基于收益率与改善生态环境效率视角的碳金融风险研究

Research on the Carbon Finance Risk Research of the Yield and Improving the Ecological Environment Efficiency

金融市场一般包括市场自身运行风险和外部性效率风险。运用EGARCH-GED-CVaR和Panel Data方法,分析中国碳金融市场自身存在的风险以及对改善环境的效率问题。以2014年5月至2015年3月的7个试点城市碳金融交易所日成交量和日成交额数据、日空气质量指数数据进行检验。分析结果表明,中国碳金融市场面临市场价格风险,碳金融市场在短期内没有对生态环境产生明显的改善效率,但会在长期中有效改善生态环境。因此,中国碳金融发展需要增强抗风险能力,提升改善环境的效率水平。

The paper analyzes the risk in the carbon financial markets themselves and to improve the efficiency of the environmental problems, by using the VaR and Panel Data method, and using the daily data of turnover, volume, and the urban air quality index of 7 cities of carbon financial exchanges from May 2014 to March 2015. The analysis results show that the carbon financial market in China＇s seven pilot units facing the risk is not the same, in the short term, carbon finance has not improved the efficiency of the eco-environment, in the long term, will effectively improve the ecological environment. Therefore, if we will develop carbon finance, we have to not only need to enhance the anti-risk ability, but also need to improve the efficiency of improving the environment.