CAJ | 학술논문

在应对气候变化的背景下,能源安全越来越受到相应环境规制措施的影响。为了考察这种影响,本文利用沪深A股市场606家上市公司的数据,考察了节能减排对企业面临的国际油价风险的影响。实证检验的结果表明,节能减排程度的上升,会使企业个股回报率对国际油价收益率的变化更加敏感。并且,研究还发现：国际油价收益率与企业个股回报率正相关,国际油价波动率与国际油价风险负相关。这虽然与许多发达国家的经验不符,但在中国特殊的市场环境下可能是正常的现象。最后以此为据,指出了这一结论对于政府和企业的诸多启示。
재응대기후변화적배경하,능원안전월래월수도상응배경규제조시적영향。위료고찰저충영향,본문이용호심A고시장606가상시공사적수거,고찰료절능감배대기업면림적국제유개풍험적영향。실증검험적결과표명,절능감배정도적상승,회사기업개고회보솔대국제유개수익솔적변화경가민감。병차,연구환발현：국제유개수익솔여기업개고회보솔정상관,국제유개파동솔여국제유개풍험부상관。저수연여허다발체국가적경험불부,단재중국특수적시장배경하가능시정상적현상。최후이차위거,지출료저일결론대우정부화기업적제다계시。
Energy security has been more and more influenced by environmental regulations under the background of dealing with cli- mate change. To analyze these influences, this paper tests the impacts of energy saving and emission reduction on the in- ternational oil price risk firms face, using data of 606 A - share listed firms in Shanghai and Shenzhen stock markets. The results of the empirical test indicate that firms＇ stock return is getting more and more sensitive to the return of international oil price with higher degree of energy saving and emission reduction. It also finds that the return of oil price positively affects firms＇ stock return, and the volatility of oil price negatively affects oil price risk. Although the phenomena these conclusions reveal are different with those studies focusing on developed countries, they are maybe normal in China. Finally, based on these analyses, this paper gives enlightenments for firms and government.