Jiajia Du
Master
China University of Petroleum
Du Jiajia is a Master's student in Finance at China University of Petroleum (Beijing), with a research focus on energy finance. She participated in a project on overseas energy information monthly reports at the Institute of Carbon and Energy, providing insights for industry trends. During her internship at CNPC Economics & Technology Research Institute, she was involved in oil and gas projects for the China Association for Science and Technology and national high-end think tanks.
Participates in
TECHNICAL PROGRAMME | Energy Infrastructure
Supply Chain Management
Forum 11 | Digital Poster Plaza 2
30
April
10:00
12:00
UTC+3
Under the background of accelerating global energy transformation, increasing geopolitical risks and frequent fluctuations in market demand, the resilience construction of international oil companies ' industrial chain is facing multi-dimensional challenges. It is necessary to ensure the stability of traditional links and deal with emerging risks such as renewable energy layout and carbon constraint policies. However, the existing research on the systematic evaluation of the industrial chain resilience of international oil companies is insufficient. Therefore, this paper constructs an evaluation system of industrial chain resilience from the perspective of enterprise practice, and analyzes its impact on capital market.
This paper takes 16 typical international oil companies such as ExxonMobil as the research object, and conducts empirical research based on data from 2014 to 2023. Firstly, 17 indicators are selected from multiple dimensions such as financial structure and business collaboration to construct a resilience evaluation system. Secondly, the entropy weight-TOPSIS method is used to measure the resilience level of the industrial chain, horizontally compare the resilience differences between companies, and vertically analyze the evolution trend in the cycle. Thirdly, the factor analysis method is introduced to extract the core driving factors of resilience, and the influence mechanism of resilience and each factor on stock price volatility is tested. At the same time, the turnover rate is used as an intermediary variable to explore the path of resilience affecting stock price volatility through market sentiment transmission. Finally, taking ExxonMobil as an example, this paper analyzes its strategic practice and resilience system construction, further verifies the robustness of the empirical conclusions, and provides practical reference for the company to enhance the resilience of the industrial chain.
The study found that :
Co-author/s:
Jianliang Wang, Dean of the School of Economics and Management, China University of Petroleum.
Mingming Liu, Associate Dean of the School of Economics and Management, China University of Petroleum.
This paper takes 16 typical international oil companies such as ExxonMobil as the research object, and conducts empirical research based on data from 2014 to 2023. Firstly, 17 indicators are selected from multiple dimensions such as financial structure and business collaboration to construct a resilience evaluation system. Secondly, the entropy weight-TOPSIS method is used to measure the resilience level of the industrial chain, horizontally compare the resilience differences between companies, and vertically analyze the evolution trend in the cycle. Thirdly, the factor analysis method is introduced to extract the core driving factors of resilience, and the influence mechanism of resilience and each factor on stock price volatility is tested. At the same time, the turnover rate is used as an intermediary variable to explore the path of resilience affecting stock price volatility through market sentiment transmission. Finally, taking ExxonMobil as an example, this paper analyzes its strategic practice and resilience system construction, further verifies the robustness of the empirical conclusions, and provides practical reference for the company to enhance the resilience of the industrial chain.
The study found that :
- There are significant differences in the level of resilience among companies. Integrated companies perform better by virtue of their synergy advantages in the whole industrial chain, and ExxonMobil performs the most prominent.
- The stronger the industrial chain resilience of international oil companies is, the lower the stock price volatility is, showing a significant risk buffer effect.
- Financial structure factor and innovation competition factor have a significant effect on reducing volatility, and operational efficiency and business synergy factor have a certain positive incentive to volatility ;
- Industrial chain resilience inhibits stock price volatility by reducing turnover. Based on the above conclusions, combined with ExxonMobil 's strategic practice, it is recommended that international oil companies attach great importance to the construction of industrial chain resilience, deepen the layout of the whole industrial chain, strengthen financial resilience management, increase R & D investment, and realize the coordinated development of traditional oil and gas and new energy business under the background of energy transformation.
Co-author/s:
Jianliang Wang, Dean of the School of Economics and Management, China University of Petroleum.
Mingming Liu, Associate Dean of the School of Economics and Management, China University of Petroleum.
