期刊
ENERGY ECONOMICS
卷 93, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.eneco.2020.105047
关键词
Financial deregulation; Interest rate liberalization; Operational risks; Enterprise financialization
类别
资金
- National Social Science Foundation of China [18CJY056]
This paper investigates the effects of financial deregulation on the operational risks of Chinese energy enterprises, finding that financial deregulation can reduce these risks. The impact of financial deregulation varies across different features of energy enterprises.
This paper investigates the effects of financial deregulation on the energy enterprises' operational risks in China, based on 230 Chinese energy enterprises' yearly data spanning from 2003 to 2018. The results show that financial deregulation can lower the energy enterprise's operational risks through easing financing constraints and reversing the financialization tendency of energy enterprises. In addition, the impact of financial deregulation is heterogeneous across different features of energy enterprises. After replacing core indicators, changing model settings, and solving endogenous problems, the above conclusions are still robust, which provides robust evidence from the perspective of the interest rates liberalization. (C) 2020 Elsevier B.V. All rights reserved.
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