Open AccessStudy on the correlation between Crude oil price and new energy stock price in China and America
Author(s) -
Peihang Lin,
Xiaoai Peng,
Qianye Chen,
Hanghao Jiang
Publication year - 2021
Publication title -
bcp business and management
Language(s) - English
Resource type - Journals
ISSN - 2692-6156
DOI - 10.54691/bcpbm.v14i.157
Subject(s) - futures contract , oil storage trade , china , volatility (finance) , crude oil , economics , crack spread , autoregressive conditional heteroskedasticity , financial economics , west texas intermediate , stock (firearms) , stock market , energy policy , monetary economics , oil price , economy , commerce , renewable energy , geography , context (archaeology) , electrical engineering , archaeology , engineering , petroleum engineering
In today's new world situation, the consumption structure of energy is constantly changing. All countries attach importance to the use of new energy, vigorously promoting the development of new energy-related industries.Traditional energy and new energy are interchangeable, so there is a complex relationship between crude oil futures market and new energy stock market. China, as an economy with strong energy demand and high dependence on oil, will be affected by changes in oil futures prices. America's new energy policy has two striking sides. On the one hand, due to the lack of consensus, the US has so far failed to come up with new energy development plans and targets at the national level. On the other hand, a series of supportive policies launched by the federal and local governments have enabled the U.S. wind and solar industries to maintain a high growth rate in recent years. In view of this, the research takes WTI crude oil price, Zhongzheng New energy Index and China crude oil price as the research object, analyzes the interaction among them by using VAR model and GARCH model, and predicts the volatility of crude oil price and new energy stock price.