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我国水电资源丰富,水电类上市公司很大程度上支撑着我国的能源供给。水电开发与资本运作两大系统是其中的两大板块,两者耦合对风险的影响不容忽视。对水电开发市场、资本运作市场以及合并市场的GARCH模型的实证检验表明,风险具有持续性,且耦合风险有所降低。因此,能源企业可通过资本运作来应对冲实体经济的风险,可在一定程度上减轻能源企业在实体经济上所受的损失。研究成果可为能源类上市公司的资本运作提供参考。
China is rich in hydropower resources. Hydropower listed companies largely support China’s energy supply. Hydropower development and capital operation of the two systems is one of the two plates, the coupling of the impact of the risk can not be ignored. Empirical tests on the GARCH model for the hydropower development market, the capital operation market and the merged market show that the risk is persistent and the coupling risk is reduced. Therefore, the energy companies can deal with the risk of the real economy through capital operation, and can reduce the real economy losses suffered by energy companies to a certain extent. The research results can provide a reference for the capital operation of energy listed companies.