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| Title: | 美國後疫情時代原油價格、股市行為與能源轉型演變之間的關係
The Relationship Between Crude Oil Prices, Stock Market Behaviour, and the Evolving Energy Transition in the Post-Pandemic Era in the U.S. |
| Authors: | 藍孟彤
Tendai Nomanono, Dlamini |
| Contributors: | 蔡政憲
Chenghsien Jason Tsai
藍孟彤
Tendai Nomanono, Dlamini |
| Keywords: | 原油價格
股市行為
能源轉型
可再生能源
ESG 投資
後疫情經濟
Crude oil prices
Stock market behavior
Energy transition
Renewable energy
ESG investing
Post-pandemic economy |
| Date: | 2025 |
| Issue Date: | 2025-08-04 12:55:36 (UTC+8) |
| Abstract: | 本論文探討美國原油價格、股市行為與日益演變的能源轉型之間的關係，重點聚焦於後疫情時代。為了更全面地理解近期發展，研究亦分析了COVID-19 疫情發生前與期間的關鍵動態。在疫情之前，油價波動與投資人情緒主要受到供需基本面與地緣政治緊張局勢等傳統因素影響。而在疫情期間，需求歷史性崩潰導致市場出現前所未見的動盪，例如 2020 年 4 月的負油價事件，凸顯了化石燃料市場的脆弱性，並促使全球重新審視能源戰略。
隨著後疫情復甦進行，能源格局經歷了結構性轉變。本研究探討去碳化目標、潔淨能源創新以及機構投資者偏好的變化如何重塑美國金融市場。透過質性研究方法與次級資料分析，本研究檢視產業股價反應、投資者行為以及市場對永續發展要求的適應情形。
研究結果顯示，儘管油價上漲仍為化石燃料產業帶來短期利潤，資本卻日益流向可再生能源與符合 ESG 的投資。這一轉變受到政策激勵、監管發展以及對能源安全的高度關注所推動，尤其是在如烏克蘭戰爭等地緣政治衝擊的背景下。太陽能與風能等可再生能源因其成本穩定性與環保特性而受到青睞。機構投資者日益運用綠色債券與永續掛鉤金融工具，而蘋果等企業則透過綠色融資來資助節能措施，並藉由「綠色溢價」（greenium）效應降低借貸成本。
本研究總結指出，能源轉型不僅代表環境上的變革，更象徵著金融體系的廣泛重整，對資產定價、風險管理、監管政策與長期投資策略產生重大影響。本研究呼籲投資人與政策制定者應與永續發展目標保持一致，以應對這個日益緊密結合的能源—金融新格局。
This thesis investigates the relationship between crude oil prices, stock market behavior, and the evolving energy transition in the United States, with a primary focus on the post-pandemic era. To contextualize recent developments, the study also examines key dynamics before and during the COVID-19 pandemic. Prior to the pandemic, oil price volatility and investor sentiment were largely shaped by traditional factors such as supply-demand fundamentals and geopolitical tensions. During the pandemic, a historic collapse in demand led to unprecedented disruptions, including negative oil prices in April 2020, underscoring the fragility of fossil fuel markets and prompting a reassessment of global energy strategies.
In the post-pandemic recovery, the energy landscape has undergone a structural transformation. This research explores how decarbonization goals, clean energy innovation, and evolving institutional investor preferences are reshaping U.S. financial markets. Using a qualitative methodology and secondary data analysis, the study examines sectoral stock responses, investor behavior, and market adaptation to sustainability imperatives.
Findings reveal that while rising oil prices still offer short-term gains to fossil fuel sectors, capital is increasingly flowing toward renewable energy and ESG-aligned investments. This shift is driven by policy incentives, regulatory developments, and heightened concerns over energy security particularly amid geopolitical shocks such as the war in Ukraine. Renewable sources like solar and wind are favored for their cost stability and environmental alignment. Institutional investors are increasingly utilizing green bonds and sustainability-linked instruments, with companies such as Apple leveraging green financing to fund energy-efficient initiatives and reduce borrowing costs through the greenium effect.
The study concludes that the energy transition reflects not only an environmental shift but a broader financial realignment, with significant implications for asset pricing, risk management, regulatory policy, and long-term investment strategy. It calls on investors and policymakers to align with sustainability goals in navigating this evolving energy-financial nexus. |
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| Description: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
112933045 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112933045 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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