碳權、綠能及化石能源ETF價格之關聯性研究

The Study on the Relationship among Carbon Rights, Green Energy, and Fossil Energy ETF Prices

本研究之研究期間訂為2020年7月31日（五）至2023年3月3日（五），共136週資料，加以探討碳權ETF（KRBN）與綠能類股ETF（ICLN清潔能源、TAN太陽能、FAN風能）及化石能源類股ETF（XOP石油探勘、FCG天然氣）三大類ETF兩兩間價格之關聯性。以下為本研究獲得以下之結論：
化石能源類股ETF（XOP石油探勘、FCG天然氣）價格顯著領先碳權ETF（KRBN）價格一週正向變動，而碳權ETF（KRBN）價格則顯著領先綠能類股ETF（ICLN清潔能源、TAN太陽能、FAN風能）價格一週反向變動。亦即，化石能源類股ETF為碳權ETF（KRBN）價格的領先指標，碳權ETF（KRBN）價格則為綠能類股ETF價格的領先指標。

The research period of this study is set from July 31, 2020 (Friday) to March 3 (Friday), 2023, with a total of 136 weeks of data, to explore the relationship between three types of ETFs, including the Carbon Rights ETF (KRBN) and Green Energy ETFs (ICLN Clean Energy, TAN Solar Energy, FAN Wind Energy) and Fossil Energy ETFs (XOP Oil Exploration, FCG Natural Gas). The conclusions were obtained in this study as follows:
Fossil Energy ETFs (XOP Oil Exploration, FCG Natural Gas) significantly positively led Carbon Rights ETFs (KRBN) for a week. In contrast, Carbon Rights ETFs (KRBN) significantly negatively led Green Energy ETFs (ICLN Clean Energy, TAN Solar Energy, FAN Wind Energy) for a week. That is to say, the Fossil Energy ETF was the leading indicator of the Carbon Rights ETF (KRBN), and the Carbon Rights ETF (KRBN) was the leading indicator of the Green Energy ETF.