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运用2003年1季度至2014年3季度我国制造业上市公司的面板数据考察了国际油价冲击对企业投资的影响。结果表明:油价冲击对企业投资的抑制作用因不同时期、不同企业规模和不同方向呈现非对称性,在经济繁荣期,油价冲击对企业投资的负向影响要大于经济衰退期;油价冲击对中小型企业投资的抑制作用要大于大型企业,并且随着企业规模扩大,油价冲击的负向作用逐渐减小;油价上涨对企业投资的抑制作用要大于油价下跌对企业投资的促进作用。
The panel data of listed companies in China’s manufacturing industry from the first quarter of 2003 to the third quarter of 2014 examined the impact of the international oil price shock on the corporate investment. The results show that: the oil price impact on the enterprise investment inhibition due to different periods, different enterprises in different dimensions and the direction of asymmetry in the economic boom, the impact of oil prices on corporate investment negative impact than the recession; oil price impact on the The inhibitory effect of small-scale enterprise investment is larger than that of large-scale enterprises. As the scale of enterprises increases, the negative impact of oil price shocks gradually decreases. The effect of rising oil prices on enterprises’ investment is greater than the promotion effect of falling oil prices on business investment.