Research On China’s Carbon Emission Trading Market Price Based On Shadow Price Model

Since the International Climate Conference had signing the "Kyoto Protocol",the carbon emissions issue has become the focus of the international community.As the world’s largest carbon emitter,China has assumed the task of reducing carbon emissions.At the same time,it gradually started to establish carbon emissions trading system.China’s carbon emissions trading market is still in its infancy,in order to study whether the carbon emissions pricing is reasonable,it is necessary to calculate the real value of carbon emissions as an entity,that is,the shadow price of carbon emissions.Simultaneously,based on shadow price,it should measure whether there is any distortion in the price of carbon emissions trading market in our country and put forward corresponding improvement suggestions.First of all,based on the status quo of the carbon emission trading system now established in our country,this article combs the transaction overview of the carbon emissions trading market in China,and makes statistics on the data about the transaction price.At the same time,introducing China’s carbon emission trading market rules and price influencing factors.Secondly,based on the analysis of the status quo and influencing factors of China’s carbon emissions trading market price,by using parametric directional output distance function and nonparametric DEA efficiency model to calculate shadow price of carbon emission in sample areas and found that shadow prices calculated by the two methods are different,but not very different.Finally,based on the calculated shadow price of carbon emission,the distortions of the price of seven carbon emissions trading pilots in our country are measured,and the factors are analyzed according to the calculation results and EEMD method,so as to propose corrective measures for the price of the carbon emissions trading market in our country.The results of this paper have shown that: First,the theoretically estimated shadow price of carbon emission is much higher than the average price of carbon emissions trading pilot in sample areas,indicating that China’s carbon emissions trading market overall pricing is low and carbon emissions trading price is distorted.Secondly,Guangdong and Shenzhen need to implement the model integrated economic development,technological improvement and innovation,and comprehensive environmental protection.On the other hand,the phenomenon of "free riding" in Hubei and other regions needs to be resolved urgently.Thirdly,the market price of carbon emission right is distorted by the market supply and demand and heterogeneous environment together.