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Oil price volatility and corporate debt choice: Evidence from China

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  • Jiang, Yan
  • Gan, Tian
  • Wei, Xiaokun
  • Zou, Honghui

Abstract

Crude oil is considered a vital energy source that significantly shapes firms' production, operation, investment and financing activities. This paper examines the association between oil price volatility (OPV) and corporate debt choice. Using a sample of Chinese listed firms from 2008 to 2022, we find that OPV can increase (decrease) reliance on bank debt (bond financing). This finding is consistent after conducting various robustness checks. Besides, this effect is greater for energy-related industries, less competitive industries, or non-stated-owned firms. Moreover, we find that this effect stems from increased information asymmetry and escalated financial distress risks. Finally, OPV arising from positive price fluctuations has a greater impact on debt choice than negative price changes. This study enhances the understanding of OPV's economic implications, emphasizing the need for policymakers to consider the macroeconomic context when evaluating firms' debt strategies.

Suggested Citation

  • Jiang, Yan & Gan, Tian & Wei, Xiaokun & Zou, Honghui, 2025. "Oil price volatility and corporate debt choice: Evidence from China," Journal of Commodity Markets, Elsevier, vol. 40(C).
    • Handle: RePEc:eee:jocoma:v:40:y:2025:i:c:s2405851325000613
    DOI: 10.1016/j.jcomm.2025.100517
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