Oil shocks, competition, and corporate investment: Evidence from China

被引：52
|
作者：
Chen, Xian [1 ]
Li, Yang [1 ]
Xiao, Jihong [2 ]
Wen, Fenghua [1 ,3 ,4 ]
机构：
[1] Cent South Univ, Sch Business, Changsha 410083, Peoples R China
[2] Nanjing Univ Sci & Technol, Sch Econ & Management, Nanjing 210094, Peoples R China
[3] Univ Windsor, Fac Engn, Supply Chain & Logist Optimizat Res Ctr, Windsor, ON, Canada
[4] Univ Essex, Ctr Computat Finance & Econ Agents, Colchester CO4 3SQ, Essex, England
来源：
ENERGY ECONOMICS | 2020年 / 89卷
基金：
中国国家自然科学基金;
关键词：
Oil prices; Oil shocks; Corporate investment; Product market competition; China's firms; PRODUCT MARKET COMPETITION; PRICE SHOCKS; STOCK-MARKET; EMPIRICAL-ANALYSIS; UNCERTAINTY; RETURNS; VOLATILITY; MACROECONOMY; IMPACT; POLICY;
D O I：
10.1016/j.eneco.2020.104819
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper aims to investigate the impact of three classical oil shocks on the Chinese corporate investment by using firm-level data. Moreover, we assess the role of product market competition in the relationship between oil shocks and corporate investment. Our empirical results show that oil aggregate demand and specific demand shocks negatively affect corporate investment, while oil supply shocks show a positive effect. Notably, compared to the non-energy-related industry, the corporate investment of energy-related industry is more sensitive to these oil shocks. Furthermore, we find high competitive pressure can mitigate the impact of oil specific demand shocks on the corporate investment of energy-related industry, but competition presents a limited effect on the relationship between other oil shocks and corporate investment. (C) 2020 Elsevier B.V. All rights reserved.
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页数：11
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