秉承“融汇中西管理智慧、培养创业创新精神、践行服务社会责任、作育商界管理精英”的使命，中山大学管理学院扎根于中国情境，致力于管理理论创新及管理实践的研究。近年来，中山大学管理学院科研成果丰硕，高水平论著持续涌现。

教师姓名：李银 博士后

论文题目：Improving the liquidity of China’s carbon market: Insight from the effect of carbon price transmission under the policy release

刊物名称：Journal of Cleaner Production

期刊卷期数：2019年第239卷

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

学校类别：一A重要核心期刊论文

论文摘要

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 insufficient 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.

教师简介

李银，博士毕业于东北师范大学统计学专业，目前为中山大学管理学院科研博士后，其硕士阶段研究方向为倒向随机微分方程及其应用，并在读硕士阶段期间荣获2013年第十届五一数学建模联赛二等奖；在读博士期间分别前往北京应用物理与计算数学研究所大数据实验室与英国斯特拉斯克莱德大学数学与统计学院进行联合培养，进一步利用随机控制理论来研究投资/再保险问题，已发表多篇论文并多次参加国际学术会议。目前的研究重点关注投资与保险/再保险策略，主要考虑时间不一致性问题的时间一致性策略，带有约束的分红优化问题，多公司竞争的均衡策略。李银博士后为美国Mathematical Reviews评论员。

编辑：刘晔