Assessing insurer green finance in response to manufacturing carbon emissions trading in a dragon-king environment: A capped barrier cap option approach
學年 112
學期 1
出版（發表）日期 2023-11-17
作品名稱 Assessing insurer green finance in response to manufacturing carbon emissions trading in a dragon-king environment: A capped barrier cap option approach
作品名稱（其他語言）
著者 Lin, Jyh-horng
單位
出版者
著錄名稱、卷期、頁數 Energy Economics 128,　107181
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.
關鍵字 Cap-and-trade;Capped barrier cap option;Dragon king;Green finance
語言 en
ISSN 1873-6181
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者 Lin, Jyh-horng
審稿制度 是
國別 NLD
公開徵稿
出版型式 ,電子版
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機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/125652 )

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