关键词: 页岩气, 股票价格, 油价冲击, SVAR模型, 脉冲响应

Abstract: With China's growing dependence on the international oil market,the international oil price fluctuations are producing an increasingly important influence on the listed shale gas company's share price. By analyzing 75 sets monthly data of 19 listed shale gas companies from December 2009 to February 2009, and by using the structure of vector autoregressive (SVAR) model, we studied the impacts of the international oil price shocks, the rate of inflation, and changes in the money supply on the stock prices of China's listed shale gas companies. The results showed that the international oil price rise has a positive impact on shale gas company stock prices, and the impact is of a time lag, and gradually decreased; the rate of inflation and money supply have little impact on stock price;the rise in oil prices can fuel inflation. All the above mentioned influences have different degrees of time lag.

Key words: shale gas, stock price, impact of oil price, SVAR model, impulse response