How do fossil energy prices affect the stock prices of new energy companies? Evidence from Divisia energy price index in China's market
With the shale gas revolution and the maturity of new energy technologies, the global oil-based energy pattern began to be remodeled worldwide. From the perspective of China, coal has played a dominant leading role in the energy structure. Therefore, it is becoming increasingly irrational to replace...
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| Published in | Energy (Oxford) Vol. 169; pp. 637 - 645 |
|---|---|
| Main Authors | , , , , |
| Format | Journal Article |
| Language | English |
| Published |
Oxford
Elsevier Ltd
15.02.2019
Elsevier BV |
| Subjects | |
| Online Access | Get full text |
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| Abstract | With the shale gas revolution and the maturity of new energy technologies, the global oil-based energy pattern began to be remodeled worldwide. From the perspective of China, coal has played a dominant leading role in the energy structure. Therefore, it is becoming increasingly irrational to replace fossil fuels with oil. This paper considers the impact of fluctuations of three fossil energy (oil, coal and natural gas) prices on new energy companies stock prices to meet the needs of policy makers and investors in this rapidly developing field. Due to the incomplete substitution among fossil fuels, this paper uses the Divisia price synthesis method to synthesize these three prices into a composite price index. Furthermore, we use a variable vector autoregressive model to explore dynamic relationships among stock prices of new energy companies and technology companies, fossil energy prices and carbon futures prices. The results reveal that previous stock prices of new energy companies had the most significant impact on the current level. However, fossil energy prices account for only a small part of stock price fluctuations of new energy companies.
•Synthesizing prices of coal, oil and natural gas into a Divisia price index.•Exploring impacts of fossil energy price changes on new energy stock prices.•Historical stock prices of new energy company have the most significant impact on the current level.•Technology stock prices have a greater impact on new energy stock prices than fossil energy prices. |
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| AbstractList | With the shale gas revolution and the maturity of new energy technologies, the global oil-based energy pattern began to be remodeled worldwide. From the perspective of China, coal has played a dominant leading role in the energy structure. Therefore, it is becoming increasingly irrational to replace fossil fuels with oil. This paper considers the impact of fluctuations of three fossil energy (oil, coal and natural gas) prices on new energy companies stock prices to meet the needs of policy makers and investors in this rapidly developing field. Due to the incomplete substitution among fossil fuels, this paper uses the Divisia price synthesis method to synthesize these three prices into a composite price index. Furthermore, we use a variable vector autoregressive model to explore dynamic relationships among stock prices of new energy companies and technology companies, fossil energy prices and carbon futures prices. The results reveal that previous stock prices of new energy companies had the most significant impact on the current level. However, fossil energy prices account for only a small part of stock price fluctuations of new energy companies. With the shale gas revolution and the maturity of new energy technologies, the global oil-based energy pattern began to be remodeled worldwide. From the perspective of China, coal has played a dominant leading role in the energy structure. Therefore, it is becoming increasingly irrational to replace fossil fuels with oil. This paper considers the impact of fluctuations of three fossil energy (oil, coal and natural gas) prices on new energy companies stock prices to meet the needs of policy makers and investors in this rapidly developing field. Due to the incomplete substitution among fossil fuels, this paper uses the Divisia price synthesis method to synthesize these three prices into a composite price index. Furthermore, we use a variable vector autoregressive model to explore dynamic relationships among stock prices of new energy companies and technology companies, fossil energy prices and carbon futures prices. The results reveal that previous stock prices of new energy companies had the most significant impact on the current level. However, fossil energy prices account for only a small part of stock price fluctuations of new energy companies. •Synthesizing prices of coal, oil and natural gas into a Divisia price index.•Exploring impacts of fossil energy price changes on new energy stock prices.•Historical stock prices of new energy company have the most significant impact on the current level.•Technology stock prices have a greater impact on new energy stock prices than fossil energy prices. |
| Author | Ding, Dan Sun, Chuanwang Li, Jianglong Fang, Xingming Zhang, Huiming |
| Author_xml | – sequence: 1 givenname: Chuanwang orcidid: 0000-0002-1900-4699 surname: Sun fullname: Sun, Chuanwang organization: China Center for Energy Economics Research, School of Economics, Xiamen University, Xiamen, Fujian, 361005, China – sequence: 2 givenname: Dan surname: Ding fullname: Ding, Dan organization: China Center for Energy Economics Research, School of Economics, Xiamen University, Xiamen, Fujian, 361005, China – sequence: 3 givenname: Xingming surname: Fang fullname: Fang, Xingming email: xingmingf@163.com organization: Institute of National Economics, School of Economics, Southwestern University of Finance and Economics, Chengdu, Sichuan, 611130, China – sequence: 4 givenname: Huiming surname: Zhang fullname: Zhang, Huiming organization: School of Management Science & Engineering, Nanjing University of Information Science & Technology, Nanjing, 210044, China – sequence: 5 givenname: Jianglong surname: Li fullname: Li, Jianglong email: lijianglong2014@sina.com organization: School of Economics and Finance, Xi'an Jiaotong University, Shaanxi, 710061, China |
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| SubjectTerms | Autoregressive models Divisia energy price index Energy Energy industry Energy technology Fluctuations Fossil fuels Fuels Natural gas New energy stocks Oil Prices Shale Shale gas Stock prices VAR model |
| Title | How do fossil energy prices affect the stock prices of new energy companies? Evidence from Divisia energy price index in China's market |
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