This study examines the relationship between oil price uncertainty and corporate debt maturity structure. Using a large sample of US firm-level data, we find that oil price uncertainty increases short-term corporate debt. We also find that this result persists for firms operating in oil and most other industries. These findings are robust to a battery of tests including the use of alternative measures of oil uncertainty, debt maturity structure, and instrumental variable analysis to address endogeneity concerns. Overall, we provide evidence that oil price uncertainty has important implications for corporate financing policy.

中文翻译：

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油价不确定性与企业债务期限结构

本研究考察了油价不确定性与公司债务期限结构之间的关系。使用大量美国公司层面的数据样本，我们发现油价的不确定性增加了短期公司债务。我们还发现，在石油和大多数其他行业经营的公司中，这一结果仍然存在。这些发现对一系列测试来说是稳健的，包括使用石油不确定性的替代措施、债务期限结构和工具变量分析来解决内生性问题。总体而言，我们提供的证据表明，油价的不确定性对企业融资政策具有重要影响。