Study On The Influencing Factors Of Carbon Price In China

Along with the process of global integration,the world economy is developing continuously and the scope of human activities is expanding.People are consuming more resources and have caused more and more serious ecological problems such as greenhouse effect.Environmental governance has become an important challenge in the world.The development of carbon trading market is not only an inevitable measure to solve the major contradiction between social production and environmental protection in the world,but also the inevitable requirement for China to follow the path of sustainable development and ecological civilization construction.China is committed to taking on the international responsibilities and is committed to promoting the construction of carbon markets so as to achieve a win-win situation of economic development and climate protection.China has set up seven carbon emission trading pilots and planned to establish a unified national carbon market.But China is also facing many challenges,such as the lack of pricing power in the world and the domestic market sentiment is not positive.As a result,studying carbon price influencing factors has become very important.This paper takes this as an opportunity to consummate the price formation mechanism of China's carbon emission trading market by exploring the influencing factors of carbon emission trading price.This paper adopts theoretical research method and empirical analysis method.It gives a brief review of greenhouse gas governance history.And then,the paper summarizes the research of foreign and domestic scholars.On this basis,the fourth chapter discusses the factors that influence the fluctuation of carbon price in terms of supply and demand.Considering the impact of macroeconomic situation and energy price on the demand level,the policy and other influences at the supply level will lay the foundation for the later argument.The fifth chapter uses Stata software to carry on the empirical analysis.The paper chooses BEA price in China's seven pilot carbon market as the object,selects various industrial production,electricity production,technology innovation index,environmental governance,investment,industrial waste gas treatment facilities as six explanatory variables.According to the results of the empirical test,every 1%increase in the gross industrial product will drive up the carbon price by about 0.004%,indicating that the macro economic situation has slight positive impact on the carbon price.Every 1%increase in energy production would drive up carbon prices by 0.0036%.Under the existing energy structure,the increase of energy production will increase the carbon emission,which in turn will increase the demand for carbon emission rights.Among them,power generation is the most significant factor.Power generation enterprises bear the heaviest emission reduction responsibility,and every 1%increase in power generation will cause the carbon price rise by 0.25%.The impact of the seven provinces and cities on the price of carbon is reversed,and the effect is greatest.The technology innovation index rose 1 percent,driving the price of carbon down 34.9 percent.The long-term equilibrium relationship between the technological innovation index and the carbon price makes the model has certain practical significance.At the same time,1%increase in environmental governance capital and investment will drive the carbon price down by 6.2%,each additional industrial waste management facility will drive carbon prices down by 7%.Finally,the last chapter is the conclusion and suggestion part.Based on the empirical analysis,the paper suggests that China should promote the development of financial derivatives,speed up the establishment of unified national carbon trading market,encourage technical innovation and so on.On the basis of existing domestic and abroad research,this paper analyzes influence factors of price in carbon emissions trading markets in China.Empirical research makes the article conclusion more persuasive.At the same time,adding innovative technology factors and social factors,the research gets a certain value.It is useful to perfect our country's carbon trading market and helpful for the government and enterprises to face the challenge.