中文摘要：

本文采用mgarch—BEKK模型，研究了欧洲和美国的碳市场、石油市场和股票市场之间的动态相关性。发现：自愿性碳交易市场独立于石油市场和股票市场，不具有完备的金融功能。强制性碳交易市场与石油市场、股票市场之间有一定的动态相关性，但金融功能依然不够全面。这说明了碳市场作为现代新市场形式，其市场结构、机制和功能存在缺陷的，尚未完全成为投资者的重要投资对象。

英文摘要：

This paper studies the dynamic correlation among carbon market, oil market and stock market in Europe and the United States by mgarch-BEKK models. It is conctution that voluntary carbon market, independent of the oil market and the stock market, have no complete financial function. There is a certain dynamic correlation among mandatory carbon market, oil market, and stock market, but the financial function of mandatory carbon market is still not comprehensive enough. This illustrates carbon market, as a modern form of new market, are not fully become a major investment for investors, because its structure, mechanism and function have some defects.