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能源价格波动对企业风险传导不仅仅可以通过生产要素变化反映到最终产出,也可以通过影响宏观经济体系改变企业经营环境,本文采用定性假设和定量验证相结合的方法,以明晰国际能源价格波动对中美两国企业的风险传导路径。以我国为例,通过脉冲响应函数与格兰杰检验得出,能源价格波动可以通过一般价格水平和利率波动传导到企业,却无法通过汇率浮动传导到企业。
The fluctuation of energy price can not only reflect the final output through the change of factors of production, but also change the business environment through influencing the macroeconomic system. This article uses the combination of qualitative hypothesis and quantitative verification to clarify the international energy price fluctuations The path of risk transmission to Chinese and American enterprises. Taking China as an example, we can conclude from impulse response function and Granger test that the fluctuation of energy price can be transmitted to the enterprise through the fluctuation of the general price level and the interest rate, but it can not be transmitted to the enterprise through the exchange rate fluctuation.