How does energy finance promote energy transition? Evidence from Shanghai crude oil futures

被引：10
|
作者：
Long, Houyin [1 ]
Huang, Xiang [2 ]
Wang, Jiaxin [2 ]
机构：
[1] Fuzhou Univ, Sch Econ & Management, Fuzhou, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2023年 / 90卷
基金：
中国国家自然科学基金;
关键词：
Shanghai crude oil futures (SC); Global oil price volatility; Renewable energy investment; CONSTRAINTS; UNCERTAINTY; INVESTMENT; VOLATILITY; PRICES; MARKET; IMPACT; CHINA; SHOCKS; FIRMS;
D O I：
10.1016/j.irfa.2023.102877
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the energy transition effect of Shanghai crude oil futures (SC). Using Chinese renewable energy firmlevel data between 2014q1 and 2021q3, we show that SC can alleviate the inhibitory effect of global oil price fluctuations on energy transition. We further explore three potential underlying mechanisms through which the energy transition effect of SC: reducing the impact of global oil price volatility on firms' business risk, financialized investment, and debt cost. We find the energy transition effect of SC is more pronounced in samples with low-risk resistance. Our paper sheds new light on the real effects of SC on energy transition.
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页数：12
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