Comparison of China's oil import risk: Results based on portfolio theory and a diversification index approach

CASISD OpenIR > 中国科学院科技政策与管理科学研究所(1985年6月-2015年12月)

	Comparison of China's oil import risk: Results based on portfolio theory and a diversification index approach
	Wu, G; Liu, LC; Wei, YM
发表期刊	ENERGY POLICY
关键词	Oil Import Risk Oil Import Diversification Portfolio Theory
摘要	In recent years, the international oil price has fluctuated violently, bringing about huge risk for the international oil trade. In fact, the risk of crude oil and petroleum product imports is different because of the different import origins and prices. Which import risk is lower for China? From the perspective of oil supply security, how should China portfolio crude oil and petroleum product imports to minimize its oil import risk? Using portfolio theory and a diversification index approach, this paper compares and analyzes the supply, price and transport risks of crude oil and petroleum product imports. Our results show that the following: (1) Specific risk (diversification risk) and marine transport risk of China's petroleum product imports are lower than that of crude oil imports. (2) The average rate of return of China's petroleum product imports is higher than that of crude oil imports. Moreover, the average import price variance of petroleum product imports is lower than that of crude oil imports. Thus, the systematic risk (price risk) of petroleum products is lower too. Therefore, from the perspective of oil supply security, China should increase petroleum product imports to decrease its oil import risk. (C) 2009 Elsevier Ltd. All rights reserved.
	2009
卷号	37 期号:9 页码:9,3557-3565
ISSN	0301-4215
学科领域	Energy & Fuels ; Environmental Sciences ; Environmental Studies
收录类别	SCI
语种	英语
WOS记录号	WOS:000269283900028
引用统计	被引频次：32[WOS] [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	http://ir.casisd.cn/handle/190111/4621
专题	中国科学院科技政策与管理科学研究所(1985年6月-2015年12月)
推荐引用方式 GB/T 7714	Wu, G,Liu, LC,Wei, YM. Comparison of China's oil import risk: Results based on portfolio theory and a diversification index approach[J]. ENERGY POLICY,2009,37(9):9,3557-3565.
APA	Wu, G,Liu, LC,&Wei, YM.(2009).Comparison of China's oil import risk: Results based on portfolio theory and a diversification index approach.ENERGY POLICY,37(9),9,3557-3565.
MLA	Wu, G,et al."Comparison of China's oil import risk: Results based on portfolio theory and a diversification index approach".ENERGY POLICY 37.9(2009):9,3557-3565.

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