Tobit model tests.

This article investigates the effect of international oil price uncertainty on investment efficiency using quarterly data of Chinese A-share listed companies from 2011 to 2020. It is discovered that uncertainty about oil prices increases principal-agent conflicts and information asymmetry in enterprises, leads to more inefficient investment, and ultimately lowers firms’ investment efficiency. Furthermore, China’s unique property rights foundation, firm size, and life cycle limit the aforementioned consequences. Additional investigation reveals that by raising companies’ cash reserves, oil price uncertainty exacerbates overinvestment behavior. The study presented in this article can serve as a guide for businesses looking to make the best decisions in the context of volatile global oil prices and support their long-term, stable development.本文以2011至2020年中国A股(A-share)上市公司的季度面板数据为样本，考察国际油价不确定性对企业投资效率的影响。研究发现，油价不确定性会加剧企业的委托代理冲突与信息不对称程度，引发更为严重的非效率投资问题，最终降低企业投资效率。进一步研究表明，中国特有的产权属性、企业规模以及生命周期阶段会对上述负面效应产生约束作用。补充检验显示，油价不确定性可通过提升企业现金储备水平，加剧过度投资行为。本文研究可为全球油价波动背景下企业制定最优决策提供参考，助力企业实现长期稳定发展。