石油石化上市公司套期保值研究——基于A股数据

Research on Hedging of Petroleum and Petrochemical Listed Companies:Based on A-share Data

本文聚焦A股中石油石化上市公司,探究其使用期货和场外衍生品进行套期保值的情况,运用处理效应模型实证检验了影响上市公司开展套期保值的具体因素,并对比分析了套期保值行为对企业经营产生的影响。研究结果发现:民企比国企更倾向于采取套期保值方式,上市公司使用场外衍生品的比例高于期货且对场外衍生品的需求存在外溢现象,使用期货和场外衍生品进行套期保值均可提升上市公司企业的价值与盈利能力,并改善经营现金流情况。基于以上的研究结果,本文提出如下政策建议:加快上线能源化工期货品种,发展行业自律组织、鼓励服务实体经济的场外衍生品创新,合理运用套期保值工具开展风险管理、完善国企套期保值的相关考评制度。

This paper focuses on the petroleum and petrochemical companies listed on the A-share market in China,exploring their utilization of futures and over-the-counter(OTC)derivatives for hedging activities.By employing a treatment effect model,this study empirically examines the specific factors that influence the implementation of hedging strategies by listed companies.Additionally,it offers a comparative analysis of the impact of hedging practices on corporate operations.It is found that:private enterprises are more inclined to hedge than state-owned enterprises;the proportion of listed companies using OTC derivatives is higher than that of futures,and there is a spillover of the demand for OTC derivatives;the use of futures and OTC derivatives for hedging can enhance the value and profitability of listed companies and improve the operating cash flow.This paper proposes the following policy suggestions:accelerate the launch of energy and chemical futures varieties,develop industry self-regulatory organizations,encourage OTC derivatives innovation to serve the real economy,reasonably use hedging instruments for risk management,and improve the assessment system related to hedging of state-owned enterprises.