新冠肺炎疫情（以下简称“新冠疫情”或“疫情”）对全球经济造成了巨大的冲击，同时对全球煤炭的生产、消费与贸易也产生了巨大影响。梳理新冠疫情对煤炭企业生产经营及绩效的影响机理和作用程度有重要的理论和现实意义。为此，本文以中美两国煤炭企业为研究对象，基于比较分析、事件研究等方法，在厘清新冠疫情对煤炭企业生产经营影响机理的基础上，分析与测算疫情对中美两国煤炭企业生产经营、财务绩效及煤炭行业上市公司股价的具体影响，以期为评估公共卫生事件影响及检验应对政策成效等贡献力量。

论文主要工作与结论：（1）基于新冠疫情对煤炭企业影响的概念模型图，阐明疫情对中美两国煤炭企业在生产经营方面的影响路径。研究表明：新冠疫情期间生产力要素的投入产出、替代行业和煤炭行业的均衡性与反向作用机制以及下游企业与煤炭的进出口量共同对中美两国煤炭企业的生产经营产生负向影响。（2）基于中美两国煤炭行业上市公司财务绩效分析新冠疫情对两国煤炭行业上市公司产生的影响及差异。研究表明：新冠疫情对中美两国煤炭行业上市公司均产生影响，而美国煤炭行业上市公司受到的影响程度更深。其中，2020年销售净利率同比各季度降低了2%至47%，应收账款周转率同比减少了3%至88%。（3）基于有效市场假说建立市场模型，采用事件研究法论证新冠疫情期间发生重大事件前后对两国煤炭行业上市公司股价产生的影响。研究表明：新冠疫情期间中美两国煤炭行业上市公司股价受相关事件影响均产生正负双向股价效应，但美国煤炭行业上市公司股价效应更加显著，且演变趋势振幅较大。

本文进一步丰富了突发公共卫生事件对煤炭行业经营与绩效影响的相关研究成果，研究结论和建议对评估公共卫生事件影响、制定相关应对政策以及各涉煤经济主体进行相关决策具有一定的参考与借鉴意义。

The COVID-19 pandemic ("COVID-19" or "pandemic") has had a huge impact on the global economy, and also on global coal production, consumption and trade.It is of great theoretical and practical significance to review the impact mechanism and effect of COVID-19 on the production, operation and performance of coal enterprises.Therefore, this paper to the research object of China and the United States, based on comparative analysis, event research methods, in the clarify the new crown outbreak on coal enterprise production and operation mechanism, on the basis of analyzing and measuring the outbreak of the coal enterprise production and operation and financial performance and the specific impact of the coal industry listed company stock prices, in order to evaluate the public health events and inspection policy results.

The main work and conclusions of the paper: (1) Based on the conceptual model diagram of the impact of COVID-19 on coal enterprises, the impact path of the epidemic on their production and operation is clarified.The study shows that the input-output of productivity factors during COVID-19, the equilibrium and reverse action mechanism of alternative industries and coal industry, as well as the import and export volume of downstream enterprises and coal jointly have a negative impact on the production and operation of coal enterprises of China and the United States.(2) Based on the financial performance of listed companies in the coal industry of China and the United States, the impact and differences between COVID-19 on listed companies in the coal industry of the two countries.Research shows that COVID-19 has had an impact on listed companies in the coal industry in both China and the United States, while listed companies in the US coal industry have been more deeply affected.In 2020, net sales rates fell by 2% to 47% year on year, and accounts receivable turnover rates fell by 3% to 88% year on year.(3)Based on the stock prices of listed companies in the coal industry of China and the United States, the event study method was adopted to demonstrate the impact on the stock prices of both companies before and after major events during the COVID-19 pandemic.The study shows that during the COVID-19 period, the stock price of listed companies in the coal industry of China and the United States has positive and negative effects affected by related events, but the stock price effect of listed companies in the US coal industry is more significant, and the evolution trend is large.

This paper further enriches the research results of the impact of public health emergencies on the operation and performance of the coal industry. The research conclusions and suggestions have certain reference significance for evaluating the impact of public health events, formulating relevant response policies and making relevant decisions by coal-related economic subjects.

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