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秉承“融匯中西管理智慧、培養(yǎng)創(chuàng)業(yè)創(chuàng)新精神、踐行服務(wù)社會責(zé)任、作育商界管理精英”的使命，中山大學(xué)管理學(xué)院扎根于中國情境，致力于管理理論創(chuàng)新及管理實踐的研究。近年來，中山大學(xué)管理學(xué)院科研成果豐碩，高水平論著持續(xù)涌現(xiàn)。

教師姓名：李銀 博士后

論文題目：Improving the liquidity of China’s carbon market: Insight from the effect of carbon price transmission under the policy release

刊物名稱：Journal of Cleaner Production

期刊卷期數(shù)：2019年第239卷

所有作者：Yazhi Song, Tiansen Liu, Bin Ye, Yue Zhu, Yin Li, Xiaoqiu Song

學(xué)校類別：一A重要核心期刊論文

論文摘要

Through a series of policies release, the trading system of China's carbon market is being improved, but its current liquidity is still low. To improve market liquidity, this paper analyzes the relation between the release of policy related to carbon market operations and the volatility of carbon price, thus arranging an optimal adjustment scheme for government's policy-making. Through the jump test and Logit regression, we investigate historical policies and prices of 7 Emission Trading Scheme pilots in China to explore the impact of policy release on carbon price, and then quantify the effectiveness of these policies. Empirical results indicate that in the short-term, new policies can rapidly lead to a large volatility of carbon price, but it can also reduce the abnormal volatility with the spread of price information. Further, the demand-stimulus policies promote a positive volatility of carbon price. In the long-term, the insuf?cient demands for carbon emissions quota raise the disappearance of market dividends caused by the policy release and lead to an excessive call-back of carbon price, thus increasing mid-and long-term risks in carbon markets. Additionally, China's macro environment policy can stabilize carbon price, and thus an effective tool for improving the liquidity of carbon markets is developing demand-stimulus policies.

教師簡介

李銀，博士畢業(yè)于東北師范大學(xué)統(tǒng)計學(xué)專業(yè)，目前為中山大學(xué)管理學(xué)院科研博士后，其碩士階段研究方向為倒向隨機(jī)微分方程及其應(yīng)用，并在讀碩士階段期間榮獲2013年第十屆五一數(shù)學(xué)建模聯(lián)賽二等獎；在讀博士期間分別前往北京應(yīng)用物理與計算數(shù)學(xué)研究所大數(shù)據(jù)實驗室與英國斯特拉斯克萊德大學(xué)數(shù)學(xué)與統(tǒng)計學(xué)院進(jìn)行聯(lián)合培養(yǎng)，進(jìn)一步利用隨機(jī)控制理論來研究投資/再保險問題，已發(fā)表多篇論文并多次參加國際學(xué)術(shù)會議。目前的研究重點關(guān)注投資與保險/再保險策略，主要考慮時間不一致性問題的時間一致性策略，帶有約束的分紅優(yōu)化問題，多公司競爭的均衡策略。李銀博士后為美國Mathematical Reviews評論員。