“…In China, recent studies related to carbon emission trading policy are increasing and varying. Such as the impact on carbon emission reduction [16], carbon trading prices [17], carbon market maturity [18], and carbon trading efficiency [19].…”
China’s construction industry makes important contributions to energy consumption and pollution emissions. It is significant to improve energy efficiency in the construction industry. Since 2011, the introduction of China’s carbon emission trading policy has had a great impact on energy conservation and emission reduction. The implementation of the carbon emission trading policy provides us with an opportunity to find solutions to improve the energy efficiency of the construction industry (EECI) in China. In this article, the implementation of carbon emission trading is regarded as a quasi-natural experiment, and the impact of the carbon emission trading policy on the energy efficiency of the construction industry is evaluated by analyzing the panel data related to the energy of the construction industry in 30 provincial regions from 2008 to 2016 through a difference-in-differences method. The main conclusions are as follows. First, the carbon emission trading policy can improve EECI. Second, the carbon emission trading policy can achieve the policy effect of improving EECI by optimizing the allocation of construction machinery resources and enhancing regional technical innovation. At the same time, strengthening government environmental regulation can strengthen the policy effect as well. Finally, some policy implications based on the study are proposed.
“…In China, recent studies related to carbon emission trading policy are increasing and varying. Such as the impact on carbon emission reduction [16], carbon trading prices [17], carbon market maturity [18], and carbon trading efficiency [19].…”
China’s construction industry makes important contributions to energy consumption and pollution emissions. It is significant to improve energy efficiency in the construction industry. Since 2011, the introduction of China’s carbon emission trading policy has had a great impact on energy conservation and emission reduction. The implementation of the carbon emission trading policy provides us with an opportunity to find solutions to improve the energy efficiency of the construction industry (EECI) in China. In this article, the implementation of carbon emission trading is regarded as a quasi-natural experiment, and the impact of the carbon emission trading policy on the energy efficiency of the construction industry is evaluated by analyzing the panel data related to the energy of the construction industry in 30 provincial regions from 2008 to 2016 through a difference-in-differences method. The main conclusions are as follows. First, the carbon emission trading policy can improve EECI. Second, the carbon emission trading policy can achieve the policy effect of improving EECI by optimizing the allocation of construction machinery resources and enhancing regional technical innovation. At the same time, strengthening government environmental regulation can strengthen the policy effect as well. Finally, some policy implications based on the study are proposed.
“…Based on the studies [44][45][46][47][48][49], the models ( 1)-( 2) have been constructed and the OLS method has been employed for the regression analysis. The specific model is given as follows.…”
With the development of ecological paradigm coupled with the relentless implementation of myriad environmental policies in China, the rapid development of carbon emission trading and carbon trading market has had a vital impact on the financial performance of enterprises at the microlevel. This study has sampled the A-share listed companies in China, from 2009 to 2018, and adopted the difference-in-difference (DID) method to investigate the effect of the carbon emission trading on corporate financial performance from the microlevel. Evidence showed that the implementation of carbon emission trading effectively improved the total asset-liability ratio of enterprises, though it reduced the value of the current capital market. Moreover, in the regions under strict legal environment, the enhancement effect of the total asset-liability ratio was more obvious, whereas in the regions under loose legal environment, the reduction effect of the value of the capital market was more obvious. Further analysis showed that the implementation of carbon emission trading could not promote Chinese enterprises to increase R&D investment. Hence the implementation of carbon emission trading has improved the level of non-business income of enterprises incorporated into the trading system, but its impact on the investment income of enterprises was not significant.
“…By looking carefully at the literature on the topic of market efficiency and studies that took placed in this area, it can be seen that several methods have been proposed to examine the market efficiency in carbon markets and we can classify them into several distinct categories. They include methods that rely on variance ratio (VR) tests (Daskalakis and Markellos 2008;Ibikunle et al 2012;Montagnoli and De Vries 2010;Niblock and Harrison 2013;Yang et al 2018;Zhang et al 2020;Zhou et al 2019), cost of carry models (Charles et al 2013;Joyeux and Milunovich 2010), and the profitability of trading strategies (Aatola et al 2014;Daskalakis and Markellos 2008;Daskalakis 2013;Niblock and Harrison 2013), and the methods based on multifractality tests and intermittency coefficient (Fan et al 2019;Sattarhoff and Gronwald 2018). In what follows, we tried to analyze the ideas presented in each of the mentioned studies.…”
Section: Literature Reviewmentioning
confidence: 99%
“…The results show that most CO 2 markets are inefficient, and only Hubei, Fujian, and Beijing markets illustrate market efficiency. Zhang et al (2020) apply four robust variance ratio (VR) tests to deliver fundamental alterations and investigate the efficiency of China's several regional carbon markets in diverse stages. The obtained results from the VR tests show a weak-form efficient state in most of China's regional carbon markets.…”
This study has investigated the changing efficiency for the phase III EU ETS CO 2 market using the daily historical data of allowance future prices and coverage from August 2015 to December 2020. We have applied two alternative tests for checking dependency by linear and nonlinear methods to achieve this goal, including generalized spectral (GS) and automatic portmanteau (AQ). Also, we had a comprehensive look at the carbon market evolution and the EU ETS scheme development over time. The analysis of observed results validates the adaptive market hypothesis (AMH) in the market, which corresponds with the oscillatory behavior of the applied test statistics' p-values. The other aspect of the study was to analyze the existence of evolutionary behavior on the market. To reach this purpose, we checked the results by applying a rolling window technique with four different time windows (50, 100, 150, and 250 days) on the test statistics in harmony with the adaptive market hypothesis. The obtained results show that overall, market efficiency has been improved by implementing higher window lengths.
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