Abstract
This paper uses the daily data of the CSI Mainland New Energy Index, WTI crude oil price, and CSI 500 risk premium from January 2019 to September 2022 as samples to explore the interrelationship of the above variables using the Johansen cointegration test, Granger causality test, impulse response, and variance decomposition. The results show that in the short run, international crude oil price and risk premium have a significant effect on the share price of new energy companies; in the long run, global crude oil price cannot affect the share price of new energy companies, as well as international crude oil price and share price of new energy companies have a significant effect on the risk premium.
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