Futures Trading and Corporate Financialization: A Quasi-Natural Experiment From the Launch of China's Crude Oil Futures

IF 2.3 4区经济学 Q2 BUSINESS, FINANCE

Journal of Futures Markets Pub Date : 2025-04-14 DOI:10.1002/fut.22584

Feng He, Longxuan Chen, Jing Hao, Dongfeng Chang

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Abstract

This study examines the impact of China's crude oil futures trading on corporate decision-making at the firm level. By analyzing Chinese listed companies spanning from 2010 to 2022, we identify a significant negative causality of China's crude oil futures trading on the degree of financialization in energy-dependent enterprises. Mechanism analysis further demonstrates that China's crude oil futures trading substantially strengthens corporate risk management capacity, thereby reducing precautionary motivations for financial asset holdings. Specifically, energy-dependent firms exhibit a marked propensity to reallocate short-term liquidity from financial investments to crude oil futures positions. Heterogeneity analysis shows that the impact of China's crude oil futures on the financialization level of energy-dependent firms is more pronounced among state-owned enterprises and firms facing heightened competitive pressures. This paper offers micro-level insights into the relationship between commodity futures trading and corporate decision-making, emphasizing the significance of financial innovation in supporting China's real economy development.

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期货交易与企业金融化：从中国原油期货推出的准自然实验

本研究从企业层面考察了中国原油期货交易对企业决策的影响。通过对2010 - 2022年中国上市公司的分析，我们发现中国原油期货交易与能源依赖型企业金融化程度之间存在显著的负向因果关系。机制分析进一步表明，中国原油期货交易大大增强了企业风险管理能力，从而降低了金融资产持有的预防性动机。具体而言，能源依赖型公司表现出明显的倾向，将短期流动性从金融投资重新配置到原油期货头寸。异质性分析表明，中国原油期货对能源依赖型企业金融化水平的影响在国有企业和竞争压力较大的企业中更为明显。本文从微观层面分析了商品期货交易与企业决策的关系，强调了金融创新对支持中国实体经济发展的重要意义。

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

Journal of Futures Markets BUSINESS, FINANCE-

CiteScore

3.70

自引率

15.80%

发文量

期刊介绍： The Journal of Futures Markets chronicles the latest developments in financial futures and derivatives. It publishes timely, innovative articles written by leading finance academics and professionals. Coverage ranges from the highly practical to theoretical topics that include futures, derivatives, risk management and control, financial engineering, new financial instruments, hedging strategies, analysis of trading systems, legal, accounting, and regulatory issues, and portfolio optimization. This publication contains the very latest research from the top experts.