Research On Influencing Factors Of China’s Carbon Emissions Price

With the release of the first Global Climate Change Assessment Report(1990)of the United Nations Intergovernmental Panel on Climate Change,the issue of global warming has increasingly attracted the attention of governments.In fact,the greenhouse effect formed by the greenhouse gases represented by carbon dioxide has threatened the survival and development of human beings and caused huge losses to the global economy.In order to alleviate the greenhouse effect and reduce global carbon dioxide emissions,governments of all countries treat carbon dioxide emission rights as a commodity in accordance with the "Kyoto Protocol",thus forming a trade in carbon dioxide emission rights.China has been developing carbon trading for six or seven years,so what is the status quo of China ’s carbon market construction,what are the characteristics of the carbon market operation,and what are the main problems in the development of the carbon market,especially the factors that cause fluctuations in the price of carbon emission rights? Which? In response to these problems,this article launched a study.The idea is: Based on the carbon spot market,research on the factors that affect the trading price of carbon emission rights will provide new ideas for further improving the mechanism construction from the pilot market to the unified national market.The richness of carbon financial products is an important indicator to measure the healthy development of the carbon market.In the case that China ’s carbon financerelated business activities have not become the norm and the products in China ’s carbon financial derivatives market are single,this paper analyzes the development of China ’s carbon financial derivatives market by studying the impact of carbon forward transactions on carbon emissions trading prices Whether the conditions are mature enough to provide support for the development of other carbon financial derivatives in China.In terms of the spot market,based on the theory of demand and supply,this paper selects macroeconomic,energy prices,climate and environmental factors based on the demand level,selects policy factors based on the supply level,and selects international carbon price factors based on the economic open system level.The influence of factors on the trading price of carbon emission rights.Taking into account the completeness of carbon emissions trading price data,five pilot sites in Beijing,Shanghai,Hubei,Shenzhen and Guangdong were selected as the research objects,and monthly panel data from January 2015 to February 2019 were selected for regression analysis.The results show that macroeconomics,energy prices,and policies have a significant impact on carbon emissions trading prices,while climate factors and international carbon prices have little effect.Among them,the macroeconomic indicator CPI and the natural gas spot price growth rate in the energy price indicator have a significant negative impact on the carbon emissions trading price,and the Daqing Petroleum spot price and auction policies in the energy price indicator have a significant negative impact on the carbon emissions trading price.Positive impact.In terms of the carbon financial derivatives market,there are many major types of carbon financial derivatives in the world.At present,there are several pilot carbon markets in China that are not eligible for futures trading,and only some pilots have carried out carbon forward trading.Whether the impact of carbon forward trading on carbon trading prices is significant.Because of the five pilots,only Hubei and Shanghai piloted carbon forward trading.In this paper,a multi-period double differential model is used for modeling and analysis,combined with a series of robustness tests and heterogeneity tests,the implementation of carbon Periodic trading has a significant positive impact on the price of carbon emissions trading.Finally,this paper puts forward suggestions for the development of China’s carbon market in terms of promoting the formation of a carbon emissions trading pricing mechanism,promoting the operation of a unified national carbon market,and developing innovative carbon financial products.