能源價格波動與股價波動關(guān)系研究——基于電力和公用事業(yè)行業(yè)股價指數(shù)研究

1、A Study on the Relationship Energy Price Fluctuation andStock Price Fluctuation—— ——Based on Electricity and Public Utilities IndustryA Thesis Submitted to Chongqing Universityin Partial Fulfillment of the Requirement fo

2、rProfessional DegreeByYang MinghuiSupervised by Prof. Kang JijunSpecialty：Master of FinanceCollege of Economics and Business Administration ofChongqing University, Chongqing, ChinaApril 2017重慶大學(xué)碩士學(xué)位論文 英文摘要IIABSTRACTWith

3、the rapid development and advancement of industrialization, modernizationand urbanization, energy plays a pivotal role in the sustainable development of a countryas a raw material for production. China since 2010 has bec

4、ome the world's second largestenergy producer and the largest energy consumer, energy import dependence rising, until2013, China's oil energy external dependence reached 57%, we can see that energyresources for t

5、he industrialization of the late Of what is important in China. In recentdecades, fluctuation of energy prices affecting the development of macroeconomic andmicroeconomic, energy price fluctuations affect the whole socie

6、ty economic life of thestring. With the constant fluctuations in energy prices,China's stock market can bedescribed as undergoing tremendous changes since the reform of share, the capital marketseems to be more effec

7、tive, the price mechanism become faster, the stock market pricefluctuations are more frequent. There are many factors that affect the volatility of thestock market, the basic is the stock market supply and demand mechani

8、sm. Themacroeconomic development trend as an important reference for social investors to invest,will be more directly affect the stock market supply and demand, and thus affect the stockmarket price fluctuations. Thus, e

9、nergy price volatility through a variety of transmissionmechanisms affect the economic development trend and then the capital market in thestock market price changes have an impact. Under the background of the new econom

10、iccurrent situation, we put forward the strategy of “three to go“ and “one drop and one makeup“. The electricity and utility industry is an important industry for energy production.Energy is the main fuel for industry an

11、d life consumption. Under the background of thenew normal, in the ongoing process of structural adjustment and reform, the industry'sstock price index fluctuations affect the investors.This paper mainly studies the f

12、ollowing: Firstly，I study the relevant literature toclarify the scope of the study, study the problems and significance. Secondly, after a clearstudy,I study the literature deeply to clear this research methods and varia

13、ble selection ofthis study . And then, I begin to do something about the data collection and calculation forempirical research. In the empirical study, the new energy price index, the DIVISIA index,was included in the en

14、ergy price index to address the energy substitution problem in theexisting research. Based on the monthly data from 2004 to 2015, four VAR models wereestablished using coal price, crude oil price, natural gas price and e