This study seeks to construct a global volatility network for a large number of energy firms and explore the mechanisms of risk transmission of energy stock markets at the corporate, national, and regional levels by applying an elastic-net-VAR method. A semiparametric function coefficient model is introduced to test the time-varying influence of oil price uncertainty (OVX) on the stability of the energy system. The results reveal that volatility spillovers across global energy firms are strong and crisis-sensitive. The 2008 financial crisis and COVID-19 pandemic have significantly increased the connectedness of the energy system. Transnational risk transmission assumes the main part of risk migration among energy enterprises and becomes more pronounced in crisis periods. Energy companies in Europe and North America are the main risk transmitters, whereas those in Asia are the chief risk receivers. Moreover, OVX has a positive effect on the volatility spillover of the energy system, and the effect is significantly enhanced during the breakout of extreme events. These findings conclude that tracking risk connectedness in the energy system and understanding its key drivers are important for investment decisions and regulatory policy settings involving energy.

本研究旨在构建大量能源企业的全球波动网络，并应用弹性净VAR方法探讨企业、国家和地区层面能源股票市场的风险传导机制。引入半参数函数系数模型来检验石油价格不确定性（OVX）对能源系统稳定性的时变影响。结果显示，全球能源公司的波动溢出效应很强且对危机敏感。2008 年金融危机和 COVID-19 大流行显着增强了能源系统的连通性。跨国风险传递是能源企业风险转移的主要部分，在危机时期更为明显。欧洲和北美的能源公司是主要的风险传递者，而亚洲的能源公司是主要的风险接收者。而且，OVX对能源系统的波动溢出具有正向作用，且在极端事件爆发时效果显着增强。这些发现得出的结论是，跟踪能源系统中的风险关联性并了解其关键驱动因素对于涉及能源的投资决策和监管政策制定非常重要。