能源经济学研讨会

 【总第77期】

Uncertainty Shocks to Oil Prices and Chinese Firm-Level Investment
本次能源经济学研讨会邀请到中央财经大学经济学院俞剑博士做学术演讲。 时间：11月16日，星期三，12:00—13:30
地点：中国人民大学明德主楼729会议室
报告摘要： We investigate the response of Chinese firm-level investment to oil price uncertainty shocks, using an annual micro survey panel over the period 1999-2007. Both panel regressions and panel-data vector auto-regressions show that uncertainty shocks to oil prices hamper investment of Chinese manufacturing firms. The results are more pronounced when we allow for more heterogeneity in capital depreciation rates to compute firm-level investment, thus indicating the necessity to incorporate idiosyncratic depreciation in measuring micro-level investment. We also find that oil price uncertainty shocks only depress investment of privately- and foreign-owned firms, yet not hindering that of state- and collectively-owned firms. Further exploration suggests a more policy-oriented feature for investment of state- and collectively-owned firms, which helps to explain their queer responses to some exogenous market-originated factors like oil price uncertainty shocks.
作者简介： 俞剑（1987-），男，浙江金华人，毕业于中国人民大学经济学院，获经济学博士学位。现为中央财经大学经济学院讲师。主要研究方向为能源经济学、宏观经济学。目前，已在《Social Science Journal》，《金融研究》等国内外期刊上发表研究论文十余篇，并有多篇文章被SSCI、EI、人大复印资料全文转载或收录，同时著有《国际油价波动的市场特征与中国需求冲击》（与陈宇峰合著）。
能源经济学研讨会（Energy Economics Seminar）由中国人民大学经济学院能源经济系定期推出，旨在为研究中国能源经济问题的学者提供交流的平台。  联系人：宋枫（songfeng@ruc.edu.cn）  

中国人民大学 经济学院能源经济系