カーボンクレジット取引と資本市場効率性：体系的文献レビュー
CARBON CREDIT TRADING AND CAPITAL MARKET EFFICIENCY: A SYSTEMATIC LITERATURE REVIEW (原題)
Ardaniswari Azmi Dewi, Tyas Larasati
🤖 gxceed AI 要約
日本語
カーボンクレジット取引と資本市場効率性に関する文献を体系的にレビューした研究。炭素価格政策が技術革新・企業価値・排出効率・グリーン資本配分を促進する一方、炭素価格は高ボラティリティや長期記憶性を示し効率的市場仮説を揺るがすと指摘。クリーンエネルギー・商品市場との双方向因果や「カーボンウォッシング」等の課題も整理し、新興国研究の必要性を訴える。
English
A systematic literature review of carbon credit trading and capital market efficiency. Carbon pricing drives innovation, firm value, emission efficiency and green capital allocation, yet carbon prices show high volatility, long memory and multifractality that challenge the Efficient Market Hypothesis. The review maps two-way causality with clean energy and commodity markets, systemic risk, and issues like 'carbon washing', calling for more emerging-economy and longitudinal research.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではGX推進機構やカーボンクレジット市場、SSBJ開示と炭素価格の関係を考える基礎資料になる。炭素価格が企業価値や資本コストに与える影響は、投資家対応や統合報告書のリスク記述に直結する。
In the global GX context
Relevant to global disclosure scholarship as carbon pricing increasingly feeds into ISSB/TCFD climate-risk and transition-plan disclosures, and as investors scrutinize carbon-market volatility and greenwashing risk in transition finance.
👥 読者別の含意
🔬研究者:炭素価格と資本市場の相互作用、価格ダイナミクス研究の到達点と空白を把握できる。
🏢実務担当者:炭素価格変動やカーボンウォッシング批判を踏まえ、開示・デカーボナイゼーション戦略のリスク管理に活用できる。
🏛政策担当者:炭素市場の安定性・流動性設計と、グリーン金融政策の制度枠組み検討に示唆を与える。
📄 Abstract（原文）
This study aims to synthesize research trends, identify the multifaceted impacts of carbon policies, and map the complex inter-market dynamics related to carbon credit trading and capital market efficiency through a systematic literature review. The method employed is a systematic literature review analyzing scholarly articles, with a rapidly increasing publication trend between 2020 and 2025. Results indicate that carbon credit trading policies significantly drive technological innovation, enhance firm market value, improve carbon emission efficiency, and allocate capital towards green initiatives. Carbon markets exhibit complex price dynamics characterized by high volatility, long-memory, and multifractality, often challenging the Efficient Market Hypothesis. Policy uncertainty, negative news, and external economic shocks significantly amplify price fluctuations, while market liquidity and green financial certificates can stabilize prices. Strong interactions exist between carbon prices and clean energy and commodity markets, demonstrating two-way causality and potential systemic risks. The theoretical contribution of this study is to extend the understanding of how carbon pricing mechanisms interact with existing capital market structures, particularly by highlighting the heterogeneity of impacts based on firm and regional characteristics. Despite challenges such as low pilot-market stability and strategic corporate behaviors like ‘carbon washing’, the study concludes that carbon credit trading has significant implications for green finance, climate risk management, and corporate decarbonization strategies, necessitating robust frameworks to navigate these complexities and encouraging further research in emerging economies and longitudinal analyses.
🔗 Provenance — このレコードを発見したソース
- openalex https://journal.unita.ac.id/index.php/bemj/article/view/2300first seen 2026-10-26 04:45:55 · last seen 2026-10-30 04:52:36
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