Research On The Impact Of Crude Oil Price Shock On The Risk-taking Of Chinese Listed Companies

Crude oil,as the "economic lifeline" of modern industrial society,is closely related to a country’s economic development,social stability,and foreign trade,and is an extremely important strategic resource.In recent years,the price of crude oil,as the manifestation of crude oil in the market,has been affected by various types of factors and has shown structural changes,which in turn has an important impact on the business decision-making of micro-enterprise entities.In addition,risk-taking is an important link in business decision-making,not only related to the development of the enterprise itself,but also the fundamental driving force for sustained social and economic growth.Therefore,as a mechanism for macroeconomics to affect micro-enterprises,it is of important theoretical and practical significance to accurately assess how crude oil price changes will affect micro-enterprises’ risk-taking levels.In view of this,this article analyzes the structural driving mechanism of crude oil prices,and then discusses the mechanism of the impact of crude oil price shocks on corporate risk-taking,and analyzes the heterogeneity and adjustment effect mechanism of the relationship between crude oil price shocks and corporate risk-taking.analyze.On the basis of the above analysis,an SVAR model was constructed to orthogonally decompose oil price changes into crude oil price supply shocks,aggregate demand shocks and specific demand shocks.The panel data of A-share listed companies in my country’s Shanghai and Shenzhen stock exchanges from 2007 to 2020 were used as samples.Investigate the relationship between different types of crude oil price shocks and the risk-taking of Chinese enterprises;then,by dividing the sample of enterprises into state-owned enterprises and non-state-owned enterprises,large-scale enterprises and small-scale enterprises,regions with high degree of marketization and low degree of marketization Regions and product markets have high levels of competition,industries and product markets with low levels of competition.Samples of industries explored the heterogeneous characteristics of the relationship between crude oil price shocks and corporate risk-taking;finally,through the introduction of corporate financing constraint variables and structural oil price shocks The method explores the moderating effect of financing constraints on the relationship between crude oil price shocks and corporate risk-taking.Studies have shown that crude oil price supply shocks are positively correlated with corporate risk exposure,aggregate demand shocks and specific demand shocks are negatively correlated with corporate risk exposures,and the correlation between specific demand shocks and corporate risk exposures is greater than that of supply shocks and aggregate demand shocks;crude oil price shocks are related to The correlative relationship of corporate risk-taking is mainly reflected in private enterprises,small-scale enterprises,regions with a high degree of marketization,and industries with high product market competition;financing constraints have an weakening effect on the positive correlation between crude oil price supply shocks and corporate risk-taking.It promotes the strengthening correlation between aggregate demand shocks/specific demand shocks and corporate risk-taking.The above research conclusions provide a certain theoretical basis and practical reference for government departments to better respond to changes in oil prices.