• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Applied Energy >Response pattern of stock returns to international oil price shocks: From the perspective of China's oil industrial chain
【24h】

Response pattern of stock returns to international oil price shocks: From the perspective of China's oil industrial chain

机译：股票收益对国际油价冲击的响应模式：以中国石油产业链为视角

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Based on a Structural Vector Autoregression (SVAR) model, this paper decomposes oil price changes into four components: oil supply shocks, global demand shocks, domestic demand shocks and precautionary demand shocks. Then, this paper investigates the impacts of these oil price shocks on the stock returns of China's listed companies in the oil industrial chain using data from 2009 to 2014. The empirical results show that the returns of the listed companies in the whole oil industrial chain benefit from appreciation in the oil price, the impacts of oil supply shocks and precautionary demand shocks are the most significant, and there is a structural change in the impacts of oil price shocks in 2012. Among the four oil price shocks, the impacts of oil supply shocks and precautionary demand shocks are the most significant. Moreover, there is a gradual increase in the aggregate contributions of oil price shocks to the changes in stock returns. A robustness check with different global crude oil prices and a different industry classification standard confirms that the above empirical results are robust. The empirical results of the paper imply that stock investors, oil-related companies and the government need pay close attention to sudden changes that may affect current and future oil availability and pay greater attention to the stocks at the two ends of the oil industrial chain. (C) 2016 Published by Elsevier Ltd.
机译：基于结构向量自回归（SVAR）模型，本文将油价变化分解为四个部分：石油供应冲击，全球需求冲击，国内需求冲击和预防性需求冲击。然后，本文利用2009年至2014年的数据，研究了这些油价冲击对中国石油产业链中上市公司股票收益的影响。实证结果表明，整个石油产业链中上市公司收益受益。从油价升值来看，石油供应冲击和预防性需求冲击的影响最为显着，2012年油价冲击的影响发生了结构性变化。在四种油价冲击中，石油供应的影响冲击和预防性需求冲击是最重要的。此外，石油价格冲击对股票收益变化的总体贡献逐渐增加。在不同的全球原油价格和不同的行业分类标准下进行的稳健性检验证实上述经验结果是稳健的。本文的实证结果表明，股票投资者，与石油相关的公司和政府需要密切关注可能影响当前和未来石油供应的突然变化，并更加关注石油工业链两端的库存。 （C）2016由Elsevier Ltd.出版

著录项

  • 来源
    《Applied Energy》 |2017年第2期|1821-1831|共11页
  • 作者

    Li Qiming; Cheng Ke; Yang Xiaoguang;

  • 作者单位

    China Univ Petr, Sch Business Adm, Beijing 102249, Peoples R China;

    China Univ Petr, Sch Business Adm, Beijing 102249, Peoples R China;

    China Univ Petr, Sch Business Adm, Beijing 102249, Peoples R China|Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Oil price shock; China's oil sector; Industrial chain; Stock returns;

    机译：石油价格震荡;中国石油部门;产业链;库存收益;

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号