Impact of carbon emissions, green energy, artificial intelligence and high-tech policy uncertainty on China’s financial market

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-16 DOI:10.1016/j.frl.2025.107599

Xilin Zhang , Guangwu Li , Ran Wu , Hongjun Zeng , Shenglin Ma

引用次数: 0

Abstract

This study investigates the impact of policy uncertainty in carbon emissions, green energy, and high-tech sectors on China’s financial market. For this purpose, we develop four specific indices—artificial intelligence policy uncertainty (AIPU), carbon emissions policy uncertainty (CEPU), green energy policy uncertainty (GEPU), and high-tech policy uncertainty (HTPU). Using wavelet coherence analysis, we examine the dynamic relationships between these uncertainties and the Chinese stock market from a time–frequency perspective over 2000–2023. Results show that AIPU has the most pronounced long-term impact (32–64 months), CEPU exerts the strongest and most consistent influence in the medium term (12–16 months), GEPU is more prominent in the short term, and HTPU presents a fragmented, less stable pattern.

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碳排放、绿色能源、人工智能和高科技政策不确定性对中国金融市场的影响

本文研究了碳排放、绿色能源和高科技行业的政策不确定性对中国金融市场的影响。为此，我们制定了人工智能政策不确定性（AIPU）、碳排放政策不确定性（CEPU）、绿色能源政策不确定性（GEPU）和高科技政策不确定性（HTPU）四个具体指标。利用小波相干分析，从时频角度考察了2000-2023年间这些不确定性与中国股市之间的动态关系。结果表明：AIPU的长期影响最显著（32-64个月），CEPU的中期影响最强且最稳定（12-16个月），GEPU的短期影响更突出，HTPU呈现碎片化、不稳定的格局。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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