淡江大學機構典藏:Item 987654321/125652
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    题名: Assessing insurer green finance in response to manufacturing carbon emissions trading in a dragon-king environment: A capped barrier cap option approach
    作者: Lin, Jyh-horng
    关键词: Cap-and-trade;Capped barrier cap option;Dragon king;Green finance
    日期: 2023-11-17
    上传时间: 2024-07-31 12:06:26 (UTC+8)
    出版者: Energy Economics
    摘要: It is essential to examine how carbon trading affects the financial performance of life insurers who offer funding
    in a challenging dragon-king environment. The primary focus of this study is to evaluate the effects of
    manufacturing-borrower carbon emissions trading on the insurer’s interest margin and insurance stability. To
    this end, a capped barrier cap option model is developed to capture the manufacturing borrower credit risk from
    green operations, the quality of the dragon-king environment, and the insurer’s equity valuation through
    liquidity management with life insurance policy loans. The findings of this study indicate that stricter regulatory
    caps increase insurer interest margins but hurt insurance stability. Additionally, green improvements help increase
    interest margins but create greater insurance instability. The increase in carbon allowances purchased by
    the carbon-intensive borrower for production permission increases the insurer’s interest margins but reduces
    insurance instability. These energy policies create insurer profitability and financial instability, causing regulators
    to reconsider their energy policies from the perspective of fund providers. Our study contributes to the
    green literature by considering that manufacturing borrower cap-and-trade participation affects insurer performance
    in a dragon-king environment. The results of this study can inform policymakers and insurers in
    developing effective carbon trading strategies to balance profitability and stability in challenging environments.
    關聯: Energy Economics 128,　107181
    DOI: 10.1016/j.eneco.2023.107181
    显示于类别:[國際企業學系暨研究所] 期刊論文

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