| 題名: | Green technology choices under the cap-and-trade mechanism with insurer green finance in a dragon-king environment |
| 作者: | Shi Chen;Fu-Wei Huang;Jyh-Horng Lin |
| 關鍵詞: | Dragon king;Cap-and-trade mechanism;Green technology;Insurer green finance |
| 日期: | 2022-12-26 |
| 上傳時間: | 2023-07-06 12:05:40 (UTC+8) |
| 出版者: | Energy Economics |
| 摘要: | The article investigates an insurer's green finance toward sustainability by explicitly capping borrowing-firm credit risk. The borrowing firms participate in the cap-and-trade mechanism and conduct green technology choices in a dragon-king environment due to confluent climate changes. The policy surrender incurs in the insurer's asset-liability matching management. The model can explore the effects of the borrowing-firm green trades and green technology choices on the insurer's performance. We show that the dragon-king impact and the policy surrender reduce the optimal guaranteed rate of the life insurance policies and policyholder protection. The stringent regulatory cap of the cap-and-trade mechanism decreases the insurer's profits and hurts policyholders. Green technology employed by the high‑carbon-emission borrowing firm reduces the insurer's profits; however, it helps protect policyholders, contributing to insurance stability. One implication is that the government might improve environmental sustainability directly through the borrowing-firm production rather than from the fund-providing perspective. |
| 關聯: | Energy Economics 117, 106490 |
| DOI: | 10.1016/j.eneco.2022.106490 |
| 顯示於類別: | [國際企業學系暨研究所] 期刊論文
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