题目：【JCF】宏观经济状况和石油价格会影响公司的风险承担吗？

JOURNALOF CORPORATE FINANCE, VOLUME 53，DECEMBER 2018

宏观经济状况和石油价格会影响公司的风险承担吗？

作者：KartickGupta (University of South Australia)

Chandrasekhar Krishnamurti(University of South Australia)

摘要：石油价格是生产成本的直接和间接的重要因素，并对公司的未来现金流量、投资和收入产生重大影响。尽管许多研究调查了油价与公司业绩之间的关系，但有关油价如何影响企业风险承担的文献仍然有限。采用来自56个国家从1990年至2013年的190490个企业-年份观测值，我们发现企业会随着油价上涨变为风险厌恶者。但是，这种关系取决于宏观经济前景。本文表明，如果宏观经济前景看好（不利），企业会随着油价上涨增加（减少）风险承担。最后，在非竞争行业经营的企业往往会因油价上涨和有利的宏观经济状况而承担更多风险。在控制了无法观测的异质性以及采用不同的建模过程来处理数据的嵌套性，我们的结果仍然稳健。

关键词：石油价格；宏观经济状况；石油生产；竞争水平

Domacroeconomic conditions and oil prices influence corporate risk-taking?  

KartickGupta (University of South Australia)，ChandrasekharKrishnamurti (University of South Australia)

ABSTRACT

Oilprice is a key direct and indirect factor in the cost of production andstrongly influences the future cash flows, investment and revenue of a firm.Although many studies investigate the relationship between oil prices andcorporate performance, limited evidence exists on how the oil prices influencecorporate risk-taking. Using 190,490 firm-year observations covering 56countries and spanning 1990 to 2013, we find that firms become risk-averse withrising oil prices. However, this relationship is conditional on themacroeconomic outlook. We show that with rising oil prices, firms increase(decrease) risk-taking if the macroeconomic outlook is favorable (unfavorable).Finally, firms operating in non-competitive industries tend to increaserisk-taking with rising oil prices and favorable macroeconomic conditions. Ourresults are robust to controls for unobserved heterogeneity and alternatemodelling procedures to deal with the nested nature of our data.

Keywords:Oilprices; Macroeconomic conditions; Oil production; Competition level  

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917303103

翻译：陈然