Does oil price uncertainty affect corporate total factor productivity? Evidence from China

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2024-10-24 DOI:10.1016/j.najef.2024.102302

Ziqing Wu, Leyi Chen

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引用次数: 0

Abstract

In the era of high-quality economic development, oil price uncertainty (OVX) and the total factor productivity (TFP) of corporations are pivotal issues for both policymakers and scholars. This study leverages the implied volatility of oil prices and financial data from Chinese listed industrial companies spanning 2010 to 2022 to investigate the influence of OVX on firms’ TFP and the underlying mechanisms. The findings reveal that OVX substantially dampens firms’ TFP, with corporate leverage and financialization identified as key channels through which this impact occurs. Further heterogeneity analysis indicates that the negative impact of OVX on TFP is particularly pronounced in firms operating in industries with low concentration and among small and medium-sized enterprises (SMEs). The extension analysis suggests a threshold effect in the relationship between OVX and corporate TFP, with the suppressive effect of OVX on TFP intensifying as the level of corporate financialization increases. Consequently, it is imperative for policymakers to closely monitor oil price fluctuations and implement timely strategies to mitigate the risks associated with OVX.

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石油价格的不确定性会影响企业全要素生产率吗？来自中国的证据

在经济高质量发展的时代，油价不确定性（OVX）与企业全要素生产率（TFP）是政策制定者和学者们关注的焦点问题。本研究利用油价隐含波动率和中国工业上市公司 2010 年至 2022 年的财务数据，研究油价不确定性对企业全要素生产率的影响及其内在机制。研究结果表明，OVX 大幅抑制了企业的全要素生产率，而企业杠杆率和金融化是产生这种影响的主要渠道。进一步的异质性分析表明，OVX 对全要素生产率的负面影响在低集中度行业的企业和中小型企业中尤为明显。扩展分析表明，OVX 与企业全要素生产率之间的关系存在门槛效应，随着企业金融化水平的提高，OVX 对全要素生产率的抑制作用会增强。因此，政策制定者必须密切关注石油价格波动，并及时实施战略以降低与 OVX 相关的风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.