Does low-carbon transition improve the Chinese stock market’s stability? A multi-layer network perspective
低炭素移行は中国株式市場の安定性を向上させるか？マルチレイヤーネットワークの観点から (AI 翻訳)
Desheng Zhang, Ying Yuan, Haiying Wang
🤖 gxceed AI 要約
日本語
低炭素移行が中国株式市場の安定性（CSMS）に与える影響を、複雑ネットワーク理論を用いたマルチレイヤー相関ネットワークで分析。政策実施前後で安定性係数と耐攻撃性を比較し、低炭素移行が市場ネットワークの安定性を向上させることを発見。特に、線形層のランダム攻撃耐性と、上下テール層の標的攻撃耐性を強化。規制当局の政策立案や企業の株価安定策に示唆を与える。
English
This study uses complex network theory to construct a multi-layer correlation network for the Chinese stock market, analyzing how low-carbon transition affects market stability. Comparing pre- and post-policy stability coefficients and anti-attack capabilities, results show that low-carbon transition improves overall network stability, especially enhancing robustness in the linear layer under random attacks and in the tail layers under targeted attacks. Findings provide theoretical support for regulators, listed companies, and investors.
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
本論文は中国市場を対象とするが、日本でもカーボンニュートラルへの移行が株式市場の安定性に与える影響は重要課題。特にSSBJ開示やGX経済移行債との関連で、政策が市場リスクにどう影響するかを示唆。日本市場への直接適用には注意が必要だが、方法論は応用可能。
In the global GX context
While focused on China, this paper offers a novel empirical method (multi-layer network) to assess financial stability effects of low-carbon transition, relevant to global climate finance discourse. It supports the narrative that decarbonization policies can enhance market resilience, aligning with TCFD/ISSB risk assessment frameworks. International regulators and investors can adopt similar network approaches to evaluate transition risks.
👥 読者別の含意
🔬研究者:The multi-layer network approach provides a novel framework for analyzing transition-related financial stability, applicable to other markets.
🏢実務担当者:Listed companies can use these findings to understand how low-carbon policies may affect stock price stability and adjust strategies accordingly.
🏛政策担当者:Regulators can leverage the methodology to design policies that enhance market stability during the low-carbon transition.
📄 Abstract（原文）
Transitioning to low-carbon emissions impacts many global-economy sectors while challenging financial market stability. Given the lack of a multi-perspective exploration of financial market stability, we use complex network theory to construct a multi-attribute correlation network for the Chinese stock market and measure the linear, upper-tail, and lower-tail dependence between markets, market movements in normal/extreme conditions. We explore how low-carbon transformation impacts the Chinese stock market’s stability (CSMS) by analysing each correlation network’s stability coefficients and anti-attack capabilities pre- and post-policy implementation. Using the three-layer network system to study the system’s behaviour under varied conditions reveals that the low-carbon transition improves the Chinese stock market network’s stability. The transition strengthens the linear-layer network’s robustness under random attacks and the lower- and upper-tail-layer networks under targeted attacks. We reveal the characteristics of the CSMS, provide theoretical bases for regulators’ policy formulation, offer new stock-price-stabilizing ideas for listed companies, and guide investors’ scientific decision-making.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/13504851.2026.2696502first seen 2026-07-03 05:00:16
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