Abstract：
Numerous economic and financial crises, particularly the present crisis in the healthcare sector, have pushed major shock spillover channels over stock marketplaces. This research studied how the shock spillover system is affected by three significant factors: Bitcoins, unpredictability, and the China stock market between 2014 and 2021. While much earlier empirical research has looked at risk dispersion in different financial markets, this article will zero in on green markets. This investigation seeks to accomplish something that has never been done before: determine whether or not green commodities, Bitcoin, and uncertainty impact the performance of the China stock market. The following are significant results based on a quantile vector autoregressive (VAR) connection. (i) A static spillover system indicates that information was widely shared across markets during intense market circumstances. (ii) The global green economy and clean energy marketplaces are the primary sources of knowledge spillover in adverse market conditions. This research elucidates the asymmetrical influence of green products, Bitcoin, and market volatility in China. This is vital due to the dynamic nature of international and regional connections. Recent studies have shown that shock spillovers are excellent for cryptocurrencies such as Bitcoin (BTC), uncertainty indices, and global carbon indexes, but bad for most eco-friendly products.
摘要：
许多经济和金融危机，特别是目前医疗行业的危机，推动了股票市场的主要冲击溢出渠道。这项研究研究了冲击溢出系统如何受到三个重要因素的影响：比特币，不可预测性,以及2014年至2021年的中国股市。虽然更早的实证研究着眼于不同金融市场的风险分散，这篇文章将关注绿色市场。这项调查旨在完成以前从未做过的事情：确定绿色商品是否，比特币,不确定性影响中国股市的表现。以下是基于分位数向量自回归(VAR)连接的重要结果。（i）静态溢出系统表明，在激烈的市场环境中，信息在市场之间广泛共享。（二）在不利的市场条件下，全球绿色经济和清洁能源市场是知识溢出的主要来源。本研究阐明了绿色产品的不对称影响，比特币,以及中国的市场波动。由于国际和区域联系的动态性质，这一点至关重要。最近的研究表明，冲击溢出对于比特币（BTC）等加密货币来说是极好的。不确定性指数，和全球碳指数，但对大多数环保产品不利。
