Research On The Risk Of Carbon Fianancial Transaction Market Based On Quota Constraints

Under the trend of promoting green finance,carbon finance market,as an emerging market,provides a new platform for practicing low-carbon economy and developing green finance.It is the deepening and innovation of green finance.Global economic development is paying more and more attention to the impact on the environment and climate.Finance,as a field with the strongest correlation with the economy,must actively develop and expand green finance.Carbon finance is an effective means to fight against climate warming and should be paid more attention to.China first conducted carbon finance trading in pilot areas.Based on accumulated experience,the national carbon trading system was launched,and local carbon exchanges were set up.In order to provide reference for the construction of carbon trading,this article selects the currently running the transaction data of the seven pilot study of carbon trading market risk,using GARCH model to depict its risk characteristics,choose VaR risk measure its fluctuations,and using linear regression study summarized fluctuations of its risk factors.The empirical results showthat the carbon price of each pilot exchange varies greatly,but the logarithmic return rate is characterized by volatility and heteroscedasticity.In this paper,on the basis of the original literature research,the carbon trading market risk empirically,sums up the current problem of carbon finance market development in our country,namely under the total allocation constraints,each pilot carbon trading market segmentation,the lack of liquidity in the market,market risk mainly comes from its own factors,segmentation of market is not conducive to unified regulation,to establish a national carbon trading market.On the basis of empirical study,this paper puts forward relevant policy Suggestions:1.Effective combination of free distribution and paid distribution;2.Realize cross-regional trading to improve market liquidity;3.Strengthen information disclosure;4.We will steadily establish a national carbon emissions trading market.