Global Energy Price And The Stock Price Of Chinese New Energy Sector

Traditional energies represented by oil,coal,and natural gas are still the main body of the world energy structure at present.The scarcity of the three energies themselves and financial attributes such as futures derived later have promoted the formation of a benchmark pricing system on a global scale.China is a major energy country in the world and has been actively seeking to participate in the reform of the international energy system for many years.The launch of Shanghai crude oil futures in 2018 is an important measure for China to build a national energy pricing system,promote links between domestic and foreign energy markets,and enhance China’s energy market influence.In recent years,the positive role of Shanghai crude oil futures has gradually emerged.However,as society’s requirements for development continue to increase,the pollution and unsustainability of traditional energy sources have gradually become prominent.While they provide impetus for the development of human society,they also limit the development of the world to a certain extent.New energy represented by wind,solar,and thermal energy has been gradually applied as a good substitute for traditional energy through various technical means,opening up a new continent in the world energy market.Countries in the world are also actively adjusting their own energy structures,mostly through policy guidance and market construction to vigorously develop new energy industries.After years of development,the world has gradually formed an energy pattern in which multiple energy sources are paralleled and new and old energy alternate.The relationship between new and old energy is becoming more and more important.Complex,so the research on the relationship between the new and the old energy has gradually increased and has been derived from various aspects,but the main research at home and abroad focuses on the relationship between the international crude oil market and the new energy stock market,and the relationship between the international coal and natural gas prices and the new energy stock market There are few studies,and my country’s Shanghai crude oil futures has not been launched for a long time,so there are fewer studies in this area.Based on the original research,this paper incorporates international crude oil prices,international natural gas prices,and international coal prices into the framework of international energy prices,and uses Shanghai crude oil futures prices as a representative of domestic energy prices to study the relationship between domestic and foreign energy prices and China’s new energy stock prices.Correlation,the relevant empirical results are mainly fitted based on the multivariate VAR-GARCH-BEKK model,and analyzed from the perspectives of spillover effects and risk transmission.The spillover effects are divided into mean spillover effects,volatility spillover effects,and volatility spillover effects.It can be divided into shock spillover effect and variance spillover effect;risk transmission is divided into three characteristics: price transmission,risk accumulation,and risk contagion.The above-mentioned theoretical analysis will closely follow the relevant empirical results and achieve a one-to-one correspondence.The research found in this paper: Generally speaking,there is a two-way asymmetric spillover effect between international energy prices and China’s new energy stock prices.The spillover effect of international energy prices on China’s new energy stock prices is stronger,and each traditional energy source has its own advantages and Differences in status lead to different spillover effects on China’s new energy stock prices.Among them,the spillover effect of international crude oil futures prices is the most significant;Shanghai crude oil futures prices have a one-way spillover effect on China’s new energy stock prices,and the price discovery function of Shanghai crude oil futures gradually appear.In terms of risk transmission,the international energy market has a long-term and continuous risk contagion impact on my country’s new energy stock market,indicating that my country’s new energy stock market has a lagging response to international energy market information,and my country’s crude oil futures have a sudden change in the risk of new energy stock price contagion.Indicating that the two markets are more sensitive to risk events.At the end of this article,starting from the three perspectives of policy formulation,company management,and individual investment behavior,and based on the conclusions and combined with relevant actual conditions,relevant suggestions are put forward: The government should strengthen financial supervision while expanding the opening of the energy financial market in an orderly manner.The development of the physical industry must also promote the construction of the domestic energy futures system;energy companies must pay attention to their own construction and make safe investments.They must be cautious to avoid "hot investment" and be prepared to withstand market pressures.Research and development,actively transform and expand business areas;for individual investors,they must use their investment portfolio flexibly.When the market is volatile,they must focus on risk control,and when the market is relatively stable,they must focus on policy guidance and change the direction of investment.