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じ 40 ࢣ じ 3 热 带 地 理 Vol.40喏No.3 2020 Ꭰ 5 ᰴ TROPICAL GEOGRAPHY May喏2020
张凯煌，千庆兰 . 2020. 新冠疫情对中国经济的影响及政策讨论——来自上市企业的证据 . 热带地理，40 （3）：396-407.
Zhang Kaihuang and Qian Qinglan. 2020. The Impact of COVID-19 on China's Economy and Discussion of Policies-Evidence
from Listed Companies. Tropical Geography, 40 (3): 396-407.
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① ⰤڟᢚᲑ⎼喝https://www.who.int/zh
② ⰤڟᢚᲑ⎼喝http://www.nhc.gov.cn/
③ ⰤڟᢚᲑ⎼喝https://www.dol.gov/
④ ⰤڟᢚᲑ⎼喝http://www.stats.gov.cn/ 3
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ᄲ䕌䘔ܲ๓Эᱯ䛹䒯䛹⮰䬚䷄Ƞโ喏䰬㺭㼏 营运利润变化/%
䛶⮰᭛喏͵㻰Ὅѿ䔇㵸㶍䛻ᬢ喏䛳⩔ 25
ᕧ䉰ϓ㔸᭛ᵥᢚ㜟 2020-04-30 ⮰ጮըᢚ䔇㵸 b）
ふܾܲܲȠ࣋ఌκ喝1喌 ϓႄጚᐮ喏ᑿ 电力、热力、燃气及水
䛻䉰ϓፒᲑ⮰УըᎢⰤ喏䔅㘩ႸڔᏀѿ 20 生产和供应业 ࣹ
⮰䭱ѹȠ2喌 䭱喏䃭ݤጮ౦喏ጮ౦㐅 科学研究和技术服务业
δ⮰Уᵨ࢟ژ٭УᵨȠ䔅ᘻটⱬ喏㖖ᬺ⮰ጮ౦䛳 卫生和社会工作 15 制造业 /%
⮰Уࣹᭌβѿ⮰ڔ䘔ԍᖛȠ㮩♢ݜ䘔ܲ
信息传输、软件和信息技术服务业
Ą䲊⤲ᕓąఌ㉌⮰វ喏ѲϹ♢᭛⤲⮰ႄ 喋᱘ 10 综合 Ნᬺ喏 文化、体育和娱乐业
2010喌Ƞガ㔸㼬ͷ喏ݕ⩔ጮը҈Э㻰Ὅ 采矿业
交通运输、仓储和邮政业
⮰ݐӉᢚБ䖫ٹݕ⩔䉰ϓ㶍䛻সϦќ䃍ፒᲑ 资产负债率变化 5 批发和零售业
水利、环境和公共设施管理业
⮰ᐶ〛Ƞ㏻䓳ะ⤲喏ڝ㣣ᓃ 3 828 䶥ᢚȠⰤڟϓ 农、林、 租赁和商务服务业 住宿和餐饮业 牧、渔业
ܲㆧദκߍ䮎 2017 Ꭰژጯ⮰ ȧℽ㏻≺㵸ܲ 建筑业 0 教育 金融业 ㆧȨ喋GB/T 4754ÿ2017喌Ƞ 房地产业
ๆ㐠Ꮢ㻮ᄋی⫗ᗱᄥጮ -5 -300 -250 -200 -150 -100 -50 0 50 Э⮰ᒝ৹ 营运利润变化/%
ی⫗ᗱᄥϓ⮰ᒝ৹ ప
ی⫗ᗱϓ⮰Ą㥑䓼ݕ⋒-㏻㥑⣜䛽≭ą
ی⫗ᗱᄥڔϓ䕌β䒯ᑦ◴⮰۞
喋a喌 সĄ㥑䓼ݕ⋒-䉰ϓ䉋զ⢳ą喋b喌 ࡂ
ܧ喏๓䘔ܲϓ䖙β㥑䓼ݕ⋒๓፱⏽ȟ㏻㥑⣜ Fig.1
Changes of the "Operating Profits- Operating Cash Flow"(a)
䛽≭๓䛻ۻᄽȟ䉰ϓ䉋զ⢳ᬺ᭪倄ふๆ䛹ܧ
and "Operating Profits- Balance Sheet"(b) in different industries under the impact of COVID-19
喋ప 1喌ȠϺ㥑䓼ݕ⋒ⰷ喏䮐ۈȟ᳃ȟ➓ȟ⍀ ҅
්䪫喏䛽㲹۞ܧⰤᄥ䒯ᄻโ喏ڢϓڔ䘔ܦ
⣜䒯๓⼷Ꮢ⏽Ƞڢ喏᪅㗞ϓ⏽ᰬ䛹喏
㗞ȟ⩡߇ȟ☙߇ȟ⛯⅀БࣶⅠ⩋ϓসӇᏀȟឥ
ԍᖛь䒿ȟԍᖛ䒛Тসԍᖛឬᱛߍȟݢ䕌ȟ
ࣽস䰢⮰㏻㥑⣜䛽≭䭹ᰬ䛹喏⼋䉭স
ࡂȟѿ㗞সཝͼϓȟ႒ⵀ⾢সឬᱛߍϒ
ߍߍȟ႒ⵀ⾢সឬᱛߍܦ⣜๓፱Ꮢ∎
ܦ⣜䒯๓፱Ꮢ䭹ȠϺ㏻㥑⣜䛽≭ⰷ 喋ప 1-a喌喏
ߔȠϺ䉰ϓ䉋զ⢳ⰷ 喋ప 1-b喌喏䮐䛽㲹ȟᝫϓ
ۈȟ᳃ȟ➓ȟ⍀Ϲԉᠭ්䪫喏䛽㲹㶔⣜ܦ
ȟ᪅㗞ȟᐦぽȟ⼋䉭সߍߍȟѻძস丼 ҅ ݅ ҅
⼛Ჭᔭ߫喞ڢϓܦ⣜๓፱Ꮢ⏽Ƞڢ喏᪅
亚䒯⽟โ喏ڢϓܦ⣜⼷Ꮢ⮰䉋զ 3
ᑌܛ♸ふ喝ی⫗ᗱᄥ㏻≺⮰ᒝ৹ࣶᩫも䃔䃦ÿÿᲑ㜖ጮЭ⮰䃭ᢚ 399
⢳්ߌȠ⩡߇ȟ☙߇ȟ⛯⅀БࣶⅠ⩋ϓসӇᏀ 100 a） 前10%
ࡳᰬ⾭ܦ喏႒ⵀ⾢সឬᱛߍȟ⩋সц 50
҈সݢ䕌ࡳ䒯ᬺ᭪Ƞ 50%~60% 0
䔅វߔ䓳⼷ϱ㻰ὍᏊ๓喏䔄ႄϓጚ 30%~40% /% -50 化
ᐮȠ䔅㺭⩝Б܌䲎䕌喝1喌 ی⫗ᗱ 10%~20% 变 -100 40%~50%
ѿ⮰㵸۟も 喋倄ર喏 流 2020喌Ƞ⫗ᗱ݉喏㓐 金
у䮣ڑᕼᙸ喏䘔ܲژℽܦ⣜ᆛ㇚ふĄ䲊⤲ᕓ㵸ą喏 70%~80% -150 现 营 80%~90% 20%~30%
䔅䕌Ⱔᄥ㑦ͻᑥᕓ⮰ۈȟ᳃ȟ➓ȟ⍀㥑䓼ݕ 经 -200
⋒ȟ㏻㥑⣜䛽≭ܦ⣜䔲ࡂȠₐ喏ᅩネ⫗ᗱ 60%~70% -250
ᓃݜᣓݢ喏Ѳᙋ䷺䮕Ϲᬓႄ喏ϦИ䔵᠕䖫ٹ㏫ -300 -300 -200 -100 0 100
≧ߔ喏䔅ᄥߍ䕌䒯๓۞ܧȠᰬ喏⊴䉥㔱 营运利润变化/%
ᐬ䛹Ⴭ㻲㜖䏗⮰䉰ϓ䉋զȟ⣜䛽≭Бࣶ᱖Ბᩢ
ڑ喏䔇㵸䶰䄯᪠喏Ϻ㔸䕌䔵⊴䉥ܦ⣜វߔȠ 30 b）
2喌 ֈֈϓȠ䭧₎⫱䔇ₑ㨿ᐢ喏๚ᩫᏈ 25
সᩫᏈڔ㠯ఠڱ䛳ࢵ⮰ネᣓᣖȠ ࣋ 20 80%~90%
ₐ䓳⼷喏㐉๓䘔ܲߟߔ㔱ᒴ䯪ఊݜ҈ᇃѹ喏 ܲ /% 15 60%~70% 30%~40% 化
ڔ๓䘔⩋ϓ≧ߔܦ⣜ֈ␊Ƞ࢟ҫ⊴䉥䓳⼷ܦ⣜ 40%~50% 变 70%~80% 10 率
ᖎู喏ѲϹ㘩䒘ࡂЭᩢڑ喏ఌĄ⊴䉥ÿ⩋ 20%~30% 50%~60% 债 5 负
ϓąͷ䬠ႄ⩝ֈֈϓፒᲑ⮰⩋ϓ㑦Ƞ䰬㺭ᠳ 10%~20% 产 前10%
ܦ⮰᭛喏䘔ܲโܦߍ⮰ᱽߟߔ㔱݅ఌ⫗ᗱᒝ৹ 0 资
᱘ᖎู᭑ႏۈ⩋ϓ≧ߔȠₐᬢ喏࣋᱘ᑥ -5
ᕓ䒯ᄻ⮰ദ䃪ӇᏀ 喋⩡߇ȟ☙߇ȟ⛯⅀Бࣶ -10 -300 -200 -100 0 100
Ⅰ⩋ϓসӇᏀ喌 ఌ⩋ϓ≧ߔ⮰ᮮֈ喏ܦ⣜β䰬 营运利润变化/%
Ⅾ๓፱Ꮢ⏽Ƞ䔅⣜ࣹᭌ䭱⇥Уÿÿ㏩ ࣋
㏒⇥䉓Уᵨ 4 ᰴ 20 ᬑࢲᕓ䋸㜟-37 㒺
ప 2 ی⫗ᗱ㻰ὍЭ⮰Ą㥑䓼ݕ⋒-㏻㥑⣜䛽
ٯ/ᶢȠ3喌 ϓ➥ᕓȠᄥᝫϓȟᐦぽ㔸㼬喏
≭ą喋a喌 সĄ㥑䓼ݕ⋒-䉰ϓ䉋զ⢳ą喋b喌 ࡂ
ڢ ⩋ ϓ 䓳 ⼷ ঔ 䒯 䪫 喏 䉰 ϓ 䉋 զ 㝘 70~ Fig.2
Changes of the "Operating Profits- Operating Cash Flow"(a)
80Ƞ䮐䲊ᐬᆁ⮰䶥Ⱊ喏݅᪠ѿ䉋զⰤᄥ⽟Ƞ
and "Operating Profits- Balance Sheet"(b) Companies in different
scale under the impact of COVID-19
ᄥκݢ䕌সߍ㔸㼬喏ڢ䉰䛽ঔ䒘Ⱔᄥ㉓ᑌȠ
ᑿ፤⮰䨬䓳⼷ܦ⣜វߔᬢ喏䉰ϓ䉋զ⢳࢟ܦ⣜
∔ᘻ⮰᭛喏θ㏫Э⫗ᗱ䬠⮰䓼㥑㶔⣜ᓃ Ⱔᑿ๓⼷Ꮢ⮰ࡂȠ ⤲ᘟȠ
ی⫗ᗱᄥጮըѿ⮰ᒝ৹
⫗ᗱᄥᄻጮըѿ⮰۞ܧ㺭⩝Б܌
ᕧѿ喏ی⫗ᗱᄥᄻጮըѿ⮰ᒝ৹๓κ
䲎䕌喝1喌 䓼㥑㘩߇ȠϺ䓳ᒬ㏻侸ⰷ喏Ⱔ℀κ๓
๓ጮըЭ 喋ప 2喌ȠϺ㥑䓼ݕ⋒ⰷ喏ጮըݹ 10
Э喏ᄻጮըЭ᱖㘩๓Э⮰࣋ఌࢁࢁ
⮰Э⫗ᗱ䬠䓼㥑⽟喏Ꭲܦ⣜β⼷Ꮢ⮰
᭛ᱦ䕳喏ᒴ๓⼷Ꮢ䔄Э㜖䏗ネ⤲㘩߇⮰ᒝ
ࡳ喞Ⱔࣹ喏ጮը䊶ᄻ⮰Эݕ⋒⏽ᓃ䊶ᬺ᭪喏
৹Ƞᢎ䄉䄠喏ᄻጮըЭ䓼㥑㘩߇⁌ҟ䕌β
90~100 ࡦ䬠⮰Э䭹䊱䓳 500ȠϺ㏻ 㥑⣜䛽≭ⰷ 喋ప
⫗ᗱᄥڢ۞ܧᩴᏀ⮰ᩪ๓Ƞ
2-a喌喏ጮըݹ 10 ⮰Э⫗ᗱ
2喌 侘๖ᩴᏀȠ䲎喏
䬠ܦ⣜β䒯๓⼷Ꮢфࡂ喞Ⱔࣹ喏ᄻጮը⮰Э
Ⱔ℀κᄻጮըЭ喏๓Эጮ౦ࢌᰵ⢳ᰠ๓喏⩋
㥑䓼۞ܧ⮰㗸ᮛ喏⣜䛽≭䭹ᬺ᭪ȠϺ䉰ϓ
ϓᩴ⢳ᰠ倄喏ߔ⩔⮰ц䉰⎼ᰠๆȠ䲎ᄥ⫗ᗱ喏
䉋զ⢳ⰷ 喋ప 2-b喌喏㻰ὍЭផ๓β䉰ϓ䉋զ
䘔ܲ๓Э᠑ᰵᔗ䕋䒘ಷ⩋ϓ⮰㘩߇ȠБ℀φ䔖
㶔Ƞጮըݹ 10 ⮰Э䉰ϓ䉋զ䒯⽟喏㔸ᄻ
ҷ喏⩝κ᠑ᰵ๓䛻⼷ጴ䉰⎼喏䄑ژϺ䃪䃍ݜ⩋
ጮը⮰Э䉰ϓ䉋զᰠ⓬䔇Ƞₐ䓳⼷喏
ϓ㒕ϱ⩔ᬢ 7 d喞ᵥᢚ䄑䯲ఎႏᏒ⮰៑喏ڢ
90~100 ࡦ䬠⮰Э᭪ᓃᰠߌ䅔ᙺȠโ喏ըᓃ
㒕ᬑ⩋ϓ䛻ጞ䓪 1 000 喏㒕䨬㘩ҫ䯲ఎ 400 ☙ ፒ ⤲ 40 ࢣ
㥑䓼ݕ⋒ࡶᎠܦ⣜්䪫Ƞ䲎喏๓Э 40
Ӈ⮰ᅝᇃѹๆ喏ᩫᏈᣔߔููϓᬢц a） 吉林 广东
фٴ㔯㭽䔅ఌ㉌Ƞκ᭛喏⯶κ⩋ϓф߫喏ᩫ 20 山东
Ꮘࢁ䓥ݦ⓬⊴䉥ᬢ喏㏫๓Э䔇ₑ៵ᐬڢθ 重庆 宁夏
㏫ጮըȟᄻጮըЭͷ䬠⮰ጚ䌉Ƞ 江苏 0 福建 天津 河南
ی⫗ᗱᄥࡦഋϓ⮰ᒝ৹ 安徽 湖南 -20 /% 西藏 2.3.1
对不同区域制造业的影响 ⫗ᗱᄥࡦഋ 海南 W 山西 黑龙江 内蒙
ݢ䕌⮰ᒝ৹ӓ䲎᭪ܦጚᐮ➥ᒭ喏ᕧѿ㔸 江西 -40 四Ý 辽宁 X京
㼬喏⫗ᗱᄥࣽ䓪ࡦ⮰ᒝ৹๓κ⁌ࣽ䓪ࡦ 喋ప 广西 上海 新疆
3喌Ƞ㻮ᄋ䮐⎂ࡃโ⮰ڔ 30 ๓䭲Ⱝጮ㜖⇧ࡦ⫗ -60 湖X 陕西 经营现金流变 河X
ᗱᒝ৹ᗱۡȠϺ㥑䓼ݕ⋒ⰷ喏ࣽ䓪ࡦ⮰⏽ᬺ᭪ -80
䊱䓳⁌ࣽ䓪ࡦȠ㏻≺ࣽᆁⅠᢾݹ 50 ⮰Ⱝጮ 浙江 贵Þ
㜖⇧ࡦ喏ڝᰵ 10 Ⱝጮ㜖⇧ࡦܦ⣜䊱䓳-30 ⮰ -100 -150 -100 -50 0 50
វߔ喞ᢾ 50 ⮰Ⱝጮ㜖⇧ࡦ喏ϱᰵ 5 Ⱝጮ 营运利润变W/%
㜖⇧ࡦܦ⣜䊱䓳-30 ⮰វߔȠϺ㏻㥑⣜䛽≭ⰷ 喋ప
3-a喌喏 ࣽ 䓪 ࡦ ⮰ ⏽ ⪑ ๓ κ ⁌ ࣽ 䓪 ࡦ Ƞ 䊱 30 b）
䓳 -30 វߔ⮰Ⱝጮ㜖⇧ࡦ喏㏻≺ࣽᆁⅠᢾ 福建 25
ݹ 50 ⮰Ⱝጮ㜖⇧ࡦڝ 9 喏ᢾ 50 ⮰Ⱝጮ㜖 河X ⇧ࡦڝ 20
7 ȠϺ䉰ϓ䉋զ⢳ⰷ 喋ప 3-b喌喏㔱ݜ 浙江 西藏 吉林
۞ܧ⮰ᗱۡ๓㜠ⰤᑿȠ䊱䓳 10 ∎ߔ⮰Ⱝጮ㜖⇧ࡦ 15 /% 江苏 重庆 辽宁 上海
喏㏻≺ࣽᆁⅠᢾݹ W 湖
50 ⮰Ⱝጮ㜖⇧ࡦڝ 8 喏 X X京 天津 广东 10 贵Þ 海南 河南
ᢾ 50 ⮰Ⱝጮ㜖⇧ࡦڝ 9 Ƞ 湖南 江西 四Ý 5 黑龙江 云南
ᩥ䲕ᐬᩪБᲑ喏ᅐڢ᭛ߌڑ WTO БᲑ喏ߟߔ 甘肃 山东 陕西 安徽 内蒙
߇㏎ݕⰠ᭛㏻≺ࣽᆁ⮰ᵤᓯ依ߔ߇ͷȠ 0 资产负债率变
䌔ژߟݕ㗸ᮛ喏⇫⊣ࡦ⢳ٴ䕆䓳 山西 广西 -5
ឫᣑڔ⤯⩋ϓѿ㈧喏⣜β㏻≺ࣽᆁȠఌຮ 新疆 -10
ₐ喏⇫⊣ࡦ⮰Ϧ㏿Ჰ㺭БโᲑϦȠ 宁夏
䶲ഋ⮰⩋ϓ䓳⼷倄ᑦᏒӉ䊂โ䘔⣛ද喏࠱᠘࣋ᱼ -15 -200 -150 -100 -50 0 50
ȟߟߔ߇ȟጮ౦Ƞ⫗ᗱ۞ܧ喏ϐ䕆➕≭ܦ⣜ᄭ 营运利润变W/%
䨭喏ڱโ䰬Ⅾܦ⣜ĄнٷąȠϺ㈧㐋㻾Ꮢ䃞喏
倄Ꮢᐬᩪ⮰ࣽ䓪ࡦഋ䲎ᄥโ䘔۞ܧᬢᰠߌ㘲
ప 3 ی⫗ᗱࡦഋݢ䕌⮰Ą㥑䓼ݕ⋒-㏻㥑⣜䛽
ᑝȠఌₐ喏ࣽ䓪ࡦ⮰ݢ䕌Ⱔ䒯κ⁌ࣽ䓪ࡦ
≭ą喋a喌 সĄ㥑䓼ݕ⋒-䉰ϓ䉋զ⢳ą喋b喌 ࡂ ݜᰠ⌝ݧ⮰ᒝ৹Ƞ Fig.3
Changes of the "Operating Profits- Operating Cash Flow"(a) 2.3.2
对不同区域服务业的影响 ᕧѿ喏⫗ᗱᄥ
and "Operating Profits- Balance Sheet"(b) of manufacturing industry ࢟
in different regions under the impact of COVID-19
ࡦഋߍ⮰ᒝ৹ݢ䕌ᗱۡⰤ䓽喏㏻≺
ࣽ䓪ࡦⰤ䒯κ⁌ࣽ䓪ࡦݜᰠ๓⮰۞ܧ 喋ప
ᱺٷᑦᕧ⤲ 2020 Ꭰڔцむ䃜㔱䬚ᬢ㶔
4喌Ƞ Ϻ 㥑 䓼 ݕ ⋒ ⰷ 喏 ڔ Ⱝ ጮ ࡦ ܦ ⣜ β 䊱
喏 Ϲ ᰵ 6 ϫ Ϧ ᰴ ᩢ ڑ ϱ ٯ 喋 ત ⊖ 喏
䓳 -30 ⮰⏽喏ڣѿᲑⰷ喏㏻≺⁌ࣽ䓪ࡦݜ
2020喌Ƞ䔅ᘻটⱬ喏䲎ᄥ⫗ᗱ۞ܧ喏ѺᩢڑტᏙ⮰
ᰠ ๓ ⼷ Ꮢ ⮰ ᒝ ৹ 喏 Ꭻ 㺫 ȟ 䓩 Ⴍ 䭹 ⼷ Ꮢ ⩆ 㜟 䊱
ៃ䷺䮕㘩߇ܲ㘲ᑝȠᄥᏀ⁌ࣽ䓪ࡦഋ喏ڢᅱℽ䓥
䓳-150ȠϺ㏻㥑⣜䛽≭ⰷ 喋ప 4-a喌喏ࣽ䓪ࡦЭ
۞ܧ⼷Ꮢᰠ๓喏ڢ⊅↋ȟႵᓩȟ⊣䭹䊱
䭱⊴䉥㘩߇ц⫗ᗱᒝ৹䓱䕋䭹Ƞκ᭛喏⁌ࣽ
䓳-150ȠϺ䉰ϓ䉋զ⢳ⰷ 喋ప 4-b喌喏䉰ϓ䉋զ⢳
䓪ࡦ⮰䔵⊴䉥㵸ᅐڢ᭛ߍ喏㥑䓼ݕ⋒
්ߌ፱Ꮢ䊱䓳 5 ⮰ࡦᲑ㜖㏻≺ࣽᆁⅠᢾ
〛Ⱔ䒯ࣽ䓪ࡦݜβᰠ๓⼷Ꮢ⮰۞ܧ喞 ݹ 50 ⮰ࡦഋȠ
䲎喏Иࣴ䮣ڑβ䔅ᵣᗂ䃦喝ࣽ䓪ࡦߍ 3
ᑌܛ♸ふ喝ی⫗ᗱᄥ㏻≺⮰ᒝ৹ࣶᩫも䃔䃦ÿÿᲑ㜖ጮЭ⮰䃭ᢚ 401
ᢚ 22 528.3 ٯȠⰤ䒯κ䓼㥑ݕ⋒⏽喏倄䓼㥑 50 a） 山东
᱘ᰠ๓⼷Ꮢ༭㗭ⱬࣽ䓪ࡦߍЭ⮰⩋ 0 广西 新疆 ႄ㘩߇Ƞ X京 天津 2.3.3
对不同区域金融业的影响 ጮЭᕧ䊱 -50 江苏 湖X 湖南 福建
䓳 10 ტ⮰ࡦഋ䯲䛽㲹ᰬࣽ䓪⮰܌ࡦഋ /% 辽宁 吉林 W -100 广东
喋㶔 1喌Ƞ⫗ᗱ䬠喏ࡃϘȟ⊣ȟᎫ⮰䛽㲹Э 四川
䖙β⼷Ꮢ⮰۞ܧ喏↋㟻⮰䛽㲹Э݅Ϲ -150 上海
㶔⣜ܦ䲊፤ᑦ⮰්䪫ߔ߇ȠϺ㥑䓼ݕ⋒ⰷ喏ࡃϘȟ 经营现金流变 -200
⊣সᎫܦ⣜β-7~-14 ふ⮰㶜䔬Ƞ㔸↋ 安徽
㟻䛽㲹ЭϹܦ⣜β䊱䓳 11 ⮰්䪫喞䔅ᵣ⮰්䪫 -250 ҅
᭛ᮚ䕹⮰喏䮐䃭ݤโ喏ڢ䛽㲹ژ⣜ 浙江 -300
්䪫ȠϺ㏻㥑⣜䛽≭ⰷ喏Ꭻࡦ⮰䛽㲹Эᖢࡂ -300 -200 -100 0
⼷Ꮢᰬ᭪㦃喏ࡃϘ↋㟻Ⱔᄥ⽟喏⊣⮰䛽㲹Э 营运利润变W/%
ܦ⣜β䒯๓፱Ꮢ⮰ࡳȠϺ䉰ϓ䉋զ⢳ⰷ喏 15
ࡦ⮰䉰ϓ㏿Ჰ䒯⽟Ƞ b） 福建 江苏 10 湖X 上海 㶔
ی⫗ᗱࡦഋ䛽㲹⮰Ą㥑䓼ݕ⋒ 广东 山东
㏻㥑⣜䛽≭䉰ϓ䉋զ⢳ąࡂ 安徽 浙江 5 Table 1
The "Operating Profit-Operating Cash Flow-Balance /% 天津 W
Sheet" Changes of financial industry in different 湖南 四川 X京 0
regions under the impact of COVID-19 辽宁 Эᕧ
㥑䓼ݕ⋒ ㏻㥑⣜䛽≭ 䉰ϓ䉋զ⢳ ࡦഋ 䨢㵸 䃭ݤ 新疆
ࡂ⢳ ࡂ⢳ ߔ℀ҷ -5 广西 资产负债率变 ࡃϘ 20 10 4 -7.79 -6.35 0.07 吉林 ⊣ 15 3 9 -13.80 125.63 0.37 -10 Ꭻ 12 2 7 -14.06 -40.79 -0.16 ↋㟻 13 9 3 11.53 -5.43 -0.33 -15 -300 -250 -200 -150 -100 -50 0 50
ᕧѿ喏䛽㲹⮰∎ߔࡦ㶔⣜ܦ 营运利润变W/%
⼷Ꮢ⮰ጚᐮ喏㺭⩝Б܌䲎䕌喝1喌 ࡦഋ䛽
㲹㏿Ჰ➥ᒭȠ䛽㲹ࣽᆁࢲᒝ৹喏ࡃϘБ
ప 4 ی⫗ᗱࡦഋߍ⮰Ą㥑䓼ݕ⋒-㏻㥑⣜䛽
䨢㵸喏Ꭻ⊣Б䃭ݤȠ㮩♢㗍⺔
≭ą喋a喌 সĄ㥑䓼ݕ⋒-䉰ϓ䉋զ⢳ą喋b喌 ࡂ
ጮ౦ϐ䛻ႏᏒܦ⣜β⮰්䪫喏Ѳᱯ⯶ㆧ Fig.4
Changes of the "Operating Profits- Operating Cash Flow"(a)
and "Operating Profits- Balance Sheet"(b) of service industry in
䉰ϓϹܦ⣜๓፱Ꮢఊ᧐Ƞ䶰⮰ᒝ৹喏
different regions under the impact of COVID-19
ⴙڱֆๆȟֆ⾦䯪Б㣣ᓃᕓᩢ⯶喏㏫ᐬ
ᆁ⮰㗍ᱯ㲹䉰ȟզݤ㲹䉰ふߍݜ䒯๓۞ܧȠ
㮩♢䓼㥑ݕ⋒∎ߔⰤᄥᰠᄻ喏Ѳڢ㏻㥑⣜䛽≭স䉰
ఌₐ喏ᄥκ䃭ݤژ㔸㼬喏ϱϱӉ䲌㏻㏖ߍ䯪Б
ϓ䉋զܦ⣜ᖢࡂȠ䭱喏䔅ࣽ䓪ࡦ倄ᬮ⮰䓼
១⊴ᱯ⯶ㆧ㜖㥑ߍȟ㲹䉰㲹ݤߍБࣶេ䉰䨢㵸
㥑᱘Ⱔڟ喏ࣹᭌ⼋⩔᱘ 2 䲎Ƞ
ߍふፒᲑ⮰⏽Ƞࡦഋ㶔⣜Ꭻȟ⊣۞
БࡃϘጮস䮁㺫Ⱝҷ喏䲎喏Ბ㜖Уԍ
ܧᰠ๓Ƞ2喌 ࡦഋЭ㏻㥑㘩߇ȠᏀᄥی⫗ᗱ喏
ᖛߍ⑤⮰ᢚ᭪喝2020 ᎠじႏᏒ喏ࡃϘ
ᩫᏈ䛳䭹ᖛふ䉓ጭᩫもБ䄁ప䔇ₑ
ጮ⩔Уᵨ 25 571 ٯ/m2喞喏㺫Ⴕጮ
倄ጮ౦≭ߔᕓȠڢ㏿ͷ࢟᭛喏䨢㵸ឫ۬ᖛ
䔅ᢚϱ 2 795 ٯ/m2喏㔱Ⱔጚ䓽 10 ԹȠ
ጚፒᲑ⮰䓼㥑䷺䮕ȠϺࡦഋⰷ喏↋㟻⮰䨢㵸㺭
䲎喏Ბ㜖㐋䃍ᅬ⮰ᢚ᭪喝ࡃϘጮ 2018 Ꭰ
ᄻ䨢㵸Ƞ⫗ᗱ䬠喏䄑ࡦഋژ⮰ᖛጚܦ⣜β
Ϧᩛ䙹ᩢڑ 62 361.2 ٯ喞喏䮁㺫Ⱝ䔅
䒯ᬺ᭪⮰ࡳ喏ҫᓃ↋㟻䛽㲹⣜ܦ♢
⑤ ⰤڟᢚᲑ⎼喝http://www.landvalue.com.cn/ 402 ☙ ፒ ⤲ 40 ࢣ
⮰➥ᒭȠ䰬㺭ᠳܦ⮰᭛喏⩝κ䕪 60 d цᄲ䉣
ᰠ倄⮰ࡃϘȟ⊣ȟᎫᒝ৹⼷Ꮢᰠ⌝Ƞ
䭹㏓㞛喏ఌₐ⫗ᗱᄨ㜠⮰㞛ࢷ߇㘩ᄲ 2.3.5
对不同区域医药产业的影响 ⰤᄥκڢЂݢ θႏᏒ䯲㶔⣜Ƞ
䕌喏ࡧ㢛ϓ㶔⣜ܦβᰠᑦ⮰䴓ᕓ 喋㶔 3喌喏ѲϹ 2.3.4
对不同区域建筑与房地产业的影响 ᪠ѿ
ݜ⼷Ꮢ⮰۞ܧȠڢ喏᠑ᰵ㞛ຩϓദ⮰
ⰷ喏䮐⊣โ喏ڢ҅ࡦഋ⮰ᐦぽᝫϓܦ
ࡦഋݜ⮰۞ܧⰤᄥᰵ䭼ȠϺ㥑䓼ݕ⋒ⰷ喏䮐ࡃ ҅
⣜䒯๓⼷Ꮢ⮰⏽喏ڢ喏ࡃϘȟ⊣ȟᎫ⫗
Ϙȟᆝ䭹䊱䓳 20 โ喏ڢࡦഋߔⰤᄥ䒯
ᗱ۞ܧᰬ๓ 喋㶔 2喌ȠϺ㥑䓼ݕ⋒ⰷ喏㮩♢⊣
ᄻ喏Ꭻࡦ⩆㜟ܦ⣜βᣑ䓽 15 ⮰්䪫喞Ϻ㏻㥑
්䪫䊱䓳 21喏Ѳ㻮ᄋᢚࣽ⣜喏ጮࡃ倄䯲ఎ
⣜䛽≭ⰷ喏๓ๆࡦഋܦ⣜β්䪫喏ϱᎫȟ
ᄥ᪠ѿը៵ࡳᒝ৹ᒴ๓喏ڢᑿ්䪫⢳䊱䓳
⊣⏽䊱䓳 40喞Ϻ䉰ϓ䉋զ⢳ⰷ喏ࡦഋ⮰䉰ϓ
895⑥Ƞ㠑ڹ䔇ₑᢾ䮐ጮࡃ倄喏⊣ᐦぽᝫ
䉋զⰤᄥ⽟喏ϱᎫȟࡃϘࡳ䒯ᬺ᭪Ƞ
ϓ㏻䄯᪠⮰㥑䓼ݕ⋒䭹β 31.09 ⮪ ܲ
◥喏䔈倄κ⊅↋↋㟻⮰⏽喞Ϻ㏻㥑⣜䛽≭ 㶔
ی⫗ᗱࡦഋࡧ㢛ϓ⮰Ą㥑䓼ݕ⋒
㏻㥑⣜䛽≭䉰ϓ䉋զ⢳ąࡂ
ⰷ喏Ꭻ⊣⮰ᐦぽᝫϓЭ䲎⮰㏻㥑 ҅ Table 3
The "Operating Profit- Operating Cash Flow-
జ䯪ᰠߌሧ喏ڢⰭጮܦ⣜β๓፱Ꮢ⏽喞Ϻ
Balance Sheet" of medical industry in different
䉰ϓ䉋զ⢳ⰷ喏ࡃϘȟ⊣ȟᎫ⮰Эԉᠭ⽟
regions under the impact of COVID-19
喏↋㟻⊅↋⮰Э⫗ᗱ䬠⼷Ꮢࡳ Эᕧ 㥑䓼ݕ⋒ ㏻㥑⣜䛽≭ 䉰ϓ䉋զ⢳ ࡦഋ βژ⮰䉰ϓ䉔䛻Ƞ ࡂ⢳ ࡂ⢳ ߔ℀ҷ ࡃϘ 11 -49.75 29.45 11.22 㶔
ی⫗ᗱࡦഋᐦぽᝫϓ⮰Ą㥑䓼 Ꭻ 24 14.35 -54.94 22.58 ↋㟻 15 7.79 24.86 -3.99
ݕ⋒㏻㥑⣜䛽≭䉰ϓ䉋զ⢳ąࡂ ᆝ 13 -22.26 139.93 -1.18 Table 2
The "Operating Profit-Operating Cash Flow-Balance ⊣ 10 -7.76 -48.26 -0.43
Sheet" Changes of building and estate industry in ⊅↋ 26 0.53 54.43 6.53
different regions under the impact of COVID-19 㥑䓼ݕ⋒ ㏻㥑⣜䛽≭ 䉰ϓ䉋զ⢳
ܲࣽ⣜喏⫗ᗱᄥࡧ㢛ϓ䕌⮰ᒝ৹ႄࡦ ࡦഋ Эᕧ ࡂ⢳ ࡂ⢳ ߔ℀ҷ
ഋጚᐮᕓȠ㺭࣋ఌ᭛喝1喌 㮩♢Ⱔ䒯κڢЂ⊴䉥 ࡃϘ 34 -46.89 -78.45 2.05
৭喏㢛➕䰬Ⅾᄥᗏ㔱㔸㼬ᰠڣ݆ᕓ喏Ѳ⫗ᗱϹ䃕䘔 ⊣ 30 21.03* -350.18 -2.47 Ꭻ 43 -81.29 -1 204.46 1.58
ܲᗏ㔱⊴ȟᣔ䔋βᅝࡧᝂᱛ䃍ܾ喏ᬢᒝ৹ ↋㟻 16 -19.87 -71.91 -9.71
ݜχ㢛৭⮰㏫䨬䓳⼷Ƞఌₐ喏ࡧ㢛ϓᮚ䕹 ⊅↋ 24 -22.36 -83.10 -8.79 ࣽ
䲎⼷Ꮢ⮰䓼㥑ࢷ߇喞2喌 ⾭⮰⫗ᗱҫᓃ䘔
∔喝⊣ᐦぽᝫϓ䄯᪠⮰ࡂ⢳-31.09Ƞ ܲ
ࡧ⫃䃪ําȟ➥₶㢛➕䰬Ⅾ㶔⣜ܦ✲ࣽᐻ්ߌ喏ᣔ
⫗ᗱᄥࡦഋϓ⩋β㻰Ὅ⮰۞ܧ喏࣋ఌ
ߔβࡧ㢛ጮЭ⮰㐕ܦ⣜㏿Ჰᕓ්䪫Ƞη
࠱᠘喝1喌 ⫗ᗱᄨ㜠ߟߔ߇≭ߔܦ⣜ᮮֈ喏ᬢ
喏䔅ᵣ⮰්䪫㶔⣜ܦࡦഋᕓ➥ᒭ喏ఌࡦ
๚ᩫᏈцᐬᬢ䬠ᣔ䔋喏ᒴ๓䘔ܲ䉎ᩫস
⮰䶲ഋႄጚᐮȠڣําф߫⮰ࡦϱ᠑
䶰ᩫもఌₐᐢȠຮݹᝬ䔜喏ࡃϘȟ⊣ȟᎫ
ᰵᰠႸર⮰ϓ䨪喏䔄᠑ᰵᰠڣ《ε߇⮰Эࢁ
⮰ᐦ䃪倄ᏒӉ䊂ᱽโܦߍ㓐ѿȠ䔅ҫᓃ⫗ᗱᄥ
ٯȠ䔅ᘻটⱬ喏䲎ᄥ㉓ᕑژڝ⩋ηТ喏㘩߇
䔅χ⮰វߔᰠߌ⾭ܦȠ2喌 ࡃϘȟ⊣ȟᎫ
ᑦ⮰ࡦഋ䰬㺭ឫ៱ᰠ๓⮰ц䉏ЧȠڤಷ⮰ᵴ
喋Ꭻጊȟ⌝喌 ふ⮰ߔϓУᵨջ倄喏ᑿݹᝫ
ҷ࢟᭛ی⫱ᵤ䚤≷䄁ݮ⯾⮰ⵀࣽ⩋ϓ喏
ϓጮ౦Б݆䰬Ƞ䲎ᄥ⫗ᗱ喏⊴䉥㔱䲎䖫ٹ
ႏᏒ喏ڝᰵ 7 ტጮЭ㣣ឥ⩋ϓ䄁ݮ⯾⑦喏ڢ 4
ႄь᧙䷺䮕⮰ϐᬿ≧ߔ喏䲎䛹Ⴭ㻲㜖䏗
ტژᲑ㜖㘩߇⾭ܦ⮰ᎫȠ㏿
⮰䉎ߍ⟢ۡ喏䄯᪠⊴䉥䶰Ƞఌₐ喏䔅ᄥᝫϓУᵨ
᭛喏䔅χژ⮰㏻㥑ݕ⋒ᓃβ⼷Ꮢ⮰්
⑥ ᢚጮࡃ倄䯲ఎژ喏ڢ්䪫᭛⩝ϓఙࡦ䨬්ߌ䕌⮰Ƞ䔅ᵣ⮰්䪫⊣Ꭲ䲊ᮚ䕹ᗱۡȠᲑ㜖ᑌ↋倄⮰ژ⼜ 喋䄑ژじ
ႏᏒ⣜ݕ⋒්䪫䊱䓳 102喏᭛ᄽ්䪫⮰ژͷ喌喏ڢϓఙࡦ䨬⼋䉭ឫᒴ๓ࢷ߇喏Ꭲܦ⣜⏽喏ڢݕ⋒්䪫㺭Ბ㜖ၼژ
េ䉰⮰ጮЭ㗍Щژ٭Уը⮰ࡳȠ
⑦ ⰤڟᢚᲑ⎼喝๕䷺䃭ݤ 2020-04-27 ࣽጯ⮰ ȧی≷䄁ݮ⯾ጮ౦⾦䬠ᰵๆ๓喢 Ȩ ⵀ⾢៑Ƞ 3
ᑌܛ♸ふ喝ی⫗ᗱᄥ㏻≺⮰ᒝ৹ࣶᩫも䃔䃦ÿÿᲑ㜖ጮЭ⮰䃭ᢚ 403
䪫Ƞ䰬㺭䔇ₑᠳܦ⮰᭛喏Ꭻ㮩♢ఌᲫ㨉ᵥȟៃ
ᄲцԉᠭ䅔ᙺᔭᏒ喏ᬌ䃦᭛ڱЭ䔄᭛โ䉰Э
⫱⋞ふ⮰䰬Ⅾᰠ⯶κ⫗ᗱ喏Ѳ⩝κ᪠ѿ݇
๓ๆᒴ䯪䄯᪠⣜ᰵ⮰⩋ϓȟߍѿ㈧Ƞ䔅ҫᓃ
㘩߇䒯䪫㻾ࡦᰠᑝ喏ࡦഋ๓䘔ܲЭ㜖ࣧᎠ
㏻≺≧䋯⼷Ꮢ䊶倄ȟ㥑⣛ද䊶ຩ⮰ࡦ喏Эᄥ
ᩫᏈĄፒ䛻䛳䉙ą࢟䲎ᰠ๓⮰䒘ಷࢷ߇Ƞ
᱖Ბ⮰䶰ࣹ㔸䊶ᗞ㻮 喋台䔭䧒 ふ喏2020喌喏ఌ
䔅χࡦ᠑ᰵᰠๆ⮰โ䉰Эস⩋ϓѿȠκ᭛喏 䃔䃦喝ᩫもᏀᄥ
ഋ䛳ጚᐮࡂᩫも᭪ᓃᅐᓱ㺭Ƞ ܲ
䛳ᰠߌ⼛Ჭ⮰䉎ᩫᩫも喏 ⌝ڑфࡂЭ㲹䉰
䦴ᄥݢ䕌সߍ喏И䃐吿ߝ䘔⁌ࣽ ࣽ ⣛ද
䓪ࡦЭផ๓ᅝ㻰Ὅȟݦ⓬䓪ࡦᅱℽ
䛳ᰠߌ⼛Ჭ⮰䉎ᩫᩫも᭛ᰵᩴᄥ۞㏻≺㶜䔬
ᰵ⮰ᩴ⊴䉥ȟ䭹Ѻࣽ䓪ࡦߍ⮰䓼㥑᱘ᄲ㘩
䷺䮕⮰ᩫもڣȠ䔅ᵴ᭛ᑿݹ⮰≭㻮◥ͷ
ϓ⩋⼛ᲭᩴᏀȠ仂ٴ喏⁌ࣽ䓪ࡦ⮰ߟߔ߇᱘
Ƞₐͷݹ喏ߌᔗููϓ⮰ᐦ䃚ጞ㷗๚ᩫᏈ
Ѻ喏䘔ܲϓڣᰵ๕♢⮰㺭㉌᱘ф߫喏吿ߝ
䛳㏟Ƞ䲎喏ࢁ䓥ݦ⓬䰬Ⅾ喏㔸Ӈ㐅䔋䔋㘩ఊ
Эផ๓ᅝ㻰Ὅᰵߕκ㐿㼏ᅝࢷ߇喏ᬢᰵ
ࡳᄲ䕌ᕧ䰬ⅮᕧӇ㐅ͷ䬠ᒎᧁ㷮⮰㑦Ƞ
ߕκԚูц⮰⩋ϓ⊴䉥⼕ᎻȠじθ喏ϺᩢڑⅠ
ߌⰤᄥჩᲪ⮰䉓ጭᩫも喏цᄲ䲎ᰠߌሧ⮰䕆
ⰷ喏㮩♢ࣽ䓪ࡦᅱℽ⮰䉰ϓ䉋զᰠߌ↵䛹喏Ѳ䔅
χࡦ⮰ᅱℽᩛ䙹ᩢڑⰤᄥ䒯倄Ƞݕ⩔ξ㖀㑽ϐ
䉓㛔㗬ࢷ߇Ƞ䲎喏ᑿݹڔ⤯ܦ⣜⫗ᗱ๓≭
㵸喏䲎⮰䭱ᒎ߫ᰠߌูᱮȠߌᔗูู
ᬿ喏ߌᔗᣔ䔇⊴䉥ݤࣽ䓪ࡦ⮰ࣽᩪ喏Ꭲ䒘
ᢎ䦴ᄥ⁌ࣽ䓪ࡦ⮰ᰵᩴ⊴䉥Ƞ䔅㵸ߔᝬ㘩ϓ
ϓ喏⽟ڔ⤯ϓ䨪ӇᏀѿ㈧喏ᰵߕκ㐿㼏䘔ܲโ ࣽ
⩋⮰ᩴᄲ℀Ⱐᣑេڑ⁌䓪ࡦᰠߌᰵᩴȠ䕆䓳
䘔ࢷ߇Ƞᬢ喏ᰠߌ⼛Ჭ⮰䉎ᩫᩫも䰬㺭ᰠᔗᣔ
⊴䉥䓳⼷⁌ࣽ䓪ࡦьᄨ喏ᄲڔц㠯ఠڱᒎ
ܦȠϺܦȟេ䉰ȟڱ䰬㏻≺依ߔ⮰侪侘䒒
㞛ᕓᓖ⣛Ƞᰬ喏ᑿݹ喏䓼㥑᱘䓳倄᭛ࣽ䓪
ⰷ喏ܦসڱ䰬ⴙ䲎ⱬጔ๓㔯侸喏ຮࣶᬢ
ࡦߍ䲎⮰㺭జ䯪ȠᩫᏈБ㔯㭽䛹◥䕆䓳
䶰喏ᄲц䕌䒚⮰⁍⩋ѐჟȠₐ㗸ᮛ喏
ۻٹߍ⼺ᩢȟܲ៱⼋⩆㜟ۻٹᰵᣓ㗍ϓᱯ
េ䉰 ڢ㵹⩋⮰ᒝ৹ᄲᰵᩴ㐿㼏㏻≺䷺䮕Ƞ ࣶ
⮰⼋䛽喏Б䭹Ѻ倄ᬮ᱘ᄥ䔅χࡦߍ䕌⮰
䲎喏ផ๓ь㐋ദᐦេ䉰喏㘩๋⽟๓䛻⮰ᅝᱦ ᢋჟȠ
ц喏ᬢьᄨ㜟Ⅰ∑ȟ䧎䧭ȟ⣧⦯ふⰤڟϓ喏
䦴ᄥ䛽㲹সᐦぽᝫϓ喏И䃐吿ߝ
⽟ѻᅝȟ㏻≺⮰ദ᱘Ⰴ 喋䭴㼬喏 2020喌喞
ᄻ䨢㵸ࣽᡑຩߍᄻЭ⮰҈⩔喏䛹
䲎喏倄ദ䃪េ䉰㻰Ὅ喏ⴙڱፒߔࡶᄨ
◥ߌᔗࣽ䓪ࡦጮദ䃪ᐦ䃪喏䔮ᑿᩪᐬࣽ䓪
ѿȟ⩡ၼ䃪ําふϓ⮰㏻≺≧ߔȠᰠ䪫ᬢ䬠ⰷ喏
ࡦᝫϓᐬࣽᐦ䃪᭛㵸⮰ᩫもᵴȠ仂ٴ喏
Ѡ䮻Ὅᐻ⮰ࡂ喏ឥᔭᄲцܦ⣜Ƞ
ᄻ䨢㵸⮰㻰Ὅ䷺ᣓ㺭Ⅾ۟ڢᰠᄻᓚЭ
ჩᲪ⮰䉓ጭᩫも᭛≭㻮◥Ƞ♢㔸喏
⮰㲹䉰䰬Ⅾ喏䔅ᄲᰵߕκፒ≧ц䉰᱘ߍᢋ⮰
䘔ܲ۟も㔱ᐬڟ∔ژ᱖Ბ⮰㏻㥑ݹᮛ喏
ᄻᓚѿȠڢ⁍喏ࣽ䓪ࡦϦ㻰Ὅ๓喏Ѳദ䃪
䛻⮰Э⩆㜟ᐬ㔯㭽ڟֈⵠϓȠфᘌ⮰ԍ䉣
䙹䪫䋟Ƞ䶰⮰᱖Ბ喏Ϧᄲ䔇ₑ
⣛ද㘩ᒴ䯪ᄥ䔅χ۟も㔱㵸ϓ⩋ᰵᩴ҈⩔Ƞ
䘔ࣽ䓪ࡦ䯲喏๓ጮᄥࡧ⫃䃪ȟ᪅㗞䃪
ᬢ喏䕆䓳ჩᲪ⮰䉓ጭᩫもϺ㔸ផᑌ䉰ϓ䉋զ㶔㐠ᠭ
⮰䰬Ⅾᄲц䔇ₑ倄 喋ᑌܛ♸ ふ喏2020喌Ƞ
Э䓼㥑喏㏻≺㶜䔬䬠Ꭲ䲊ຩ⮰䔵᠕Ƞₐ㗸
ᰠߌ⼛Ჭ䉎ᩫᩫも⮰㗸ᮛ喏ᰵ䦴ᄥᕓժ
ᮛ喏ᩫᏈ䄁ప䕆䓳⌝ࡂ䛽㲹ጮ౦⮰ݢᏒᩥ䲕喏
ࣽ䓪ࡦᬎ㘩␍䋟⣜䰬㺭ᄲᰵߕκ䔅χ
䘔ܲЭӇ㗍⺔ጮ⮰ݢᏒ䕆䕿喏䔇㔸Ⰴ≧ц
⮰ᠭ㐙ࣽᆁȠᰬ喏䓽ᎠᲑ喏ᣓݢڔцᱲ
䉰᱘Ƞ䔅ᩫもϱ㘩๋ᩥરЭ㏻㥑ᗱۡ喏䔄ᰵ
⢳Ⅰ喏ᬢ䕻ݢᝫϓУᵨ⮰ᔗ䕋ࡳ喏ᩫᏈᄥ
ߕκ䖫ٹЭ䉰ϓ㏿Ჰܦ⣜ᖢࡂȠₐദ喏
䄑ϓ䛳βࢵ⮰ネᣓᔭᏒȠⴙⰷ喏ڔ⤯≭
Иᐦ䃚ᩫᏈ䔄Б㔯㭽ᮮᬢ䛳䒘⼧ᩛЄふᐻ㐠
ߔᕓჩᲪБࣶ᱖Ბᬢ䬠ڱ⮰䉓ጭ䉘ըࢷ߇ᄲ
ᠭ⩋ϓѿ⮰㐙ႄ喏Б⣜ĄᩪⅠڧ冨ą⮰ᩫも
⼷Ꮢᄨ㜠ㆧ䉰ϓ 喋࠱᠘ߔϓ喌 ⮰Уᵨ ⰚᴳȠ
䖫ٹܦ⣜⋔Ƞ䪫ⰷ喏ϦϹᄲᠭ㐙≭ڑ
ጚᐮࡂ䔵᠕ࡦഋᩫもڣ
䘔ࣽ䓪ࡦȠ䔅ᵣ⮰ߔᔭ䊷߫喏ផ๓ࣽ䓪ࡦ⮰
㔯㭽Э⫗ᗱ䬠ᄥ๓㻰Ὅ⮰ద䉰ϓេ䉰
ోӇᏀ喏䪫Ბⰷᰵڢ⼛Ჭᘻ͵Ƞ 404 ☙ ፒ ⤲ 40 ࢣ
䦴ᄥࡧ㢛ϓ喏И䃐ڢᩫもݢᏀ䄑⿷䋟
Ƞ⫗ᗱ䬠喏๓ጮըЭ⮰㥑䓼ݕ⋒㘩߇ܦ⣜
䪫䔈喏䛹◥Ꮐڟ∔ᄻࡧ㢛݇Э㲹䉰⣛ද⮰ф
⏽ȟЭ⣜䛽≭ᓃݜфࡂ喏䉰ϓ䉋զ㏿Ჰ㶔⣜⽟ ࣽ
ࡂ喏ⱬ߇ڔ㠯ఠڱᆁๆᵤᓯ⮰ࡧ㢛ϓ䯲
Ƞ 䔅 㺭 ᭛ ⩝ 䓼 㥑 㘩 ߇ ጚ ᐮ স 侘 ๖ ᩴ Ꮐ ᝬ 䕌
㓐Ƞ仂ٴ喏㮩♢⾭ࣽ⮰⫗ᗱ䕌䘔ܲ䰬Ⅾܦ⣜ ⮰Ƞ
⼷Ꮢ⮰∎ߔ喏Ѳࡧ㢛ϓ৭⮰䰬Ⅾ๓ๆ㑦ͻᑥᕓ喏䰬
3喌 ᄥκݢ䕌ȟߍȟᐦぽᝫϓ㔸
Ⅾ⮰∎ߔᰠๆ᭛Бᐢ䔋⊴䉥⮰ᒎᐻᆁ⣜Ƞͷ喏
㼬喏⫗ᗱᄥࣽ䓪ࡦ⮰۞ܧ๓κ⁌ࣽ䓪ࡦȠࣽ䓪
ᐢ⮰䰬Ⅾᄲц䔼ₑԚูȠఌₐ喏ᐦ䃚⫗ᗱ⮰ᩫ
ࡦ⮰㈧㐋ᰠߌᐬᩪȟ䓼㥑䉋៱ᰠ䛹喏ҫڢ䖙
もݢᰠ䰬ڟ∔ϓ⮰䪫ࣽᆁȠڣѿᲑ䄠喏ᩫᏈ
⫗ᗱ۞ܧᬢᰠߌ㘲ᑝȠᬢ喏ϓ㏿Ჰȟ䉰ϓ
Ꮐ䄑ᰠߌժκڟ∔ᄻЭ⩋ႄ⣛දБࣶტᅦ
Уᵨȟ⊴䉥㔱䶰䘩䕌β⫗ᗱ۞ܧࡦഋ㶔
Ꮢ⮰ϓܲጯᵨᅬȠじ喏Frost & Sullivan ៑
⣜ܦጚᐮࡂ➥ᒭ喞ᄥκ䛽㲹㔸㼬喏ࡃϘȟ⊣ȟ
᭪喏2017 Ꭰ喏ڔ⤯ᄻಷݢ㢛ژᕧ䛻 7 454 ტ喏
Ꭻܦ⣜β⼷Ꮢ⮰វߔ喏↋㟻݅㶔⣜ܦᑦߞ
ࢌݢ㢛Эᕧ⮰ 76喏ڢϓ৭ࢌݜ FDA ឥ۲㢛
්䪫䊷߫Ƞᑿ⮰ᵤᓯ䕧䒽κࡦഋ䛽㲹㏿Ჰস
⮰ 39⑧Ƞη喏喏ᄻ⩋➕ࡧ㢛Э Э㘩߇⮰ጚᐮȠ
Ϲ䲎䛹䛹జ䯪喏࣋ఌͷ᭛ЂИ䯪Б㣣ᓃ䋟๋⮰
4喌 ⫗ᗱ䬠喏ࡧ㢛ϓ㶔⣜ܦᰠᑦ䴓ᕓ喞
䉰䛽ᐬᆁ݇ⵀࣽ 喋ࢎ䪫ݕ ふ喏2015喌Ƞ⩝ₐ喏ᩫ
ᬢ喏ϓദ䒯ຩ⮰ࡦ⩆㜟ܦ⣜්䪫Ƞᕧѿ喏 ܲ
Ꮘᰵᓱ㺭㔯㭽䔇ₑфࡂᄻᓚࡧ㢛݇Э⮰㲹
ࡧ㢛ϓ৭䰬Ⅾ݆ᕓȟ⫗ᗱᄥ䘔ࡧ⫃䃪ําস㢛➕ϓ ࣽ
䉰⣛දȠҷຮ喏䔇ₑᣔߔ๓႒ȟᬃ㝜Эȟᄻ
⩋✲ᕓ䰬ⅮȟࡦഋϓцᏀᕑ㘩߇ȟᩫ⇧
ᓚЭ⮰䶥Ⱊ㲹䉰喏Ჰᐦტࡧ㢛ϓ䶥ദ
ѹБࣶႻ㻮ϓᩫも䄯᪠喏᭛䕌䔅ࡦഋᕓᒝ
䛽喏්ߌ㵸ڱ⮰≭ߔ䉰᱘喏ᰵ䦴ᄥᕓអᠭڣᰵ ৹ጚᐮ⮰㺭࣋ఌȠ
⒈߇⮰႒ტস݇ЭȠじθ喏᠑ᰵĄ䯲
ₐദ喏И䃔䃦βĄ䛳ᰠߌ⼛Ჭ⮰䉎
߇䛻ߊ๓ηą⮰ᩫ⇧ݢᏒф䊶ᕓ喏ⴙᬢ䬠ڱ䌔ࡦഋ
ᩫᩫも喏⌝ڑфࡂЭ㲹䉰⣛දąসĄጚᐮࡂ䔵᠕
䉰⎼䄯䙹ႄ㘩Ƞᬢ喏ی⫗ᗱ⮰ᯠࣽܤ᭪ܦ
ࡦഋᩫもڣąふᩫも㻮◥喏䃐ࢁ䓥ݦ⓬䰬Ⅾផ
ๆᵤᓯϓܲጯᵨᅬ⮰ᓱ㺭ᕓȠη喏㮩♢ࡧ㢛
ᑌᄲ䕌цᕧ⩋ϓসᕧ䰬Ⅾͷ䬠ᒎጔ๓ᧁ㷮
ϓ⮰ⴑ䃲㑂ⴭࡂ⼷Ꮢ倄喏Ѳ⩝κϓࡦ
喏䭱⩋ϓѿ㈧䓼䒘ᒴ๓⼷ᏒӉ䊂κ⩋ϓ
ഋ⮰䮼ᕓⴑ䃲㏴ႄ喏Э݇Ϲ♢䯪БႸڔ䊱
䘔䬔⮰፤䓼䒘喏ᩫᏈ㘩ϱϱ㔯㭽ููϓ喏
䊶⤲⾦䬠 喋Zhang et al., 2020喌Ƞ䔅ᘻটⱬ喏ᄥκ
ᬓദ䃪េ䉰䃍ܾᕑ䰬喞Э䲎㏻㥑
⩋➕ࡧ㢛ϓ㔸㼬喏ๆᵤᓯ⮰ϓܲጯᵨᅬႄ
⮰ᰠ๓ᕓ喏䔅ួݢβڢផᑌ䉰ϓ䉋զ⮰ߔ ڱ⩋ߔ߇Ƞ
߇Ƞఌₐ喏ჩ䉰᱘ጮ౦ߍᄥ䆍ȟⰄ≧ц䉰᱘
ᩫᏈ㔯㭽⮰фٴͷ喞ᩫもڣ⮰ࡦഋ ㏿䃦
ᕓ䔵᠕喏Иᄥϓ䘔䬔ܦβጚᐮᕓᐦ ܲ
᱘ܲβ A 㗍ጮ⮰ 3 828 ტЭ⮰ 2020 Ꭰ
䃚Ƞᅝݢ䕌ߍ㔸㼬喏ᐦ䃚吿ߝ䘔⁌ࣽ䓪 ࣽ
じႏᏒ䉎៑喏ڟ∔⫗ᗱᄥጮЭ㥑䓼ݕ⋒ȟ㏻
ࡦЭផ๓ᅝ㻰Ὅȟݦ⓬䓪ࡦᅱℽ⮰
㥑⣜䛽≭Бࣶ䉰ϓ䉋զ⮰ᒝ৹ȠϺϓȟѿ㻰Ὅ
ᰵᩴ⊴䉥ȟ䭹Ѻࣽ䓪ࡦߍ⮰䓼㥑ⅠȠ䦴ᄥ
Бࣶࡦഋふ㐠Ꮢ㻮ᄋی⫗ᗱᄥጮЭ䕌
䛽㲹সᐦぽᝫϓ喏Ꮐ吿ߝᄻ䨢
⮰ᒝ৹喏ⵀ⾢㏿㶔ᬺ喝
㵸ࣽᡑຩߍᄻЭ⮰҈⩔喏䛹◥ߌᔗࣽ䓪ࡦ
1喌 䮐ۈȟ᳃ȟ➓ȟ⍀්䪫โ喏๓䘔ܲϓ
ጮദ䃪ᐦ䃪喏䔮ᑿᩪᐬࣽ䓪ࡦᝫϓᐬࣽ
䖙䕳㥑䓼ݕ⋒⏽ȟ㏻㥑⣜䛽≭ۻᄽȟ䉰ϓ䉋
ネݢȠ䦴ᄥࡧ㢛ϓ喏ᐦ䃚ᩫもݢ㔱Ϻ䪫䄷ܾ喏
զ⢳倄ふๆ䛹ܧȠϓ喏ߍ䲎ᰠ๓
䛹◥ڟ∔ᄻࡧ㢛݇Э㲹䉰⣛ද⮰фࡂ喏ⱬ߇ ࣽ
ᠽᝄȠѿ⮰㵸۟もȟᩫᏈ⮰ֈֈϓᣖБࣶ
ڔ㠯ఠڱᆁๆᵤᓯ⮰ࡧ㢛ϓ䯲㓐Ƞ
ϓ➥ᕓ᭛䕌䔅ࡂ⮰㺭࣋ఌȠ
⩝κᑿݹᩫᏈ䛳⮰䉎ᩫᩫも⾦䬠ᬺ᭪
2喌 ی⫗ᗱᄥᄻጮըѿ⮰ᒝ৹๓κ๓Э
㑕ᄻ喏䉓ጭᩫもϒឫڔцᱲ⢳স䕆䉓㛔㗬ፒ
⑧ ₐโ喏Frost & Sullivan 䔄䶰䃍喝㜟 2022 Ꭰ喏ڔ⤯ᄻಷݢ㢛ژᕧ䛻ᄲ䓪ݜ 13 523 ტ喏ᅶᬢ喏ᄲࢌݢ㢛Эᕧ⮰ 80喏FDA ឥ۲
㢛ᄲᰵ 47 Ბ㜖䔅χژȠⰤڟᢚᑁ㜖κ ȧᬌ䩍㢛ᬺᏣᓣ㢛ᐬࣽ㗍Щᰵ䭼ژ 2019 ᎠᎠᏒ៑ȨȠ 3
ᑌܛ♸ふ喝ی⫗ᗱᄥ㏻≺⮰ᒝ৹ࣶᩫも䃔䃦ÿÿᲑ㜖ጮЭ⮰䃭ᢚ 405
Ბ⮰ࢷ߇Ƞᰵ႒㔱ќ䃍喏ຮڔ⤯䛳ᰴ⮰
༈ሜ喏䬗ᑦᬺ . 2020. ࡃ๓㏻䮎႒㔱Ąی⫗ᗱᄥ㏻≺ᒝ৹ą䄴
ᵨ ᄭ 䨭 ᣖ 喏 ⩸ ㏻ ≺ ᄲ ц ᢋ ㏒
㐨 䔜 . ㏻ ≺ ႒ 喏喋 20 ϫ 㒺 ٯ
2喌喝 130-136. [Jiang Feng and Yan 喋
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Department of Economics, Peking University. Economic Science,
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ᑌܛ♸ふ喝ی⫗ᗱᄥ㏻≺⮰ᒝ৹ࣶᩫも䃔䃦ÿÿᲑ㜖ጮЭ⮰䃭ᢚ 407
TheImpactofCOVID-19onChina'sEconomyandDiscussion ofPolicies
‒Evidencefrom ListedCompanies
Zhang Kaihuang and Qian Qinglan
(School of Geographical Sciences, Guangzhou University, Guangzhou 510006, China)
Abstract:The Corona Virus Disease 2019 (COVID-19) has collapsed the world's economy. A discussion of the
reaction to structural and regional policies is imperative for the Chinese government because the implementation
of policies is limited. As the state of the stock market indicates the direction of the economy, the financial reports
of some enterprises from China's Stock market for the first quarter of 2020 were collected and analyzed. This was
the period in which the productivity of the enterprises were severely impacted by the coronavirus pandemic with
respect to industry, actors' scale, and region. The results show: 1) Except agriculture, forestry, animal husbandry,
and fishery, all other industries had lesser profit and limited operating cash flow, and their balance sheets had
deteriorated. The services industry faced more challenges than the others. The behavioral decisions made by
individuals, the governmental policies for lock-down, and the nature of industries were responsible for these
detrimental changes; 2) The companies with small and medium market value were affected more than big
enterprises. In Q1, big companies made more profits, optimized their operating cash flows, and stabilized their
balance sheets. This is mainly because of the difference of operating ability among actors and the Matthew effect;
3) Owing to the differences in the population structure and land price in different regions, the manufacture,
service, and building and estate industries faced greater challenges in the developed provinces than in the less
developed regions. The pandemic adversely affected the finance industry in Beijing, Shanghai, and Guangdong;
however, it showed improvement in Jiangsu. It has been observed that the financial structure in regions, and
operating ability of companies were the main reasons for the negative impact on the finance industry. The medical
industry was affected but progressed in areas with better industrial basement. This was because the demand for
certain medicines and devices peaked during the period and the areas with better industrial base played more
important role in fighting the virus. In this context, the authors discussed the two approaches: "Adopting a more
proactive fiscal policy and deeply optimizing financial environment of enterprises, " and "Choosing policies
implements regionally." It can be argued that unilateral expansion of demand will result in a larger gap between
demand and supply. This is disadvantageous because the global production system mainly depends on the
manufacturing industry in China. The government should not only focus on resumption, but also start investment
of new or traditional infrastructures. Moreover, owing to the uncertainty of the market, the factors that improve
the balance sheet are few. Therefore, helping more entities by financial market and making the social capital more
active have become the priorities for the government. In order to improve the manufacturing and service industry,
undeveloped regions are encouraged to expand job opportunities, and the residents in developed regions are
encouraged to consume more services and decrease the operating costs of the service industry. This can positively
contribute to restoring the economy. Some measures adopted to benefit financial and building and estate
industries are encouraging local commercial banks in medium-sized and small cities to provide loans to Small
and Medium-Sized Enterprises (SMEs), boost infrastructure construction in developed regions, and loosen
control of estate development. The policy makers of the medical industry were advised to focus on long-term
development. Optimizing the financial environments for SMEs in medical industry and developing a multi-core,
nation-wide distribution of industry are necessary for China.
Keywords:COVID-19; China economic; policies' discussion; regional response; structural tools; listed companies