Research On The Effectiveness Evaluation Of Carbon Trading Pilot Market

From June 18,2013 to June 19,2014,7 pilot carbon trading carbon market has opened.Up to now,operation status of 7 pilot carbon market is good,but the 7 pilot carbon market differs in terms of the specific quota allocation mechanism,policy system,market management mechanism and MRV trading mechanism and so on.The difference between these surfaces indicates that there is a huge difference in the depth of the effectiveness of the pilot carbon market.On the basis of the pilot carbon market,China plans to establish a unified national carbon market in 2017.Making Clear of the effectiveness of the pilot carbon market will enable us to identify the differences between the various carbon market,further more to be able to prepare for the establishment of a unified national carbon market in theory and practice.On the basis of summarizing the existing research results of market efficiency,this paper puts forward the concept of the effectiveness of carbon market,and distinguishes the internal validity and external validity.To evaluate the effectiveness of the existing pilot carbon market,we can start from the 3 aspects of quota allocation,long-term price trends and market activity.The empirical results show that except Chongqing carbon market,the rest of carbon market can be divided into two categories,the first category constituting of effective carbon market,including Guangdong carbon market,carbon market in Shenzhen and Beijing carbon market,the second kinds constituting of noneffective carbon market,including Tianjin carbon market,carbon market in Hubei and Shanghai carbon market.This paper mainly includes the following seven aspects: the first chapter introduces the basic research background,mainly introduces the background,significance,research contents,methods and ideas for the further research and put forward the general research framework;the second chapter is the literature review on the traditional market efficiency and emissions trading market,also summarizing the definition and empirical methods;the third chapter defines the effectiveness of the carbon market,at the same time establishes the evaluating index system according to the definition of validity;the fourth chapter is the main body part,selecting data for empirical pilot from the existing carbon exchanges,and analyzing the results of empirical analysis,and specific analyzing of the various carbon market validity and the validity of the cause;The fifth chapter from the perspective of the effectiveness of the financial market,the use of cluster analysis of the carbon market research,the results of the fourth chapter is echoed and evidence.The sixth chapter puts forward some policy suggestions according to the research results.The seventh chapter summarizes the main conclusions of the study,and points out some deficiencies in this study.In order to establish a more stable and smooth national carbon market in 2017,this paper puts forward some policy suggestions:First,in 2017 the national unified carbon market,we can properly consider the establishment of carbon market in Hubei or Hubei carbon market management model.Second,quota allocation.Quota allocation should be gradually changed from the free distribution of the main auction to auction ratio.And the allocation method should be based on benchmarking,so that the quota as close as possible to the actual discharge schedule.Third,improve liquidity.Should further reduce the market access threshold,the introduction of more conducive to investors and investment institutions in the carbon market policies to promote the mobility of the carbon market.Fourth,we should strengthen the innovation of financial products in the pilot carbon market and develop some carbon derivatives such as carbon futures,carbon options and carbon swaps.Fifth,improve market supervision,pay attention to the continuity of policy.It is necessary to set up special regulators to supervise the market effectively.Sixth,performance management.Do a good job in advance of the enterprise performance,verification,supervision and training,etc.,to guide us to strengthen the management of the MRV mechanism of various carbon markets,especially to strengthen the management of verification mechanisms.