| With the continuous utilization of natural resources,global warming has attracted worldwide attention.The implementation of the Kyoto Protocol has explained the importance of laws and regulations to control the greenhouse effect.In the end of 2017,China’s unified carbon market was launched.Although only included in the power industry,it has become the largest carbon trading system in the world.The aim of this thesis is to study the potential impact of carbon price on the stock market in the early stage of the unified carbon market,and then analyze the existing problems and give reasonable suggestions.Firstly,the mapping relationship between carbon price and energy cost is studied.Then,the impact of energy cost on stock market is empirically studied by using GARCH model.Finally,the potential impact of carbon price on stock return of the whole stock market,high energy consumption industry and low energy consumption industry is analyzed.Based on the same sample data,this thesis uses the same research method for the first time to study the overall impact of carbon price on China’s stock market and the impact of various industries,which fully reflects the impact of carbon price on the stock market.It is the first time to study the impact of carbon price on the stock returns in different industries,which can be combined with China’s industrial structure,and has more practical reference value.The results show that carbon price has no significant impact on the overall stock market returns,and has a significant positive impact on shipping,power,building materials,chemical industry and paper industry in the seven energy-intensive industries,and has a significant positive impact on packaging,printing,water,textile and clothing in the seven energy-intensive industries. |
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