| Crude oil plays an important role in the production and operation of oil companies.Crude oil is a finished product in crude oil exploration and development enterprises,and crude oil is a raw material in refining and chemical companies.Crude oil and crude oil processed by crude oil in oil and gas sales companies are its main operations.Commodities and oil service companies must provide professional technology and engineering services for crude oil exploration and development.In recent years,the fluctuation of international oil prices has intensified and the operations and investment activities of Chinese oil companies have been greatly affected.The oil price risk has become an important risk that affects the operation and development of China's oil companies.Therefore,the further study of the impact of international oil price fluctuations on the total investment of China's oil companies and their impact on the investment of different business sectors of oil companies will enable China's oil companies to achieve stable operation and rapid development.It is of great significance.It will provide an important basis for the discussion of oil companies' methods to deal with oil price fluctuations and the development of investment strategies for oil companies in the future.The research in this paper is based on the research results and related theories at home and abroad on the impact of international oil price fluctuations on corporate investment.At present,there are few studies on the fluctuation of China's oil companies due to fluctuations in international oil prices,and many of them are based on the position of sample companies in the industry chain and the nature of enterprises.This paper studies the response of the total investment of oil companies in our country and the corporate investment of oil companies of different nature to the fluctuations of international oil prices,and divides the oil companies in China with their main business contents into the exploration and development enterprises,refining and refining.Enterprises,oil and gas sales companies,and oil service companies have conducted separate studies on the response of different plate oil companies to international oil price fluctuations.This paper studies the impact of international oil price fluctuations on the investment of China's oil companies from two angles: the impact of the uncertainty of international oil price fluctuations on the investment of China's oil companies and the impact of the direction of international oil price fluctuations on China's oil companies' investment.Byestablishing a regression model and conducting a regression analysis on the sample data of China's A-share listed oil companies from the first quarter of 2013 to the fourth quarter of2016,we found that:(1)The uncertainty of international oil price fluctuations has a negative impact on investment of oil companies other than the oil-coated sector;(2)Uncertainty of international oil price fluctuations has a negative effect on corporate investments of oil companies of different natures.The impact,but there is a significant inhibitory effect on the investment of small and medium-sized oil companies and non-state-owned oil companies;(3)The rise in international oil prices has a negative impact on the investment of Chinese oil companies other than the sales sector;(4)The decline in international oil prices We have a negative impact on the investment of China's oil companies other than the sales sector,and its negative impact has a significant effect on the total investment expenditure of China's oil companies and on the investment in the refining and chemical sector.Compared with the rise in international oil prices,investment expenditures in the exploration and development sector have been even more negative when international oil prices fell. |
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