制度环境、原油要素价格不确定性与企业现金持有——来自中国资本市场的经验证据

Institutional Environment,Crude Oil Factor Price Uncertainty and Corporate Cash Holdings——The Empirical Evidence from Chinese Capital Market

文章基于中观的生产要素市场层面,运用递归模型,实证考察特定的原油要素价格不确定性对中国上市公司现金持有水平的影响及其作用机理。研究结果表明,原油要素价格不确定性对上市公司现金持有水平具有显著的正向影响,且部分通过降低企业的投资支出来实现。基于中国制度背景的拓展性分析显示:相比国有上市公司和成品油定价市场化程度较低时期,相关的影响及其作用机理在非国有上市公司和成品油定价市场化程度较高时期表现得更为显著。

Using the recursive model, the paper makes an empirical study on the impact of specific crude oil faetor price uncertainty on the amount of cash holdings of China＇s listed companies and its interaction mechanism from the perspective of the meso level of production factor market. The results show that crude oil factor price uncertain- ty has a significant positive impact on the amount of cash held by the listed companies, which is partly achieved by reducing corporate investment. Furthermore, the extended analysis, based on the Chinese institutional back- ground, displays that the above impact is even more obvious to the non state-owned listed companies and during the period of higher degree market-oriented pricing, compared with the state-owned listed companies and the peri- od of lower degree market-oriented pricing.