基于广义方差分解谱构建溢出指数，进而构建溢出网络；从时域和频域2个维度，系统考察了我国碳市场与能源市场之间的静态和时变溢出；探究了碳市场与外部市场的交互关联。研究结果表明，首先，在“碳–能源”系统中，短期风险溢出大于长期风险溢出；电力市场与新能源市场处于溢出网络的信息和风险中心位置。其次，碳与各行业能源市场之间风险溢出强度从高到低排序依次为，化石能源行业→二次能源行业→新能源行业。从时域来看，碳市场为风险净接收方；从频域来看，短期碳市场为风险净溢出方，长期则为风险净接收方。最后，宏观经济波动、相关政策出台以及极端气候的出现，会显著提升系统整体风险联动性。

Based on generalized variance decomposition spectrum, the spillover index was constructed, as well as the spillover network; From time and frequency domain perspective, this paper systematically investigates the static and time-varying spillover between China's carbon market and the energy market and explores the interactive association between the carbon market and the external market. The results of research indicates that firstly, in the “carbon-energy” system. The risk of the short term spillover is larger than that of the long term spillover, and the electricity market and the new energy market are at the center of information of spillover network and risk. Secondly, the rank of risk spillover intensity between carbon and energy market from upper to lower is as follows: fossil energy industry, the secondary energy industry and the new energy industry. From the perspective of time domain, the carbon market is a net risk receiver; from the perspective of frequency domain, the carbon market is a net risk spillover party in the short term while it is a net risk receiver in the long term. Finally, it is detected that material policy changes, macroeconomic shocks and climate changes can considerably improve overall risk connectedness of the system.

碳市场的建立是实现“双碳”目标的重要保障，分析碳市场与化石能源市场间的溢出效应有助于提升市场流动性、规避碳金融风险，从而更好地推动国家气候战略目标。本文运用主成分分析方法将我国8个碳试点价格集成，明确试点阶段我国碳市场的整体发展规律，并通过VAR-GARCH-BEKK模型，进一步探究了全国统一碳市场建立前后碳市场与化石能源市场之间溢出效应的变化情况。结果表明，试点阶段碳市场与各类化石能源市场之间均存在显著的单向均值溢出效应。然而，在全国碳排放权交易市场建立初期，仅有部分发电行业参与交易，这在一定程度上削弱了碳市场与化石能源市场之间的联动关系，造成了二者之间均值溢出效应的下降。此外，全国统一碳市场的建立吸引了更多的投资者，加剧了碳市场和化石能源市场间的风险传染，需要进一步完善监管政策体系，保障碳市场平稳健康运行。

能源消费结构的清洁绿色转型事关经济社会绿色低碳发展,绿色金融是推动能源消费结构清洁绿色转型的重要手段。文章基于2011—2020年中国30个省域的面板数据,利用熵值法测度绿色金融发展与能源消费结构转型,通过核密度估计、空间分析法研究了绿色金融发展与能源消费结构转型的时空演变特征,运用双向固定效应模型与空间杜宾模型实证检验了绿色金融发展对能源消费结构转型的影响及空间溢出效应。研究发现：①绿色金融发展与能源消费结构转型总体呈增长态势,区域差距有所收敛,部分区域绿色金融发展与能源消费结构转型远高于平均值。②绿色金融发展与能源消费结构转型具有显著的空间集聚特征,均表现为正向空间自相关。③绿色金融发展与能源消费结构转型的正向空间关联性呈先增强后减弱趋势。④绿色金融发展能显著促进能源消费结构转型且具有空间溢出效应。

The green transformation of energy consumption structure is related to the green and low-carbon development of the economy and society. Green finance is an important means to promote the green transformation of energy consumption structure. Based on the panel data from 30 provincial-level regions in China from 2011 to 2020, this paper uses the entropy method to measure the development of green finance and the transformation of energy consumption structure. It analyzes the evolution characteristics of green finance development and energy consumption structure transformation by the means of kernel density estimation and spatial analysis, and empirically evaluates the impact and spatial spillover effects of green finance development on the transformation of energy consumption structure using the methods of the bidirectional fixed effect model and spatial Durbin model. It's found that: 1) Both the development of green finance and the transformation of energy consumption structure generally show a growth trend, with regional disparities converging, it demonstrate significantly higher levels of both than the average in certain regions. 2) The development of green finance and the transformation of energy consumption structure have significant spatial agglomeration characteristics, both showing positive spatial autocorrelation. 3) The positive spatial correlation between the development of green finance and the transformation of energy consumption structure shows an increasing trend followed by a weakening trend. 4) The development of green finance can significantly promote the transformation of energy consumption structure and has spatial spillover effects.