| The global greenhouse gas emissions exceed the standard,making the air pollution problem serious.In response to global climate change,carbon trading was proposed as a financial activity applied to carbon emissions trading,and after continuous development,a complete carbon emissions trading system was finally formed.The domestic carbon emissions trading market started late.Compared with the EU carbon trading market,the market trading system still has room for improvement.Up to now,nine carbon trading pilots have been established in China,attracting many companies to join the carbon emissions trading market.This article explores the impact of carbon emission rights trading prices on the volatility of green corporate stock returns.First,it briefly summarizes the research background;secondly,it explains the related concepts of carbon emission rights trading and green enterprises,and theoretical analysis of the impact of carbon emission rights trading and price fluctuations on green enterprise stocks.Companies participating in carbon emission rights trading or their own carbon behaviors Affect the stock yield,that is,the carbon emission trading market and its price changes will cause the green corporate stock yield to fluctuate;use the VAR model to explore the impact of the pilot carbon emission trading price on the fluctuation of the green corporate stock yield,analyze Beijing,Guangdong,The impulse response value fluctuations of carbon emission rights trading price in Hubei,Shanghai and Shenzhen pilot projects on the stock yields of green companies after the impact;GARCH family models are further introduced to explore the impact of carbon emission trading pilot prices on the fluctuations of green company stock yields through empirical research The study found that in the context of carbon emission rights trading,the stock yields of green companies are greatly impacted by bad news about the price of carbon emission rights,and the fluctuations show the characteristics of risk appetite.Based on the analysis of empirical results,this article believes that the fluctuation of the stock return sequence of green companies will be affected by the price sequence of carbon emission rights trading,especially when there is bad news about the trading price of carbon emission rights,it will have a greater impact on the return rate sequence.Therefore,in the process of green transformation and development,green enterprises should pay attention to the impact of carbon emission rights trading prices on the fluctuation of corporate returns,make plans in advance,and use favorable information to achieve sustainable development of green enterprises.In addition,in order to achieve a win-win situation between the carbon emission trading market and green enterprises,it requires the joint efforts of the market,enterprises,and the government. |
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