能源价格波动对企业风险传导机理

Mechanism of Volatility of Energy Price Conducting Enterprise′s Risk

遵循投入-产出的思路,从资本、劳动、能源三个要素的变动及其相互替代关系入手,从微观经济学的角度,分析当能源价格发生变化时劳动力要素和资本要素的变化以及对最终产出的影响。通过实证分析得出:实际工资水平的下降可以抵消能源成本上升给企业产出带来的不利影响,且资本投入越早,能源价格波动对企业的影响越大。

This paper follows the idea of input-output, and starts from the fluctuation of capital,labor as well as energy and the alternative relations among these three elements,and analyzes the changes of labor and capital and the effects of these changes on final product when energy price fluctuate from the mieroeeonomic perspective. The empirical analysis results show that the decline of real wage could offset the adverse impact caused by the rising of energy cost on enterprise＇s output, and the sooner capital investment,the greater the impact of energy price on enterprise.