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首页> 外文期刊>Pacific-Basin Finance Journal >Does geopolitical risk uncertainty strengthen or depress cash holdings of oil enterprises? Evidence from China
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Does geopolitical risk uncertainty strengthen or depress cash holdings of oil enterprises? Evidence from China

机译：地缘政治风险是否不确定性加强或抑制石油企业的现金持股？来自中国的证据

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摘要

This paper investigates the heterogeneous effects of geopolitical risk (GPR) on enterprise cash holdings (CASH) in Chinese oil sectors. The empirical results are shown as follows: First, enterprises in oil exploration and exploitation sector and oil equipment sector tend to reserve more cash to confront high geopolitical risk. Second, the levels of CASH in oil refinery and sale sector enterprises are negatively related to GPR. Third, there is no significant causal link between GPR and CASH in oil storage and transportation sector. Therefore, oil enterprises should factor in geopolitical risks in differentiated cash management policies based on their sectors? character.
机译：本文研究了地缘政治风险（GPR）对中国石油部门企业现金持股（现金）的异质效果。经验结果如下所示：首先，石油勘探和剥削部门和石油设备部门的企业倾向于储备更多的现金来面对高地地政风险。其次，石油炼油厂和销售部门企业的现金水平与GPR负相关。第三，GPR与储油和运输部门现金之间没有明显的因果关系。因此，石油企业应根据其部门的差异化现金管理政策的地缘政治风险因素？特点。

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