CAJ | 학술논문

文章基于中观的生产要素市场层面,运用递归模型,实证考察特定的原油要素价格不确定性对中国上市公司现金持有水平的影响及其作用机理。研究结果表明,原油要素价格不确定性对上市公司现金持有水平具有显著的正向影响,且部分通过降低企业的投资支出来实现。基于中国制度背景的拓展性分析显示：相比国有上市公司和成品油定价市场化程度较低时期,相关的影响及其作用机理在非国有上市公司和成品油定价市场化程度较高时期表现得更为显著。
문장기우중관적생산요소시장층면,운용체귀모형,실증고찰특정적원유요소개격불학정성대중국상시공사현금지유수평적영향급기작용궤리。연구결과표명,원유요소개격불학정성대상시공사현금지유수평구유현저적정향영향,차부분통과강저기업적투자지출래실현。기우중국제도배경적탁전성분석현시：상비국유상시공사화성품유정개시장화정도교저시기,상관적영향급기작용궤리재비국유상시공사화성품유정개시장화정도교고시기표현득경위현저。
Using the recursive model, the paper makes an empirical study on the impact of specific crude oil faetor price uncertainty on the amount of cash holdings of China＇s listed companies and its interaction mechanism from the perspective of the meso level of production factor market. The results show that crude oil factor price uncertain- ty has a significant positive impact on the amount of cash held by the listed companies, which is partly achieved by reducing corporate investment. Furthermore, the extended analysis, based on the Chinese institutional back- ground, displays that the above impact is even more obvious to the non state-owned listed companies and during the period of higher degree market-oriented pricing, compared with the state-owned listed companies and the peri- od of lower degree market-oriented pricing.