Research On The Evaluation Index System And Evaluation Model Of Tradable Green Certificates Market Efficiency

Power generation, accessing to grid and its consumption in the market are the three obstacles in the renewable electricity industry. During the Twelfth Five-year Plan, China will launch the Renewable Portfolio Standards (RPS) to promote the construction of RPS transaction system in the renewable electricity industry.The market efficiency of the tradable green certificate (TGC) market which plays a supporting part of the RPS is directly related to the role of the market mechanism played in the renewable electricity industry. Therefore, research on the evaluation index system and evaluation model of tradable green certificates market efficiency is of great significance to regulators and market participants.Under this background, this thesis reviews the literatures and research results at home and abroad and focuses on the market efficiency evaluation of TGC. Firstly, the goal of the TGC market efficiency is defined, which is to achieve effective competition. Secondly, this paper analyzes the influence factors of TGC market efficiency and builds the index system. Based on this, the structural equation model of TGC market efficiency is constructed to make a comprehensive evaluation of it.The conclusions are as follows. Market stability, market competition, market economy and market coordinative development all have a larger impact on the TGC market efficiency. The well market structure is the most important factor among them. The price and quantity of TGC is the most direct impact factors for TGC market efficiency. Besides, the cost effectiveness of TGC is the main factors. Energy saving and environmental protection are its basic inspection indexes of market efficiency. Based on the results of the research results, the TGC market efficiency evaluation index system and model are constructed, and the model includes five first-level indicators,16secondary indexes. China should make the TGC market under the macro-control of the policies and the strict management. Then the government can increase market stability and transaction efficiency through the diversification of the TGC market. The TGC trading platform would be established to reduce the transaction costs. And international cooperation on renewable energy could be carried out to achieve economies of scale and sustainable development of industry.