A Study On The Spillover Effect Of Crude Oil Futures And The Stock Prices Of Listed Companies Of New Energy Vehicles In China And The United States

The core issue studied in this article is whether there is a correlation between the WTI crude oil futures price and the stock prices of new energy vehicle listed companies in China and the United States,and provides relevant suggestions for promoting the healthy and stable development of China’s new energy vehicle industry based on statistical conclusions.The empirical research of the article is divided into two parts.The first part uses the Vector Autoregressive(VAR)model to study the mean spillover effect.The conclusion drawn is that the return rate of WTI crude oil futures main contracts has a positive mean spillover effect on the return rate of the China Securities New Energy Vehicle Index and the closing price of the Wanda US New Energy Vehicle Concept Index.The rise in crude oil prices has driven the stock prices of Chinese and American new energy vehicle listed companies up;The change in oil prices is an important risk point to consider when new energy vehicles go to sea.The second part uses the BEKK-GARCH model to analyze the volatility spillover effect between international crude oil futures prices and the stock prices of new energy vehicle listed companies.It is concluded that WTI crude oil futures have a one-way volatility spillover effect on the stock prices of new energy vehicle listed companies in China and the United States,while there is a two-way volatility spillover effect between the stock prices of new energy vehicle listed companies in China and the United States,The price fluctuations in the crude oil market will have an impact on the stock prices of new energy vehicle listed companies.These findings have certain practical significance for Chinese policy makers,investors,and new energy vehicle companies.In terms of research recommendations,policy makers should take measures to stabilize crude oil prices and manage exchange rate fluctuations to ensure the stable growth of new energy vehicle enterprises.In addition,investors should consider the impact of crude oil prices and exchange rate fluctuations on the stock prices of new energy vehicle listed companies when making investment decisions.Finally,new energy vehicle companies should develop hedging strategies to reduce the downside risk caused by crude oil fluctuations and changes in the RMB exchange rate.