The Impact Of International Crude Oil Futures Price Fluctuation On The Earnings Sustainability Of China’s New Energy Listed Companies

China as a large energy demand country has been highly dependent on oil.In order to ensure the energy security and establish an eco-friendly society,it is urgent to develop the new energy industry.As a substitute of traditional energy,new energy products will have a certain impact on the development of China’s new energy company stock price when the international crude oil price fluctuates.And the international crude oil futures price has the price guidance function to the international crude oil spot price.Theoretically,there is also a certain impact between the international crude oil futures market and China’s new energy company stock price.Especially in the context of the deepening integration of global financial markets,the spillover effect between various markets is becoming more and more significant.Previous studies have determined the volatility spillover effect between the international crude oil futures market and China’s new energy company stock price.However,the impact of international crude oil futures price volatility on the earnings sustainability of China’s new energy listed companies is rarely discussed by scholars.What is the relationship between the international crude oil futures price,the earnings sustainability of China’s new energy listed companies and the new energy company stock price?The paper attempts to give the research results through empirical analysis.Based on the booming new energy industry in China in recent years,this study takes the daily closing price of the stock price index of China Securities new energy market and the daily closing price of the continuous contract of WTI crude oil futures in the current month as index variables,and takes 2010-2018 as sample interval.Based on the perspective of spillover effect,this paper empirically studies the relationship between the international crude oil futures market and the earnings persistence of China’s new energy listed companies and the new energy company stock price in the new era.Furthermore,the paper further discusses whether the performance of the new energy listed companies with different property rights and the new energy listed companies with different regional distribution is different when facing the impact of international crude oil futures price.The empirical results show that:First,in the whole sample,the international crude oil futures price has a positive role in promoting the earnings sustainability of China’s new energy listed companies.Second,the international crude oil futures price also has a positive volatility spillover effect on China’s new energy company stock price.In addition,China’s new energy company stock price index plays an intermediary role in the impact of international crude oil futures price volatility on the earnings sustainability of China’s new energy listed companies,and it is part of the intermediary effect.However,it is found that when the international crude oil futures prices rise,the earnings sustainability of new energy listed companies whose property rights are non-state-owned enterprises will be positively promoted,and the earnings sustainability of new energy listed companies whose property rights are state-owned enterprises will not be clearly affected.According to the distribution of new energy listed companies,it is found that the rise of international crude oil futures price has a positive effect on the earnings sustainability of New Energy Listed Companies in the eastern and central regions of China,but the impact on the western region is not clear.Finally,when using the stock prices of 108 New Energy Listed Companies in China as intermediary variables,we find that:China’s new energy company stock price fluctuate,investors are easy to face market risks,so it is difficult to predict the trend of international crude oil futures price fluctuations on China’s new energy company stock price.However,the new energy company stock price index,as an indicator to measure and reflect the overall price level and its changing trend of China’s new energy stock market,can better represent the development of China’s new energy company stock price,and reflect the change of international crude oil futures price accordingly.It is also easier for investors to use the new energy company stock price index to predict the development trend of China’s new energy company stock price and make reasonable prediction and inference on the development prospect of China’s new energy industry.