Research On Market Efficiency Of Inter-regional Trading Of Emission Permits

In the context of increasing economic integration,the problem of inter-regional pollutant transport has become more serious.With the frequent occurrence of cross-regional pollution incidents such as acid rain,haze and rivers in China,the contradiction between environmental governance policies implemented by administrative regions and the spread of pollutants across regions has deepened,and the uncertainty of environmental pollution liability across regions,increased conflicts of interest between the parties.In order to solve the frequent cross-regional air pollution incidents,the State Council issued the “Air Pollution Prevention and Control Action Plan” in 2013,and proposed a regional cooperation mechanism for air pollution in the Beijing-Tianjin-Hebei and Yangtze River Delta regions.In 2014,it issued the “Promoting Further Pollution Discharge”.Guideline for the use of paid use and trading pilots,pointing out that all regions in accordance with the decision-making arrangements of the Party Central Committee and the State Council,activate the emissions trading market,give full play to the decisive role of the market in resource allocation,and basically establish the paid use of emission rights at the end of 2017.And trading system.Under this background,it is of great practical significance and theoretical significance to study the market efficiency of the pollution control mechanism across the regional pollution control mechanism and to study the economic conditions needed to increase the overall social benefits of regional emissions trading.This paper takes the efficiency of cross-regional trading market as the research object.Based on the analysis of existing research,combined with the theory of cross-regional collaborative governance,the non-cooperative game model is applied without considering the self-purification ability of the environment.The efficiency measurement model of cross-regional trading market for emission rights among regional enterprises,analyzes the influencing factors and impact mechanism of the efficiency of cross-regional trading market,and solves the economic parameter change interval of social welfare increase caused by cross-regional trading of pollutant discharge rights.The pilot area of the emission trading unit is an empirical test of the model analysis results.The study found that there is an inverted “U” relationship between the market efficiency of trans-regional trading of pollutant discharge rights and the social damage caused by pollutants.The largest output of society,the quantity of enterprises,the environmental efficiency,the dispersion of pollutant discharge per unit will affect the market efficiency of cross-regional trading of emissions rights;after removing the time fixed effect and time trend effect,cross-regional trading of emission rights in the pilot area can increase the overall welfare of the society;dispersion of unit pollutant emissions,environmental efficiency,education level variables such as foreign direct investment and market-oriented degree have positive effects on the increase of social welfare;the results of the study laid a theoretical foundation for the joint efforts of air pollution prevention and control in the Beijing-Tianjin-Hebei region and the Yangtze River Delta region.