The Analysis On The Relationship Between Energy Prices And Prices Of Chinese Stock Markets And Of Chemical Industry Companies

Energy prices play an important role in the financial sector.With the high-speed development of China's GDP,resulting in capital markets develop fast.Stock market as an important component of the capital market,play an important role in our contrary economics.And with the development of economy,the demand for energy is becoming bigger,with kind of energy dependents makes energy become "push" of economic development.As the biggest developing country in the world,the consumption of energy is very large,and with the development of economy,domestic dependence on imported energy is higher and higher.The sharp fluctuations in the international energy has happened four times,especially in the international energy price increases sharply in the early 21 st century,is a wake-up call to the development of our country's economy.In 2016,our country's petroleum energy external dependency reached 60% for the first time,so the outside energy price fluctuations influence on our country's stock market more and more.And the new normal state in our country,the industrial structure adjustment,the chemical industry as a representative of the "excess capacity",has a certain symbolic significance.Our nation's energy structure is also different from abroad.Based on this,this article discusses energy prices and the overall shares of listed companies and the relationship between the chemical industry listed company shares.Firstly,the paper makes conclusion on the transmission mechanism of energy price fluctuation to stock market,and the transmission mechanism of energy price to the whole stock market of our country can be summarized as four categories,and the conduction mechanism of chemical industry is given in the paper.Different indicators have been set up on the basis of conduction mechanism,at the same time,the Divisia Energy Price index was established on the basis of the energy price index.Finally,the GARCH model and the time series model VECM model were used to analyze the influence of energy price on the stock price of China's listed companies and the stock prices of listed companies in chemical industry.In this paper,the results show that there is no obvious correlation between overall domestic stock market's overall market and energy,and the price of crude oil and coal prices influence on chemical industry listed company shares,and the natural gas price in the chemical industry has the lag,the influence of the increase in the money supply will lead to a negative change in the chemical industry.In this article,we get some investment advice,hope that different in investors in different industries,selected appropriate prediction target.