据ESI (Essential Science Indicators)数据库统计显示，由商学院柴尚蕾老师为第一作者、山东师范大学为第一单位在《Annals of Operations Research》上发表的论文“Dynamic nonlinear connectedness between the green bonds, clean energy, and stock price: the impact of the COVID-19 pandemic”入选ESI全球Top1%高被引论文（Highly Cited Papers）。

论文简介

新冠疫情（COVID-19）是近年来最具影响力的全球性突发公共事件之一，给世界经济、社会和环境带来严重挑战。文章深入探讨在新冠疫情爆发前后绿色债券、清洁能源和股价之间的动态非线性特征与联系，主要得出以下结论：在新冠疫情大流行之前，清洁能源对股票价格的同步影响随时间推移而增加；绿色债券导致清洁能源供给短期增加，且在新冠疫情爆发后，发挥了更为积极的推动作用;新冠疫情减弱了绿色债券对中期股价的负面影响；清洁能源受到正向冲击时，股票价格上升，而这种正向影响在后疫情时代的经济复苏时期比其他时期更强。文章的研究结果为政府、金融监管部门、企业以及投资者提供了重要的理论依据与决策参考。

ABSTRACT

This paper uses weekly data from July 01, 2011 to July 09, 2021 to examine the dynamic nonlinear connectedness between the green bonds, clean energy, and stock price around the COVID-19 outbreak in the global markets. By building a time-varying parameter vector autoregression model (TVP-VAR), the comparison analyses of pre- and during the COVID-19 sample groups verify the existence of nonlinear and dynamic correlation among the three variables. First, prior to the COVID-19 pandemic, the simultaneous impacts of clean energy on stock price increased over time. Second, the results of impulse responses at different horizons indicate that green bonds lead to a short-term increase of clean energy, and it exerts an increasingly positive impacts after the COVID-19 outbreak. The COVID-19 has weakened the negative impacts of green bonds on stock price in the medium term. Finally, through the analysis of impulse responses at different points, we find that stock prices will rise when clean energy is subjected to a positive shock, and this positive effect is stronger during economic recovery period than in the other two periods.

作者简介

柴尚蕾，表姐相亲失败去找弟弟准聘教授，硕士生导师，大连理工大学管理科学与工程专业博士，致力于国家双碳战略、能源经济与绿色金融等研究工作。主持完成国家自然科学基金1项（结题评估优）、山东省自然科学基金1项、山东省优秀中青年科学家科研奖励基金1项、山东省金融应用重点项目1项、济南市哲学社会科学重点项目1项。在国家自然科学基金委管理学部认定的 A级期刊&FMS管理学高质量中文期刊T1/T2级《中国管理科学》、《管理工程学报》、《系统管理学报》、《运筹与管理》等和FMS管理学高质量英文期刊B级、英国商学院协会高质量期刊目录ABS/AJG 3星、SCI/SSCI主流期刊《Energy Economics》、《Annals of Operations Research》、《Energy》、《Research in International Business and Finance》等发表学术论文20余篇，出版学术专著2部，荣获山东省高等学校优秀科研成果奖1项。