| Crude oil,Crude oil,which is called the blood of modern industry,is now one of the most important energy sources in the world.It is closely related to commodity production,circulation and consumption,and other economic processes.Since the end of the 20 th century,as China has transformed from a net oil exporter to a net oil importer,oil imports have increased every year.The increasing proportion of crude oil in Chinese energy consumption structure has caused the fluctuation of international crude oil prices to have a more obvious impact on China.Therefore,research on the impact of international crude oil price fluctuations on the daily decision-making of various industries in China will help China to deal with the economic interference caused by fluctuations in the international energy market in advance to ensure the smooth operation of Chinese economy.Previous articles on the impact of crude oil price fluctuations on economic development have focused on the impact of oil price fluctuations on macroeconomic variables.This article focuses on the impact of oil price fluctuations on Chinese micro-economy,we study the impact of oil price fluctuations on the cash holdings of Chinese enterprises.In recent years,in the relevant literature on oil prices,more and more studies have studied the asymmetry of the impact of oil price fluctuations on economic variables,and they have found that compared with the traditional symmetric model,the asymmetric model can better explain the underlying economic phenomenon and laws.Therefore,this article examines whether the impact of oil prices on corporate cash holdings is also asymmetry.This paper uses the OVX index proposed by the Chicago Board Options Exchange,which describes investors' expectations for the volatility of crude oil prices in the next 30 days,as an indicator to measure oil price volatility,and establishes an individual fixed-effect model to study whether there is a stable asymmetric relationship between oil price volatility and corporate cash holdings.The empirical results show that the impact of rising international crude oil price fluctuations and falling international crude oil price fluctuations on the cash holdings of Chinese enterprises is significantly different,that is,there is an asymmetric effect.On this basis,this article considers whether there are differences in the asymmetry of the impact of oil price fluctuations in different industries,and divides the industries into petroleum-related industries and petroleum non-related industries.In the petroleum-related industries,we have screened four representative industries and petroleum non-related industries for regression.The regression results show different characters according to the characteristics of the respective industries,which further confirms the heterogeneity of this asymmetry.Finally,we use quantile regression for all industries,and take three quantile points of 0.25,0.5,and 0.75 according to the size of the company's cash holdings.The empirical results show that as the value of the quantile point changes,the asymmetric impact of oil price fluctuations also changes,indicating that the size of the company's own cash holdings will also affect the asymmetric impact of oil price fluctuations on the company's cash holdings to a certain extent.This article uses a detailed and comprehensive approach,and concludes that oil price fluctuations do have an asymmetric effect on the cash holdings of Chinese companies.At the same time,it also carefully studies the heterogeneity of this asymmetric effect.Finally,based on the conclusions of empirical research,this article puts forward some countermeasures that Chinese companies can consider to take when facing severe fluctuations in international oil prices.Therefore,the research in this article can further remind companies to pay attention to oil price fluctuations,deepen their understanding of the impact of oil price fluctuations,especially from the perspective of cash holdings,it provides important reference for decision-making. |
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