Dancing between threats and conflicts: How Chinese energy companies invest amidst global geopolitical risks

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2024-09-11 DOI:10.1016/j.eneco.2024.107907

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引用次数: 0

Abstract

Utilizing Chinese A-share listed energy companies from 2002 to 2021, we investigate the relationship between global geopolitical risks (GPR) and corporate investment through panel fixed effects and attempt to elucidate its channel. The main findings are as follows: Different types of GPR have varied impacts on corporate investment; global geopolitical acts (GPRA) significantly promote investment in Chinese energy companies, while global geopolitical threats (GPRT) substantially inhibit it. Channel analysis indicates that the capital hedging effect can explain the impact of GPR on the investment of Chinese energy companies. Moreover, the interactions between GPR and factors such as companies' commercial credit capability, valuation, operational risk, and degree of internationalization are statistically significant. These factors interact with GPRA and GPRT, jointly affecting the investment of Chinese energy companies. After employing a series of robustness tests, our results remain valid. Our research deepens a better understanding of how geopolitical risks influence the investment decisions of energy companies.

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在威胁与冲突之间起舞：中国能源企业如何在全球地缘政治风险中进行投资

我们利用 2002 年至 2021 年中国 A 股能源上市公司的数据，通过面板固定效应研究了全球地缘政治风险（GPR）与企业投资之间的关系，并试图阐明其影响渠道。主要结论如下：不同类型的地缘政治风险对企业投资的影响不同；全球地缘政治行为（GPRA）对中国能源企业的投资有显著促进作用，而全球地缘政治威胁（GPRT）则对中国能源企业的投资有实质性抑制作用。渠道分析表明，资本对冲效应可以解释全球地缘政治行为对中国能源企业投资的影响。此外，GPR 与企业的商业信用能力、估值、运营风险和国际化程度等因素之间的交互作用在统计上是显著的。这些因素与 GPRA 和 GPRT 相互作用，共同影响中国能源企业的投资。经过一系列稳健性检验，我们的结果仍然有效。我们的研究加深了对地缘政治风险如何影响能源企业投资决策的理解。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.