Research On The Spillover Effect Of The International Crude Oil Futures Market On China's New Energy Stock Market

The world energy consumption structure is constantly being reformed,while China responds to the call of the world,actively and vigorously layout of new energy-related industries.Since the 1870 s,crude oil and crude oil derivatives,which have both commodity and financial attributes,have emerged,and the risk of uncertainty in the crude oil market has spread from the real economy to the capital market.The rise and fall of international oil prices can have an impact on the national economies of various countries.There is a mutual substitution between traditional and new energy sources,so there are some complex relationships between the crude oil futures market and the new energy stock market,and China,as an economy with strong energy demand and high dependence on crude oil,is more vulnerable to a range of influences.Therefore,Chinese investors pay more attention to international oil prices,because they can affect a series of changes in China's new energy stock prices.Nowadays,the new energy is developing rapidly,the financial energy can empower the real economy and stabilize the real economy of our country,so it will be of far-reaching significance to study the risks posed by the price of crude oil.However,the current domestic impact on international oil prices on domestic prices is mainly concentrated on the impact on the overall stock market,rarely from the mean spillover effect,volatility spillover effect and extreme risk spillover effect of the three angles to study the impact of the international crude oil futures market on China's new energy stock market.Now the rapid development of global financial market integration,domestic crude oil futures market open,so from the sample range for domestic futures market before and after the listing of domestic crude oil futures market can reduce the impact of foreign crude oil futures market on the domestic new energy stock market.Based on the research object of t China Securities new energy index,Wind Energy Index,Solar Energy Index and WTI Crude Oil Futures,the empirical study of the mean spillover effect,the volatility spillover effect and the extreme risk spillover effect is further discussed before and after the listing of China Crude Oil Futures.The study found that the international crude oil futures market has positive mean spillovereffect on China's new energy stock market,wind energy market and solar energy market in the sample range,whereas the above three markets do not have mean spillover effect on the international crude oil futures market.However,after the listing of China's crude oil futures,China's new energy stock market has no mean spillover effect on the international crude oil futures market.When the international crude oil futures market is in the extreme risk situation,the risk spillover of China's new energy stock market,wind energy market and solar energy market is greater than that of China's new energy stock market,wind energy market and solar energy market,and the risk spillover to the international crude oil futures market indicates that China's new energy stock market,wind energy market and solar energy market are vulnerable to the influence of changes in the international crude oil futures market.Therefore,we should pay attention to the prediction of international crude oil futures prices,pay attention to the influence factors of the changes in the international crude oil futures market,and find that when the factors change,accurately estimate the changes in international crude oil futures prices,whether to increase or decrease investment in the new energy stock market.