Analysis of the impact of international crude oil price fluctuation on Chinese stock market
This paper aims to study the impact of international crude oil price changes on China's energy-related stocks and finds a dynamic relationship between the two over time, and a structural change occurred in 2018. Before 2018, the oil price shock had a significant positive impact on the Chinese s...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2022
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| Online Access: | https://eprints.nottingham.ac.uk/70190/ |
| _version_ | 1848800608310525952 |
|---|---|
| author | Wang, Jingyu |
| author_facet | Wang, Jingyu |
| author_sort | Wang, Jingyu |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | This paper aims to study the impact of international crude oil price changes on China's energy-related stocks and finds a dynamic relationship between the two over time, and a structural change occurred in 2018. Before 2018, the oil price shock had a significant positive impact on the Chinese stock market. The impact effects on different types of energy-related stocks such as oil and gas, coal, electricity and new energy are all significant and positive. The impact coefficient of oil price shock on coal and power stocks is the largest, and the impact degree of new energy industry stocks is slightly lower.
This thing means that in equity markets, an oil price shock could trigger a shift in investment between different energy stocks. And the oil price shock may also affect non-oil companies' business activities through demand displacement or stimulating investment. Although the share of oil consumption in China is much lower than that of traditional energy sources such as coal, the oil price shock may have an impact on China's energy structure to some extent. This indicates that the effect of international crude oil prices is both an opportunity and a challenge to China's energy market.
Key words：Crude oil price shock；China Stock market；Structural change；Dynamic relationship |
| first_indexed | 2025-11-14T20:54:16Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-70190 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T20:54:16Z |
| publishDate | 2022 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-701902023-06-21T15:26:57Z https://eprints.nottingham.ac.uk/70190/ Analysis of the impact of international crude oil price fluctuation on Chinese stock market Wang, Jingyu This paper aims to study the impact of international crude oil price changes on China's energy-related stocks and finds a dynamic relationship between the two over time, and a structural change occurred in 2018. Before 2018, the oil price shock had a significant positive impact on the Chinese stock market. The impact effects on different types of energy-related stocks such as oil and gas, coal, electricity and new energy are all significant and positive. The impact coefficient of oil price shock on coal and power stocks is the largest, and the impact degree of new energy industry stocks is slightly lower. This thing means that in equity markets, an oil price shock could trigger a shift in investment between different energy stocks. And the oil price shock may also affect non-oil companies' business activities through demand displacement or stimulating investment. Although the share of oil consumption in China is much lower than that of traditional energy sources such as coal, the oil price shock may have an impact on China's energy structure to some extent. This indicates that the effect of international crude oil prices is both an opportunity and a challenge to China's energy market. Key words：Crude oil price shock；China Stock market；Structural change；Dynamic relationship 2022 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/70190/1/20245161_BUSI4020%20UNUK_2021_22.pdf Wang, Jingyu (2022) Analysis of the impact of international crude oil price fluctuation on Chinese stock market. [Dissertation (University of Nottingham only)] |
| spellingShingle | Wang, Jingyu Analysis of the impact of international crude oil price fluctuation on Chinese stock market |
| title | Analysis of the impact of international crude oil price fluctuation on Chinese stock market |
| title_full | Analysis of the impact of international crude oil price fluctuation on Chinese stock market |
| title_fullStr | Analysis of the impact of international crude oil price fluctuation on Chinese stock market |
| title_full_unstemmed | Analysis of the impact of international crude oil price fluctuation on Chinese stock market |
| title_short | Analysis of the impact of international crude oil price fluctuation on Chinese stock market |
| title_sort | analysis of the impact of international crude oil price fluctuation on chinese stock market |
| url | https://eprints.nottingham.ac.uk/70190/ |