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Market Reactions to the Introduction of Voluntary Carbon Trading: Evidence From Taiwan

自主的炭素取引導入への市場反応：台湾からの証拠 (AI 翻訳)

Shu‐Han Hsu, Shu‐Han Hsu, Wei‐Cheng Chen, Yiwen Yang

Scottish Journal of Political Economy📚 査読済 / ジャーナル2026-04-20#炭素価格経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1111/sjpe.70072
原典: https://doi.org/10.1111/sjpe.70072

🤖 gxceed AI 要約

日本語

本研究はイベントスタディを用いて、台湾の自主的炭素取引（VCRT）政策の発表に対する産業別の株式市場反応を分析。炭素集約型・低技術産業では負の異常リターン、ハイテク産業では正の異常リターンが観察され、投資家が移行リスクと機会を再評価していることを示唆。企業戦略と気候政策シグナルの整合の重要性を強調。

English

This study uses an event-study approach to examine industry-level stock market reactions to Taiwan's announcement of a voluntary carbon rights trading (VCRT) policy. Results show negative abnormal returns for carbon-intensive and low-tech industries, and positive for high-tech, suggesting investors reassess transition risks and opportunities. Highlights the importance of aligning corporate strategy with climate policy signals.

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

日本ではカーボン・クレジット市場が始動しており、自主的市場への投資家反応を示す本研究成果は、日本企業の開示戦略や移行リスク管理に示唆を与える。SSBJ開示や有報での気候関連情報の充実が求められる中、市場シグナルを理解する一助となる。

In the global GX context

This paper contributes to global understanding of how voluntary carbon markets are priced by investors, complementing studies on compliance markets. It offers evidence relevant to jurisdictions like Japan and others developing voluntary carbon credit systems, and underscores the importance of transition risk assessment in corporate disclosure frameworks like ISSB and CSRD.

👥 読者別の含意

🔬研究者:Provides empirical evidence on market reactions to voluntary carbon trading, useful for extending research to other regions.

🏢実務担当者:Helps corporate sustainability teams anticipate investor reactions to carbon policy announcements and align strategies.

🏛政策担当者:Informs policymakers about potential market impacts of voluntary carbon market design, aiding in policy calibration.

📄 Abstract（原文）

ABSTRACT The literature has primarily focused on regulated and compliance‐oriented carbon markets and has rarely explored the effects of voluntary carbon‐rights trading (VCRT) across industries. The present study employs an event‐study approach to examine industry‐level stock‐return responses to Taiwan's announcement of a VCRT policy. The results reveal that market reactions are concentrated in the post‐event window and produce negative abnormal returns for carbon‐intensive and low‐tech industries, while producing positive abnormal returns for high‐tech industries. These patterns suggest that investors reassess firms' exposure to transition risks and opportunities associated with VCRT and highlight the importance of aligning corporate strategies with climate‐related policy signals.

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