Research On The Dependence Between International Crude Oil Price And Stock Price Of New Energy Company In China

China's economy is developing continuously.The development of the economy is inseparable from crude oil.China's demand for crude oil is increasing day by day,and the gap between crude oil and crude oil continues to increase each year.In 2017,China's dependence on foreign crude oil was as high as 67.4%.Excessive use of traditional crude oil will inevitably lead to an unreasonable energy structure.In order to adjust this unreasonable energy structure,the country vigorously develops new energy sources.The relationship between new energy and crude oil is in an alternative relationship.The price fluctuation of crude oil will affect the development of new energy companies.At present,most scientific research will regard crude oil prices as the most important factor affecting the changes in the stock prices of new energy companies.China's new energy companies to raise funds an important financing channel-the stock market,its price changes directly affect the new energy company's equity financing income.Therefore,there is an urgent need to study the interdependence between international crude oil prices and the stock prices of China's new energy companies.In order to effectively prevent the impact of crude oil prices on the development of China's new energy companies and maintain the safety and stability of new energy markets,qualitative and quantitative analysis of the correlation between international crude oil prices and new energy company stock prices is needed.Based on the two major subjects to be studied,the article describes and defines the relevant concepts and theories of the international crude oil market and new energy sources.Based on the path of the physical economy and the behavior of the financial market,which influence the interaction between the international crude oil market and new energy sources,the impact mechanism of international crude oil prices and China's new energy company stock prices is analyzed.The empirical part is divided into two parts: The first part deals with the correlation between the international crude oil futures price and the new energy stock price;the second part studies the correlation between the international crude oil futures price and the three submarkets of solar,wind,and biomass energy.The empirical analysis of the two parts is based on the fluctuation of the international crude oil futures price and is divided into three phases: intense volatility,high volatility and low volatility.At each stage,according to the method of cointegration,Granger causality test and Copula function model,the relationship between them was studied systematically from the pre-quantitative and post-quantitative perspective,and the size of the correlation was calculated.The study finds that in the period of high volatility,the price of international crude oil futures is the reason for the change in the stock price of new energy companies and the stock prices of solar energy companies,and there is a strong positive correlation,which means that high oil prices can promote the entire new energy market The rapid development of solar energy market;and in the severe fluctuation period,the international crude oil futures price is positively related to China's new energy company's stock price but weak;in the low fluctuation period,the international crude oil futures price is negatively correlated with the price of new energy stocks.Relationships,combined with the actual situation analysis China's current state has a lot of favorable new energy development policies,to a large extent,reduced the continuous fluctuations in international crude oil prices on the impact of new energy stock prices,but new energy companies continue to develop rapidly.