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基于中国制度背景,理论分析与实证考察国际原油价格不确定性影响微观企业投资支出的存在性、具体作用机理及其中国成品油定价市场化改革的调节作用。研究结果显示,国际油价不确定性对国内微观企业投资具有显著的负向影响,且部分是通过降低企业新增银行信贷资源的中介渠道来产生影响。2009年成品油定价市场化改革的拓展性分析表明,随着中国成品油定价市场化改革的持续深入,国际油价波动不确定性对微观企业投资的负向影响变得更为显著。
Based on China’s institutional background, theoretical analysis and empirical studies, the paper examines the existence and the specific mechanism of the impact of the international crude oil price uncertainty on the micro-enterprise investment expenditure and the regulatory role of market-oriented reform of the pricing of refined oil products in China. The results show that the international oil price uncertainty has a significant negative impact on the investment of domestic micro-enterprises, and in part, it has an impact by reducing the intermediary channels through which banks increase credit resources. The analysis of the market-oriented reform of refined oil pricing in 2009 shows that as the market-based reform of refined oil pricing in China continues to deepen, the negative impact of the volatility of international oil prices on the investment of micro-enterprises has become even more pronounced.