Research On The Correlation Between The World Oil Price And Chinese-Related Stock Price Based On Panel Data Model

As one of the most important energy sources in the world,the influence of the oil price fluctuation not only affects the economic development of the oil industry,but also affects the economic development of other energy companies.Energy companies are also closely linked with their respective stock market fluctuations.Currently,the literatures on the correlation between crude oil prices and the stock markets of energy companies just use the cross-sectional data or time-series data to test the economic theory and forecast the process of the change of economic variables.Consequently,the article attempts to use the panel data model to analyze the correlation between the international crude oil price and the stock price of our energy companies.This article selects the WTI(US West Texas Intermediate Crude Oil)futures price and the daily closing price of 13 energy company stocks in the China A-share market for the period 2015-2016 as the stock price index,establishing a time-dependent individual fixed-effects model.From the overall energy industries,the three types of energy industries and the bull market and bear market,we analyze the impact of international oil price fluctuations on the overall stock market and the short-term and special periods of oil,natural gas and coal companies.The results show that the international oil price is closely related to the stock market of China's energy companies.And in the 2015-2016 overall analysis,classification analysis,and bull and bear market conditions,there are significant differences in the correlation.It will not only help energy companies' managers formulate reasonable plans to deal with the volatility of the stock markets,but also enable investors of Chinese energy company stock to understand and forecast the risks of crude oil price fluctuations and conduct energy stock investment risk management.