE during the pandemic, whereas cash flow showed a positive correlation with ROA. |
