“双碳”目标下碳市场与绿色债券市场溢出效应研究  

Investigating the Spillover Effect of Carbon Market and Green Bond Market under the“Dual Carbon”Strategy

作　　者：平园园 焦娜[1] PING Yuanyuan;JIAO Na(Hunan Agricultural University,Changsha,Hunan 410125)

机构地区：[1]湖南农业大学,湖南长沙410125

出　　处：《中国商论》2025年第4期106-110,共5页China Journal of Commerce

基　　金：湖南省哲学社会科学基金项目(18YBA235);湖南省普通高等学校教学改革研究项目(202401000698)。

摘　　要：碳市场的建立是实现“双碳”目标的保障,分析碳市场与绿色债券市场间的溢出效应,能够抑制金融市场波动,降低金融市场风险,从而有力地推动“双碳”目标的达成。本文首先探讨了绿色债券市场与碳市场的相互作用机理;其次运用VAR模型来衡量两个市场之间的均值溢出效应;最后实证分析了碳市场与绿色债券市场的溢出效应。研究发现,碳市场与绿色债券市场之间存在显著的单向均值溢出效应。此外,全国统一大市场的构建吸引了众多投资者,加剧了两个市场之间的风险影响,基于此,需进一步完善监管政策体系,以保障金融市场平稳健康发展。The establishment of carbon markets is essential for achieving the"dual carbon"goals.Analyzing the spillover effects between carbon markets and the green bond market can help mitigate financial market volatility and reducefinancial risks,thereby effectively promoting the achievement of the"dual carbon"goals.This paperfirst explores the interaction mechanisms between the green bond market and the carbon market.It then uses a VAR model to measure the mean spillover effects between the two markets.Finally,empirical analysis is conducted on the spillover effects between the carbon market and the green bond market.The studyfinds that there is a significant one-way mean spillover effect between the two markets.Furthermore,the construction of a unified national market has attracted numerous investors,intensifying the risk impact between the two markets.Based on thesefindings,it is necessary to further improve the regulatory policy framework to ensure the stable and healthy development of thefinancial market.

关 键 词：VAR模型 均值溢出效应 碳市场 绿色债券市场 信用利差 

分 类 号：F833[经济管理—金融学]