Research on Hedging of Petroleum and Petrochemical Listed Companies:Based on A-share Data
This paper focuses on the petroleum and petrochemical companies listed on the A-share market in China,exploring their utilization of futures and over-the-counter(OTC)derivatives for hedging activities.By em-ploying a treatment effect model,this study empirically examines the specific factors that influence the implementation of hedging strategies by listed companies.Additionally,it offers a comparative analysis of the impact of hedging prac-tices on corporate operations.It is found that:private enterprises are more inclined to hedge than state-owned enter-prises;the proportion of listed companies using OTC derivatives is higher than that of futures,and there is a spillover of the demand for OTC derivatives;the use of futures and OTC derivatives for hedging can enhance the value and prof-itability of listed companies and improve the operating cash flow.This paper proposes the following policy suggestions:accelerate the launch of energy and chemical futures varieties,develop industry self-regulatory organizations,encour-age OTC derivatives innovation to serve the real economy,reasonably use hedging instruments for risk management,and improve the assessment system related to hedging of state-owned enterprises.
Petroleum and Petrochemical CompanyHedgingTreatment Effect Model
NETL
NSTL
万方数据
