Research On The Market Effectiveness Of Carbon Discharge Trading In China

With the industrialization of mankind,the contradiction between human survival conditions and economic development is increasingly prominent,and the climate problem is becoming more and more serious.Car-bon trading,as a free means of emission reduction,can achieve the goal of emission reduction and take into account the development of the economy,which has become a globally recognized and actively adopted means of emission reduction.At present,China is the largest emission country in the world,keeping pace with the times in promoting sustainable economic development.In 2011,we began to work on the carbon market.Since 2013,the carbon trading pilot has been set up in succession.This paper mainly focuses on the operation of China’s carbon emission trading pilot and analyses the financial performance of China’s carbon emissions trading market,and judges the effectiveness of the carbon emission trading market from two aspects of the effect of the policy implementation and the financial properties of the carbon emission trading market.First of all.we selected the main carbon emission trading pilot in China.From the carbon emission trading platform of various provinces and cities,the carbon pilot of various provinces and cities was collected,such as coverage,quota allocation,performance and other related data.The market mechanism and operation situation of these experiments were combed,and regional carbon emissions were analyzed.Related issues arising from different market mechanisms in the right trading market.Secondly,from the theoretical analysis of the carbon emission trading market mechanism,six carbon emission trading pilot is selected.On the one hand,the dual difference method(DID)is used to judge the effect of carbon emission reduction in China,that is,whether it effectively affects the emission reduction cost and reduce the carbon intensity of the region.Therefore,it is found that the emission reduction effect of carbon emission trading market has achieved initial results,and the carbon emission reduction effect has been proved in practice.On the other hand,in order to assess a key financial attribute of the market allowed by the pilot city,that is,in a mature market,higher risk assets may produce higher returns,taking the rate of carbon trading price of carbon emissions trading markets as samples in each region,and using the GARCH model to count the pilot markets.The degree of volatility and its relationship with the expected return premium,this paper finds that the current rate of carbon trading price returns is not related to the expected risk,which is not consistent with the usual expectations of the financial market and the prediction of the asset pricing theory Finally,based on the actual situation of the domestic carbon market and the experience of the typical foreign carbon market,this paper discusses the research conclusions from the perspective of the market liquidity and information,and puts forward the possible problems and obstacles in establishing a national unified carbon market,and puts forward the policy suggestions for the establishment of a national unified carbon market.