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| Title: | 碳權交易系統與廠商風險：網絡分析
Emissions trading scheme participation and firm risks: network analysis |
| Authors: | 賀瑋年
HO, WEI-NIEN |
| Contributors: | 何靜嫺
賀瑋年
HO, WEI-NIEN |
| Keywords: | 歐盟碳排放交易系統（EU ETS）
閾值網絡
企業風險
企業風險管理（ERM）
風險傳播
EU Emissions Trading System (EU ETS)
Threshold Network
Firm Risk
Enterprise Risk Management (ERM)
Risk Transmission |
| Date: | 2025 |
| Issue Date: | 2025-08-04 12:51:58 (UTC+8) |
| Abstract: | 本研究探討歐盟碳排放交易系統(EU ETS)中企業之間的連結如何影響風險的傳播。我 們建構了三種類型的網絡:短期視角的碳權交易網絡、長期視角的股價報酬網絡，以及兩者結 合的混合網絡。透過分析企業在這些網絡中的位置(中心性指標)，本研究探討其對財務風險、 基本面風險及 ESG 風險的影響。研究結果顯示，具有較高中心性的企業往往成為財務與環境 風險的關鍵傳播節點，進一步放大市場不確定性。然而，在策略、財報可靠性與整體企業風險 管理(ERM)風險方面，高中心性企業則展現出穩定市場的作用，有助於減緩風險的傳遞。在 混合網絡中，合規風險成為顯著因素，顯示企業的法規遵循能力在平衡風險流動中扮演重要角 色。此外，ERM 的穩定效果在混合網絡中更為顯著。這些發現填補了現有碳市場風險傳播研 究的空白，並為企業風險管理與政策制定提供了重要見解，特別是在監管高度連結企業方面。
This study examines how connections between firms in the European Union Emissions Trading System (EU ETS) influence the spread of risks. We build three types of networks: a short-term view permit trading network, long-term view stock return networks, and combined mixed networks. By analyzing firms’ positions (degrees of centrality) in these networks, the study explores their impact on financial risks, fundamental risks, and ESG risks. The results show that firms with higher centrality often act as key points for spreading financial and environmental risks, amplifying market uncertainties. However, for strategy, reporting, and total Enterprise Risk Management (ERM) risk, highly central firms tend to play a stabilizing role, helping to slow down risk transmission. In the mixed network, compliance risk becomes a significant factor, suggesting that firms’ ability to comply with regulations is critical in balancing the flow of risks. Furthermore, the stabilizing effect of ERM is even stronger in the combined network. These findings fill a gap in existing research on how risks spread in carbon markets and provide valuable insights for firm risk management and policymaking, especially regarding the oversight of highly connected firms. |
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| Description: | 碩士
國立政治大學
經濟學系
112258027 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112258027 |
| Data Type: | thesis |
| Appears in Collections: | [經濟學系] 學位論文
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