Gas Company of Sinopec, Beijing, China.
PLoS One. 2024 Oct 10;19(10):e0299084. doi: 10.1371/journal.pone.0299084. eCollection 2024.
This article investigates the effect of international oil price uncertainty on investment efficiency using quarterly data of Chinese A-share listed companies from 2011 to 2020. It is discovered that uncertainty about oil prices increases principal-agent conflicts and information asymmetry in enterprises, leads to more inefficient investment, and ultimately lowers firms' investment efficiency. Furthermore, China's unique property rights foundation, firm size, and life cycle limit the aforementioned consequences. Additional investigation reveals that by raising companies' cash reserves, oil price uncertainty exacerbates overinvestment behavior. The study presented in this article can serve as a guide for businesses looking to make the best decisions in the context of volatile global oil prices and support their long-term, stable development.
本文使用 2011 年至 2020 年中国 A 股上市公司的季度数据，研究了国际油价不确定性对投资效率的影响。结果发现，油价不确定性增加了企业的代理冲突和信息不对称，导致投资效率更低，最终降低了企业的投资效率。此外，中国独特的产权基础、企业规模和生命周期限制了上述后果。进一步的调查显示，油价不确定性通过提高公司现金储备，加剧了过度投资行为。本文的研究可以为企业在动荡的全球油价环境下做出最佳决策提供指导，并支持其长期稳定发展。
