欧盟配额价格对欧洲电力行业股票市场指数的影响:来自正在进行的欧盟排放交易体系第三阶段的证据

IF 4.2 4区 管理学 Q1 ENVIRONMENTAL STUDIES
A. García, M. García-Álvarez, Blanca Moreno
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引用次数: 8

摘要

欧盟排放交易计划(EU ETS)于2005年建立,为每吨二氧化碳排放定价。在这个框架内,欧盟二氧化碳排放限额可以影响电力行业股票的表现。本文采用多因素市场模型和面板数据计量经济学技术,研究欧盟二氧化碳排放限额对欧洲电力部门的长期影响。我们还使用面板协整来检查是否存在长期关系,并完全修正普通最小二乘法和动态普通最小二乘法来估计任何这种关系。面板数据包括正在进行的EU ETS第三阶段(从2013年1月1日至2017年4月22日)的每日样本,以及来自六个欧盟成员国(奥地利、法国、德国、意大利、荷兰和西班牙)的数据。估计的系数表明,欧盟配额价格对欧盟碳排放交易体系第三阶段的欧洲电力部门股票市场具有统计显著和积极的长期影响。这可能会支持欧盟加强碳减排制度目标的努力,以便从体系中消除过剩。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Impact of EU Allowance Prices on the Stock Market Indices of the European Power Industries: Evidence From the Ongoing EU ETS Phase III
The European Union Emissions Trading Scheme (EU ETS) was created in 2005 to price every ton of carbon dioxide emissions. Within this framework, EU carbon dioxide emission allowances can affect electric power industry stock performance. This article uses a multifactor market model and a panel data econometric technique to investigate the long-run impact of EU carbon dioxide emission allowances on the European power sector. We also use panel cointegration to check whether there is a long-run relationship, and fully modified ordinary least square and dynamic ordinary least square to estimate any such relationship. The panel data include a daily sample for the ongoing EU ETS Phase III (from 1 January 2013 until 22 April 2017) and data from six European Union members (Austria, France, Germany, Italy, Netherlands, and Spain). The estimated coefficients suggest that EU allowance prices have a statistically significant and positive long-run effect on the European power sector stock market in EU ETS Phase III. This potentially supports EU efforts to toughen carbon reduction regime targets in order to remove the surplus from the system.
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来源期刊
CiteScore
11.20
自引率
5.70%
发文量
19
期刊介绍: Organization & Environment encourages informed discussion about the social roots and consequences of environmental problems and stimulates deeper reflection on the meaning and significance of the natural world. By critically examining the impact of human production and consumption systems on the natural environment, Organization & Environment develops new perspectives on organizations that encourage environmentally sensitive reflection, inquiry, and practice.
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