Dynamic Relationship Between Carbon Market Price And Stock Price Of Energy Enterprises In China

With the continuous progress of production technology,people’s material materials have been greatly enriched,but at the same time,environmental problems are becoming more and more serious.In order to deal with the negative impact of environmental problems on production and life all over the world,and to build a scientific and perfect environmental governance system,many countries and organizations in the world have made concerted efforts to establish an environmental pollution prevention and governance system.After years of efforts and coordination of various countries and regions,the carbon emission trading system was born and gradually developed all over the world.Under this background,China is also engaged in the construction of carbon emission trading market,making every effort to build a carbon trading system and actively fulfill the obligations and responsibilities of a responsible big country.Finally,on July 16,2021,the national carbon trading market,which has grown for more than ten years,was finally completed and opened for trading,and a new chapter was opened in China’s carbon trading system.Under this historical background,this paper takes China’s carbon trading market as the main research direction,takes the fluctuation characteristics of carbon emission right price as the entry point,and focuses on three specific manifestations of the correlation between carbon emission right price and energy enterprise stock price through the combination of theoretical research and empirical research,namely price guidance,fluctuation spillover effect and dynamic correlation.Among many relevant studies at home and abroad,there have always been many views on the price relationship between different markets.After sorting out the relevant theories,this paper first analyzes the path of the conduction between the carbon market price and the stock price of energy enterprises,and judges the guiding role and specific conduction direction through the results of Granger causality test;Secondly,through the establishment of univariate and multivariable GARCH models to judge the volatility spillovers of the two prices,and the possible reasons for the differences in volatility spillovers between different variables;Finally,dcc-garch model is established to characterize the dynamic correlation coefficient between the two prices,and the dynamic correlation between the two prices is summarized and summarized through the correlation coefficient diagram.The empirical results show that there are price guidance,volatility spillover effect and dynamic correlation between carbon market price and energy enterprise stock price,but at the same time,due to the differences of research objects,the empirical results of each group are more or less different.Based on this research result,this paper makes a comparative analysis at the end.On this basis,combined with the unique characteristics of multi pilot carbon market coexistence and multi pilot carbon price parallelism in China,this paper combs the overall characteristics of China’s carbon market,puts forward suggestions on the construction of carbon trading market,and looks forward to the development prospect of the national carbon market.