The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EU
We mainly focus on the degree of marketisation of China’s carbon emissions trading from two aspects. Firstly, based on the financial market theory, the different characteristics of the construction of the EU and China’s carbon emissions trading market are compared. Secondly, the VAR-MVGARCH-DCC mode...
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MDPI AG
2025-02-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/18/5/1059 |
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| author | Runhong Lin Tongjuan Cai |
| author_facet | Runhong Lin Tongjuan Cai |
| author_sort | Runhong Lin |
| collection | DOAJ |
| description | We mainly focus on the degree of marketisation of China’s carbon emissions trading from two aspects. Firstly, based on the financial market theory, the different characteristics of the construction of the EU and China’s carbon emissions trading market are compared. Secondly, the VAR-MVGARCH-DCC model is used to empirically analyze the dynamic correlation between the carbon emissions trading market and the stock market. The results show that the marketisation degree of China’s carbon emissions trading still has much room for improvement compared with the EU, and the carbon emission market has a significant guiding effect on the stock market. Therefore, to improve the carbon emissions trading system, we should pay attention to the influence of financial factors on carbon emissions trading and the establishment of transmission channels from the carbon market to the stock market. It is recommended to learn from the experience of the European Union and to take key industries as a guide to create a modern carbon financial system with more Chinese characteristics. |
| format | Article |
| id | doaj-art-3adaf6c8b8a444b18a5cfd0eeb7b059c |
| institution | DOAJ |
| issn | 1996-1073 |
| language | English |
| publishDate | 2025-02-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj-art-3adaf6c8b8a444b18a5cfd0eeb7b059c2025-08-20T02:59:14ZengMDPI AGEnergies1996-10732025-02-01185105910.3390/en18051059The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EURunhong Lin0Tongjuan Cai1School of International Trade and Economics, University of International Business and Economics, Beijing 100029, ChinaChongyang Institute for Financial Studies, Renmin University of China, Beijing 100872, ChinaWe mainly focus on the degree of marketisation of China’s carbon emissions trading from two aspects. Firstly, based on the financial market theory, the different characteristics of the construction of the EU and China’s carbon emissions trading market are compared. Secondly, the VAR-MVGARCH-DCC model is used to empirically analyze the dynamic correlation between the carbon emissions trading market and the stock market. The results show that the marketisation degree of China’s carbon emissions trading still has much room for improvement compared with the EU, and the carbon emission market has a significant guiding effect on the stock market. Therefore, to improve the carbon emissions trading system, we should pay attention to the influence of financial factors on carbon emissions trading and the establishment of transmission channels from the carbon market to the stock market. It is recommended to learn from the experience of the European Union and to take key industries as a guide to create a modern carbon financial system with more Chinese characteristics.https://www.mdpi.com/1996-1073/18/5/1059dual-carbon targetcarbon emissions trading systemcarbon market and stock marketVAR-MVGARCH-DCC modellinkage |
| spellingShingle | Runhong Lin Tongjuan Cai The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EU Energies dual-carbon target carbon emissions trading system carbon market and stock market VAR-MVGARCH-DCC model linkage |
| title | The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EU |
| title_full | The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EU |
| title_fullStr | The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EU |
| title_full_unstemmed | The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EU |
| title_short | The Market-Oriented Development of China’s Carbon Emissions Trading: Based on the Comparative Analysis of China and EU |
| title_sort | market oriented development of china s carbon emissions trading based on the comparative analysis of china and eu |
| topic | dual-carbon target carbon emissions trading system carbon market and stock market VAR-MVGARCH-DCC model linkage |
| url | https://www.mdpi.com/1996-1073/18/5/1059 |
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