Does the Carbon Emission Trading Market Have a Cascading Effect on the Energy Stock Market of China: Time and Frequency Evidence
中国の炭素排出権取引市場はエネルギー株式市場にカスケード効果を持つか：時間・周波数からの証拠 (AI 翻訳)
Qingru Sun, Xueyan Zhao, Zihan Chen, Anqi Bai, Xinyue Liu, Zenglei Xi
🤖 gxceed AI 要約
日本語
中国の炭素排出権取引（CET）市場からエネルギー株式市場への多規模カスケード伝達効果を体系的に分析。時間スケールが長いほど直接影響が拡大し、間接影響が全体の50%以上を占めることを発見。CET市場は石油ガス探査・油田サービス株に負の影響、石油ガス・石炭企業株には正の影響を与える。
English
This paper systematically analyzes the multi-scale cascading transmission effect from China's carbon emission trading (CET) market to the energy stock market. Findings show that direct impact increases with time scale, indirect impact accounts for over 50% of total impact over long horizons, and CET market shocks negatively affect oil & gas exploration stocks while positively impacting oil & gas and coal companies.
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
中国の炭素市場と株式市場の連関は、日本のカーボンプライシング導入検討やGX投資判断に示唆を与える。特に、排出権価格変動がエネルギー企業の株価に波及する経路は、日本の投資家や企業のリスク管理に参考になる。
In the global GX context
This study provides empirical evidence on carbon pricing spillovers to equity markets, relevant for global investors and policymakers under ISSB/TCFD frameworks. It highlights the importance of indirect transmission channels in climate-related financial risk assessment.
👥 読者別の含意
🔬研究者:Provides empirical evidence on carbon-stock market spillovers using time-frequency methods, useful for climate finance research.
🏢実務担当者:Insights into how carbon price changes affect energy stock valuations, aiding investment and risk management.
🏛政策担当者:Highlights the financial market impacts of carbon pricing, informing policy design and market regulation.
📄 Abstract（原文）
ABSTRACT The carbon emission trading (CET) market, as a significant policy tool in addressing climate change, is relevant to the energy stock market. This paper applies a research framework to systematically explore the multi‐scale cascading transmission effect from the CET market to the energy stock market in China. In addition, this paper constructs the industry indexes of energy stocks for examining the transmission influences of price fluctuations over time. The results show that: (1) The range and degree of direct impact tend to increase with time scale; (2) Indirect impact is crucial in the cascading transmission process, and even reaches more than 50% in total impact over long time scales; (3) The shock response of the CET market to “Oil Gas Exploration & Oilfield Services” stocks is negative, while the CET market positively impacts the stock prices of “Oil & Gas” and “Coal” companies most of the time.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/sd.71537first seen 2026-08-08 04:54:56
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