An Empirical Study On The Influencing Factors Of My Country's Carbon Emissions Trading Pric

From the beginning of the establishment of domestic carbon emissions trading pilots to the implementation of carbon emissions trading system,the successful application of carbon emissions which is the environmental policy instrument to alleviate the deterioration of the climate problem.After the year of 2013,carbon emissions exchange is established in Shenzhen,Beijing,Shanghai and other regions.The carbon emissions trading play a important role in domestic emission reduction actions.The healthy development of the pilot provinces of carbon emissions trading markets need to stabilize market price,the stability of market price is able to affect the mood and trading activity of participants,and ultimately will affect the establishment of domestic unified carbon emissions trading market.At present,the studies of the factors that affect carbon emissions trading price,the analysis is more to stay at the theoretical level,the less empirical research.Based on the theoretical analysis,analysis of a series of factors that may affect the price of carbon emissions which change the market forces of supply and demand sides,thereby affecting the price of carbon emissions trading.Then quantitative study of these factors,the article classify these factors according to they are significant or not and the direction of the effects they play.Finally the article provide the reference for domestic policy makers that manage carbon emissions trading market,to make carbon emissions market trades stably,orderly and healthily.Firstly,the article expound the research background and significance of this topic.After studying domestic and foreign literature research,the article summarized several factors which affect the price of carbon emissions.Then introduces the concept and characteristics of carbon emissions,which were combined with theoretical analysis to figure out the basis of transaction,the process of transaction and the mechanism of market transaction.Then the factors affecting the price volatility of carbon emissions are inducted into the political,economic,energy aspects were analyzed.Combined with the analysis of carbon emissions trading and the development of the pilot provinces,the article decided to select carbon allowance price of Shenzhen Emissions Exchange as the dependent variable to build multiple linear regression model.This article selects the closing price of transaction types SZA-2013 as the price of carbon emissions,the explanatory variables HS300 Index and the S&P 500 index represent domestic and foreign economy development,oil and gas index on behalf of the S&P Goldman Sachs Commodity Index represent foreign energy prices,domestic energy prices select the closing price crude oil and coal of Bohai Commodity Exchange,power Index of domestic energy online as a representative index.The article selects 301 data of consecutive days,and combined with the theoretical analysis construct multivariate linear regression model.After the quantitative analysis,some variables can explain SZA spot price changes.the S&P Goldman Sachs Commodity Index Oil and SZA spot prices have a positive relationship,on the contrary,the domestic power index and SZA has a significant negative correlation;HS300 index and SZA spot price have a positive relationship;foreign gas price and domestic oil price play the obvious impact on SZA spot price.Based on the research,this article gives advice to the domestic carbon emissions trading market from the policy level,market level and law level.At the policy level,policy makers can adjust the instability of market prices through macro measures;At the market level,we can speed up the construction of carbon futures market,then companies can make use of this tool to avoid risks and ultimately improve enterprises to participate in the enthusiasm of the transaction;At the legal level,we need to improve the relevant laws and regulations to provide an effective protection mechanism for the carbon emissions market.