价格管制环境下的国际油价不确定性对企业投资的影响——来自中国资本市场的经验证据  

The Effect of International Crude Oil Price Volatility on Enterprise Investment under the Pricing Control System——Empirical Evidence from Chinese Capital Market

作　　者：王勇[1] 郑海东[1] 

机构地区：[1]中国石油大学(华东)经济管理学院,山东青岛266555

出　　处：《系统工程》2014年第2期21-31,共11页Systems Engineering

基　　金：国家自然科学基金资助项目(71172080);中国石油大学(华东)2013年度自主创新科研计划项目(中央高校基本科研业务费专项资金资助项目)(13CX04027B)

摘　　要：基于中国制度背景,理论分析与实证考察国际原油价格不确定性影响微观企业投资支出的存在性、具体作用机理及其中国成品油定价市场化改革的调节作用。研究结果显示,国际油价不确定性对国内微观企业投资具有显著的负向影响,且部分是通过降低企业新增银行信贷资源的中介渠道来产生影响。2009年成品油定价市场化改革的拓展性分析表明,随着中国成品油定价市场化改革的持续深入,国际油价波动不确定性对微观企业投资的负向影响变得更为显著。Based on Chinese institutional background, the study analyzes and examines the influence of international crude oil price uncertainty on micro enterprises＇ investment expenditure, relevant function mechanism and the mediating effect of Chinese refined oil pricing reform. The result shows that, international oil price uncertainty has a significant negative effect on domestic enterprises＇ investment expenditure, which is partly through the intermediate channel of newly added bank credit resource. Based on Chinese refined oil pricing marketization reform in 2009, further analysis shows that, the negative effects of international crude oil price uncertainty on micro enterprise investment became more significant along with continuous deepening of Chinese refined oil pricing marketization reform.

关 键 词：原油价格不确定性 企业投资 银行信贷 成品油定价机制 

分 类 号：F275[经济管理—企业管理]