Abstract
The Russia-Ukraine conflict broke out in February 2022 and oil prices fluctuated heavily with the deterioration of the conflict. This paper evaluates the causes of oil price fluctuations and their effects on China's stock market in value and volatility. We build the ARMAX and ARMA-GARCH models to analyze the impact of fluctuations of oil price on the stock price. According to the results of empirical analysis, the paper finds that oil price fluctuations can negatively influence China's stock price. We hope to bring some investment and management suggestions to investors, firms and policy makers in China's stock market respectively according to our conclusion.
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