Interdependence and energy uncertainty in China’s carbon- neutral enterprise system
中国のカーボンニュートラル企業システムにおける相互依存とエネルギー不確実性 (AI 翻訳)
Feng Dong, LI Zhi-cheng, Xu Zhao, qilin jian, H Y Wang, L. Wang, Jue Cui
🤖 gxceed AI 要約
日本語
本論文は、中国の低炭素企業と高炭素企業の株式リターンネットワーク分析と混合周波数ボラティリティモデルを用いて、両グループの相互依存関係とエネルギー市場の不確実性への応答を分析。炭素政策フレームワーク導入後に両グループの連関が強まったことを発見。低炭素企業は短中期でエネルギー不確実性に負の影響を受けるが、高炭素企業は全期間で正の応答を示す。
English
This paper analyzes the interdependence between low-carbon and high-carbon firms in China using stock return network analysis and a mixed-frequency volatility model. It finds that the two groups cluster separately but became more connected after China's carbon policy framework. Low-carbon firms are negatively affected by energy uncertainty in the short and medium term, while high-carbon firms respond positively across all horizons.
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
中国の事例ではあるが、日本でもカーボンニュートラル政策と企業間の金融市場連関の分析は、SSBJやTCFDに基づく開示対応において参考になる。特に、低炭素・高炭素企業のエネルギー不確実性への異なる反応は、投資家向け情報提供の示唆を与える。
In the global GX context
This study provides empirical evidence on how carbon policy affects the integration of low- and high-carbon firms in financial markets globally. It contributes to understanding transition risk and energy uncertainty, relevant for ISSB and TCFD frameworks.
👥 読者別の含意
🔬研究者:Researchers can use this network and volatility methodology to study climate-finance linkages in other markets.
🏢実務担当者:Corporate sustainability teams can understand how carbon policy affects their stock performance relative to high-carbon peers, aiding disclosure on transition risk.
🏛政策担当者:Policymakers can see evidence that carbon policy increases market integration between low- and high-carbon firms, which may have implications for transition finance design.
📄 Abstract（原文）
China’s transition towards peak carbon emissions and carbon neutrality is changing how low-carbon and high-carbon firms interact in financial markets. These evolving links, and their exposure to energy market uncertainty, matter for both investment decisions and climate policy design. Here we analyze stock return data for Chinese listed low-carbon and high-carbon firms using network analysis, which maps the strongest links among firms, and a statistical volatility model that captures responses to energy uncertainty over short, medium and long horizons. We find that the two groups tend to cluster separately, but became more closely connected after China introduced its carbon policy framework. Their integration varies over time and is sensitive to abrupt shocks, policy adjustments and shifts in market demand. Low-carbon firms are negatively affected by energy uncertainty in the short and medium term, whereas high-carbon firms respond positively across all three horizons. Low- and high-carbon firms in China appear to be becoming more closely connected, but their responses to energy market uncertainty differ, according to an analysis that uses a stock return network and a mixed-frequency volatility model.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1038/s43247-026-03755-xfirst seen 2026-06-14 04:56:05
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