节能减排下企业面临的国际油价风险分析——基于沪深A股上市公司的实证检验

发布时间：2018-04-03 06:37

本文选题：节能减排　切入点：能源安全　出处：《企业经济》2015年06期

【摘要】：在应对气候变化的背景下,能源安全越来越受到相应环境规制措施的影响。为了考察这种影响,本文利用沪深A股市场606家上市公司的数据,考察了节能减排对企业面临的国际油价风险的影响。实证检验的结果表明,节能减排程度的上升,会使企业个股回报率对国际油价收益率的变化更加敏感。并且,研究还发现:国际油价收益率与企业个股回报率正相关,国际油价波动率与国际油价风险负相关。这虽然与许多发达国家的经验不符,但在中国特殊的市场环境下可能是正常的现象。最后以此为据,指出了这一结论对于政府和企业的诸多启示。
[Abstract]:In the context of climate change, energy security is more and more affected by the corresponding environmental regulation measures.In order to investigate this kind of influence, using the data of 606 listed companies in Shanghai and Shenzhen A share market, this paper investigates the influence of energy saving and emission reduction on the international oil price risk faced by enterprises.The empirical results show that the increase of energy saving and emission reduction will make the return of individual stock more sensitive to the change of international oil price return.Furthermore, it is found that the return rate of international oil price is positively correlated with the return of individual stock, and the volatility of international oil price is negatively correlated with the risk of international oil price.Although this is inconsistent with the experience of many developed countries, it may be a normal phenomenon in China's special market environment.Finally, this paper points out that this conclusion for the government and enterprises a lot of enlightenment.
【作者单位】：国际关系学院国际经济系;
【基金】：国家社科基金重大项目“城市生态文明建设机制、评价方法与政策工具研究”(批准号:13&ZD158) 中央高校基本科研项目“基于城市化-能源-环境互动关系的低碳城市建设研究”(批准号:3262014T66)
【分类号】：F275;F764.1

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