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| 文章编号：1672-3104(2022)04-0065-15 |
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原油价格冲击、融资约束与企业风险承担——基于中国上市公司的经验证据 |
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陈宪，黎坚强，陈幸 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 原油作为企业重要的生产要素之一，其价格因受到各种类型因素的影响而呈现出结构性变动特征。通过构建SVAR模型将油价变动正交分解为原油价格供给冲击、总需求冲击和特定需求冲击，并以沪深两市A股上市企业2007—2020年的面板数据为样本，考察不同类型的原油价格冲击对我国企业风险承担的影响。研究发现，原油价格供给冲击对企业风险承担具有促进效应，总需求冲击和特定需求冲击对企业风险承担具有抑制效应；在民营企业、小规模企业、市场化程度高的地区以及产品市场竞争程度高的行业中，原油价格冲击影响更加显著。进一步研究发现，较高的企业融资约束可以削弱原油价格供给冲击的促进效应，加强总需求冲击和特定需求冲击的抑制效应。 |
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| 关键词： 原油价格冲击；融资约束；企业风险承担；SVAR模型 |
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Crude oil price shock, financing constraints and corporate risk-taking: Based on empirical evidences of Chinese listed companies |
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CHEN Xian, LI Jianqiang, CHEN Xing |
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（School of Business, Central South University, Changsha 410083, China） |
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| Abstract: Crude oil is one of the important production factors of enterprises, and its price is affected by various types of factors, showing the characteristics of structural changes. By constructing a SVAR model, the study orthogonally decomposes oil price changes into crude oil price supply shocks, aggregate demand shocks and specific demand shocks, and, by using as samples the panel data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2020, investigates the impact of different types of crude oil price shocks on corporate risk-taking in our country. The study finds that crude oil price supply shocks have a promoting effect on enterprise risk-taking, while aggregate demand shocks and specific demand shocks have an inhibiting effect on enterprise risk-taking, and that the impact of crude oil price shocks is more significant in private enterprises, small-scale enterprises, regions with a high degree of marketization, and those industries with high product market competition. Further research finds that higher corporate financing constraints can weaken the facilitation effect of crude oil price supply shocks and strengthen the inhibitory effects of aggregate demand shocks and specific demand shocks. |
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Key words: crude oil price shock; financing constraints; corporate risk-taking; SVAR model |
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