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2014年下半年以来国际原油价格经历了一轮快速下跌,同时美国页岩油革命加快发展,由于时间序列上的一致性使得有必要对于两者关系进行一定的探究。本文运用十大产油企业数据和面板数据模型分析,一定程度上否定了页岩油革命对企业绩效的直接影响,并且在此基础上分析了原油价格波动对石油企业财务绩效以及对资本市场产生的影响。通过实证分析,得到页岩油革命通过降低原油价格对产油企业净利润有显著负影响,此外,对于技术进步在能源企业面对国际市场资源价格波动缓冲的现象。
Since the second half of 2014, the international crude oil prices have undergone a round of rapid decline. At the same time, the shale oil revolution in the United States has accelerated. Due to time series consistency, it is necessary to explore the relationship between the two. In this paper, using the data of ten oil producers and panel data model analysis, to a certain extent, it negates the direct impact of the shale oil revolution on the enterprise performance, and on this basis, analyzes the impact of crude oil price volatility on the financial performance of petroleum enterprises and the capital market Impact. Through empirical analysis, we can find that the revolution of shale oil has a significant negative impact on the net profit of oil-producing enterprises by reducing the price of crude oil. In addition, the technological progress in energy enterprises is facing the buffer of the fluctuation of resource prices in the international market.