讲座预告丨管理学与经济学系列前沿讲座之四一零讲 公司财务与金融投资学术讲座第一二八讲

Assessing and addressing the coronavirus-induced economic crisis: Evidence from 1.5 billion sales invoices

陈卓（清华大学五道口金融学院助理教授）

张一林副教授

2020年12月7日（周一）14:30-16:00

管理学院善思堂M201

公司金融与财务决策研究团队

陈卓现任清华大学五道口金融学院助理教授，民生财富管理研究中心副主任。他于2014年毕业于美国西北大学凯洛格商学院，获得金融学博士学位。在此之前，他获得了美国杜克大学的经济学硕士学位和北京大学工程学与经济学双学士学位。陈卓博士的研究领域是实证资产定价与中国金融市场，包括中国债券市场、量化投资，基金评估，以及金融计量学。他的研究曾经发表于多个国际一流期刊，包括J ournal of Financial Economics, Management Science , Review of Finance , Review of Asset Pricing Studies 等。他的研究成果获得了数项奖励，包括SFS Cavalcade“亚瑟·沃加”最佳固定收益论文奖，中国金融研究会议最佳论文奖，芝加哥数量投资协会学术竞赛奖，PanAgora资产管理公司的克罗威尔纪念奖章最终入围奖，以及澳洲金融与银行会议博士生论坛二等奖。

We probe the effects of the COVID-19 lockdown on business activities in China by exploiting big data on 1.5 billion sales invoices. Using a difference-in-differences approach, we estimate that the average drop in sales is between 23% and 35%, depending on firm size, for the 12-week period after Wuhan’s lockdown. The unprecedented plunge in countrywide economic activities is more evident in the first eight weeks, and firm sales gradually resume to 85% of the normal level afterward. Firms in industries requiring more intensive face-to-face interactions suffer more during the public health measures. Also, cities relying on investment-driven economic growth are more resilient. Lastly, local governments’ economic stimulus policies, aimed at alleviating financial losses for small and micro firms, are actually more effective for medium-sized and large firms. Our results provide implications for other economies seeking to develop strategies to contain the disease and reopen the economy.