国际油价冲击对制造业企业投资影响的分析

The Analysis of the Effect of International Oil Price Shocks on Investment in Manufacturing Enterprises

运用2003年1季度至2014年3季度我国制造业上市公司的面板数据考察了国际油价冲击对企业投资的影响。结果表明:油价冲击对企业投资的抑制作用因不同时期、不同企业规模和不同方向呈现非对称性,在经济繁荣期,油价冲击对企业投资的负向影响要大于经济衰退期;油价冲击对中小型企业投资的抑制作用要大于大型企业,并且随着企业规模扩大,油价冲击的负向作用逐渐减小;油价上涨对企业投资的抑制作用要大于油价下跌对企业投资的促进作用。

This paper examined the effect of international crude oil price on the enterprise investment with panel data of Chinese listed companies in manufacturing from the first quarter of 2003 to the third quarter of 2014.The results showed that the inhibitory effect cf international crude oil price on enterprise investment is not symmetrical because of different periods,different enterprise scale and different directions.In the economic prosperity period,the negative impact of oil price shocks on enterprise investment is larger than that of the economic recession period.The inhibitory effect of oil price shocks on the investment of small and medium enterprises is greater than that of large enterprises,and the negative effect of oil price shock is gradually decreases with the expansion cf enterprise scale,and the inhibitory role of oil price rise on enterprise investment is greater than the promoting role of oil price decline on enterprise investment.