清洁能源市场和工业股票市场之间的不对称溢出连接:不确定性如何影响它
Ailing Li1,2, Bingmao Zhong1
1School of Finance, Harbin University of Commerce, Harbin, China.
PloS one
|March 31, 2025
概括
工业股票市场将风险转移到清洁能源市场,其中水力发电是主要的接收者,低碳投资组合是主要的发射者. 风险溢出效应是短期的,被负面新闻和经济政策的不确定性所加剧.
科学领域:
- 环境经济学环境经济学
- 金融市场 金融市场
- 可持续能源 可持续能源
背景情况:
- 不断升级的气候危机需要专注于清洁能源.
- 了解工业和清洁能源股票市场之间的相互联系对于识别风险溢出影响至关重要.
研究的目的:
- 调查清洁能源子市场 (水力,风能,太阳能) 和工业股票子市场 (低碳,高碳,普通) 之间的动态联系.
- 根据正负收益来分析风险溢出效应的不对称性.
- 研究经济政策不确定性 (EPU),地缘政治不确定性 (GPU) 和碳价格不确定性 (CPU) 对市场连接的影响.
主要方法:
- 适用于时间和频率领域的网络连接方法.
- 清洁能源市场和工业股票投资组合的分类.
- 对正负回报不对称性的分析.
- 探索EPU,GPU和CPU对网络连接的影响.
主要成果:
- 清洁能源子市场是净风险接收者,而工业股票子市场是净风险传播者.
- 水力发电市场主要承受风险,而低碳投资组合主要传播风险.
- 风险溢出效应主要是短期的,缺乏持久性.
- 负面新闻显著增加了市场的连接性.
- 显然,EPU和CPU对网络连接有明显的影响.
结论:
- 工业股票市场对清洁能源投资,特别是水电投资构成风险.
- 低碳投资组合作为工业部门的关键风险传递器.
- 政策干预和市场情绪 (特别是负面新闻) 可以显著改变这些市场之间的风险传播动态.
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