Research On China’s Carbon Financial Trading Market And The Volatility

Climate change poses a great threat to human living environment,and carbon dioxide and other greenhouse gas emissions are one of the most important factors in global warming.The main body of carbon dioxide emissions is directly passed on to the outside world by the cost of personal responsibility,which becomes the social public cost,namely"negative externality effect".The development of "coase theory" provides a good idea to solve this negative externality effect.At present,the carbon financial market has successfully realized the scientific quantitative and market-based pricing of carbon emission rights,and the free trade through the market means that the social emission cost will be reduced.Development of carbon trading market has become a important breakthrough to promote the development of low-carbon economy,it is not only saving of resources and environmental management in areas such as the expansion of good lead demonstration effect,at the same time in the international cooperation can play its unique advantages.At present,China is in an important stage of economic restructuring,and it is a must to achieve a low-carbon economy through the development of carbon financial trading market.Announced the end of 2017,China officially launched the national carbon emissions trading market,in this context,this article through studies yield fluctuation characteristics of pilot carbon trading market in China,a thorough understanding of carbon trading market volatility,the from which aspects to strengthen the construction of the carbon trading market in China has important significance.In this paper,the yield sequence of six pilot carbon financial markets in China is selected as the research object to study its fluctuation characteristics.According to the results of descriptive statistics:six sequence of samples of carbon trading market volatility clustering,rush thick tail,long-term memory uniform shape characteristics,according to the fractal market theory and the research achievements of other scholars for yield volatility modeling,chose the ARFIMA-GARCH model to model the sequence of yield of the carbon trading market in hubei fitting,finally the empirical results show that the ARFIMA(2,0.40048,2)-GARCH(1,1)can well fit the sequence of yield of the carbon trading market of hubei province.This is of great significance for the study of other pilot carbon trading markets and the national carbon trading market built in China in the future.According to the pilot carbon trading market in China for many years the development of the status quo and the existing problems and the development of the national carbon trading market challenges,etc.,the multi-level and comprehensive combing,and combined with the empirical analysis results of pilot carbon trade market,from the emphasis on the primary market construction,speed up to complete the secondary market construction,build cooperative supervision mechanism,etc.,for the steady advance unified carbon financial market in our country put forward some policy Suggestions,hoping to our country will soon build market integration,highly financialization,comprehensive international carbon trading market.