The impact of international price shocks on China's nonferrous metal companies: A case study of copper

被引：25

作者：

Hu, Chunyan ^{[1
]}

Liu, Xinheng ^{[2
]}

Pan, Bin ^{[3
,4
]}

Sheng, Hu ^{[2
]}

Zhong, Meirui ^{[2
]}

Zhu, Xuehong ^{[2
]}

Wen, Fenghua ^{[2
,5
]}

机构：

[1] Cent South Univ, Sch Publ Adm, Changsha 410083, Hunan, Peoples R China

[2] Cent South Univ, Business Sch, Changsha 410083, Hunan, Peoples R China

[3] Ningbo Univ, Business Sch, Ningbo 315211, Zhejiang, Peoples R China

[4] Wenzhou Univ, Business Sch, Wenzhou 325399, Zhejiang, Peoples R China

[5] Univ Windsor, Fac Engn, Supply Chain & Logist Optimizat Res Ctr, Windsor, ON, Canada

来源：

JOURNAL OF CLEANER PRODUCTION | 2017年 / 168卷

基金：

中国国家自然科学基金;

关键词：

Copper price shock; Chinese stock prices; SVARA; symmetric impact; UNIT-ROOT TESTS; SUPPLY SHOCKS; PANEL-DATA; OIL; STOCK; VOLATILITY; COMMODITY; MARKETS; OUTPUT; ENERGY;

D O I：

10.1016/j.jclepro.2017.09.035

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

Copper is one of the most important nonferrous metals for modern society, which should be utilized in a sustainable way because of its non-renewable nature. This paper addresses the relationship between price shocks from the international copper market and China's listed copper companies. International copper market price shocks are disentangled into supply shocks, aggregate demand shocks, and specific demand shocks using the structural vector autoregression method. Then, the asymmetric impact of those shocks on the stock prices of China's listed copper companies is examined. The results indicate that demand shocks are the dominant factor influencing copper price fluctuations, with their impact on stock prices being significantly higher than those of supply shocks. In the long run, supply shocks and demand shocks both have significant asymmetric impacts on stock prices, while in the short run, specific demand shocks have an asymmetric impact on stock prices. (C) 2017 Elsevier Ltd. All rights reserved.

引用

页码：254 / 262

页数：9

共 50 条

[1] Time-varying effects of international nonferrous metal price shocks on China's industrial economy
Zhong, Meirui
He, Ruifang
Chen, Jinyu
Huang, Jianbai
[J]. PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS, 2019, 528
[2] The impacts of oil price shocks and jumps on China's nonferrous metal markets
Liu, Feng
Zhang, Chuanguo
Tang, Mengying
[J]. RESOURCES POLICY, 2021, 73
[3] The impacts of nonferrous metal price shocks on the macroeconomy in China from the perspective of resource security
Song, Wanting
Huang, Jianbai
Zhong, Meirui
Wen, Fenghua
[J]. JOURNAL OF CLEANER PRODUCTION, 2019, 213 : 688 - 699
[4] Time-varying effects of international copper price shocks on China's producer price index
Wen, Fenghua
Zhao, Cong
Hu, Chunyan
[J]. RESOURCES POLICY, 2019, 62 : 507 - 514
[5] Impacts of oil price shocks on the returns of China's listed oil companies
Li, Qiming
Cheng, Ke
Yang, Xiaoguang
[J]. CLEAN, EFFICIENT AND AFFORDABLE ENERGY FOR A SUSTAINABLE FUTURE, 2015, 75 : 2604 - 2609
[6] Applications of nonferrous metal price volatility to prediction of China's stock market
Peng, Die-feng
Wang, Jian-xin
Rao, Yu-lei
[J]. TRANSACTIONS OF NONFERROUS METALS SOCIETY OF CHINA, 2014, 24 (02) : 597 - 604
[7] The effect of global oil price shocks on China's metal markets
Zhang, Chuanguo
Tu, Xiaohua
[J]. ENERGY POLICY, 2016, 90 : 131 - 139
[8] The impact of commodity price shocks in a copper-rich economy: the case of Chile
Pedersen, Michael
[J]. EMPIRICAL ECONOMICS, 2019, 57 (04) : 1291 - 1318
[9] The impact of commodity price shocks in a copper-rich economy: the case of Chile
Michael Pedersen
[J]. Empirical Economics, 2019, 57 : 1291 - 1318
[10] The Impact of Oil Price Shocks on the Returns in China's Stock Market
Lin, Chu-Chia
Fang, Chung-Rou
Cheng, Hui-Pei
[J]. EMERGING MARKETS FINANCE AND TRADE, 2014, 50 (05) : 193 - 205

← 1 2 3 4 5 →