On Crude Oil Price Volatility and Heterogeneous Effects
Tang Jianrong,Jia Licong
1.School of Economic ＆ Management，Northwest University,Xi'an 710127，China; 2.Center for Studies of China Western Economic Development，Northwest University，Xi'an 710127，China; 3.Business School,Jiangsu Normal University,Xuzhou 221116,China
Abstract：Based on two factors EGARCH-M model system,it analyzes the asymmetry effects of crude oil price fluctuations.The results show that there is a significant heterogeneity effect for industry of crude oil price volatility.Crude oil price has a negative correlation with 13 industries,such as petroleum processing and coking industry;positive correlation with foundation and other six resource extraction industries;no strong correlation with 17 industries such as tobacco industry;asymmetrical effect change with 31 industries profits.And there is a leveraged effect in seven industries’profit.Taking advantage of the trends to push oil price decoupling is conducive to optimize energy and industrial structure.Taking effective intervention policy to standardize pricing mechanism is an effective way to improve the countrys oil reserves strategy
2015, 
