{"title":"Energy Finance and Trade Credit: Evidence From China's Shanghai Crude Oil Futures","authors":"Changchun Pan, Yuhang Song, Paresh Kumar Narayan, Yuzhe Huang","doi":"10.1002/fut.70123","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This study explores the impact of the Shanghai crude oil futures (SC) market on corporate trade credit financing in China. Using data on listed firms from 2012 to 2023 and a difference-in-differences model, we find the launch of SC significantly increased trade credit financing for oil-dependent firms. Mechanism evidence suggests that SC is associated with improvements in credit risk and market information environment, which are economically consistent with suppliers' trade credit decisions. Cross-sectional analysis reveals stronger effects among firms with higher investment capacity, higher production costs, and lower transparency. Economic consequences analysis suggests the effect further stimulates corporate capital investment and technological innovation. The results demonstrate how innovations in energy finance may support the real economy and contribute to the stability of China's energy industries.</p>\n </div>","PeriodicalId":15863,"journal":{"name":"Journal of Futures Markets","volume":"46 9","pages":"1607-1630"},"PeriodicalIF":2.8000,"publicationDate":"2026-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Futures Markets","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/fut.70123","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2026/6/17 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study explores the impact of the Shanghai crude oil futures (SC) market on corporate trade credit financing in China. Using data on listed firms from 2012 to 2023 and a difference-in-differences model, we find the launch of SC significantly increased trade credit financing for oil-dependent firms. Mechanism evidence suggests that SC is associated with improvements in credit risk and market information environment, which are economically consistent with suppliers' trade credit decisions. Cross-sectional analysis reveals stronger effects among firms with higher investment capacity, higher production costs, and lower transparency. Economic consequences analysis suggests the effect further stimulates corporate capital investment and technological innovation. The results demonstrate how innovations in energy finance may support the real economy and contribute to the stability of China's energy industries.
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.
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