| The atmosphere is a necessary condition for maintaining the survival and development of human society.Since the 20 th century,human overly depended on fossil fuels and excessive destruction of forest resources have led to the destruction of the stability of natural ecosystems,the intensification of the global climate crisis,and the frequent occurrence of extreme weather events such as strong typhoons,heavy rainfall and strong high temperatures,which seriously threatens the sustainable development of human economy and society.The carbon trading market has provided new momentum for global climate governance.The construction of China’s carbon trading market began with the "7+2" local pilot,and after years of cultivation and development,based on the experience of local pilots,the national unified carbon trading market officially launched online trading in July 2021.However,with the continuous development of China’s carbon trading practice,local pilots and the national unified carbon trading market have become increasingly inefficient,sluggish market transactions,low trading prices,poor market liquidity,etc.,how to further play the regulating role of carbon price signals,tap the financial attributes of the carbon trading market,and promote the efficient use of emission reduction resources all need in-depth consideration.Currently,China has devoted itself in a new departure of thoroughly establishing a modern socialist power and comprehensively promoting the great rejuvenation of the Chinese nation.On the road of forging ahead on a new journey,how to accelerate the improvement of the construction of the national unified carbon trading market around the "people-centered",form a scientific and reasonable carbon emission trading price mechanism,actively and steadily promote the "dual carbon" work,and realize the green transformation of the development mode,this requires not only a profound understanding of the theoretical connotation,but also a close integration with reality to solve practical needs.Accordingly,it is of crucial theoretical and practical value to profoundly consider the problem of China’s carbon emission trading price mechanism,objectively understand the practical difficulties faced by improving the carbon emission trading price mechanism,and grasp the future development direction of the national unified carbon trading market.Found on Marxist theory,supported by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era,and taking a page from Western economic theory up to a point,this paper "deconstructs" the price mechanism of China’s carbon emission trading into a price formation,operation and regulation mechanism,and carries out a general and systematic study.The full text is arranged according to the "total-scoretotal" structure,and the analysis is carried out。The first part is a comprehensive description,consisting of chapters 1-3.This part makes plain the research settings,research sense,research contents,research approaches and other elementary parts of this paper,sorts out the core concepts and related theories involved in this paper,constructs the theoretical analysis framework of China’s carbon emission trading price mechanism.This part plays a fundamental role in the study of the whole text;The second part is a sub-thesis,making up of chapters 4-7.According to the established analysis framework,the formation,operation and regulation mechanism of China’s carbon emission price are analyzed in turn,and the development experience of the EU carbon emission trading price mechanism and its enlightenment to China are summarized.This part is the major part of the full-text study;The third part is recommendations,summary and outlook,consisting of chapters 8-9.This part conters on the issues,puts forward the corresponding enlightenment for optimizing the price mechanism of China’s carbon emission trading,sums up the principal conclusions of the full-text study,and hopes for approaching possible associated research directions.This section is a summary of the full text.The main findings of this paper cover the following six aspects:First,in terms of value foundation,first of all,the profound analysis of the value of natural resources cannot be separated from the Marxist labor theory of value,and we must stick to the basic principles and methods of Marxism and analyze the value of natural resources from reality.As one of the crucial contents of natural resources,the value of atmospheric environmental resources invested in development and utilization has a dual nature,including both the valueless part as a native natural resource and the valuable part that condenses human materialized labor,which is an organic whole composed of the two.This duality of values also determines the duality of carbon prices.A part of the carbon price that belongs to the original and valueless is the "real land rent",which is paid for the use of the carbon emission allowance itself,and has nothing to do with the amount of value,but belongs to another part of the carbon price that condenses human physical labor,which is the monetary expression of value and is related to the amount of value.The duality of the value of atmospheric environmental resources and carbon price invested in development and utilization is closely related to the ownership issue and is the product of certain production relations;Second,Carbon trading is achieved through carbon emission rights,and in the socialist carbon trading market with Chinese characteristics,the ownership of atmospheric environmental resources is nominally jointly owned by the state on behalf of all citizens,and carbon emission rights are the quantitative use of atmospheric environmental resources under legal restrictions;Third,as a unique commodity,carbon emission allowances are virtual and technical,and carbon emission allowances are also a continuum of value and use value.Through institutional design,carbon emission allowances have become a conscious social need,and thus have social use value.From this point of view,the commodity value of carbon emission allowances is equivalent to the valuable part of human physical and chemical labor condensed in atmospheric environmental resources.Carbon emission rights are not originally labor products,they appear by law,so they have no value in themselves.However,in practice,the government’s tracking and monitoring of carbon emission allowance allocation,as well as the R&D and innovation of emission control enterprises,all require a lot of simple and complex labor;Finally,the pricing of carbon emission allowances is general and specific.The pricing of carbon emission allowance commodities by enterprises has the commonality of general commodity pricing,that is,the pricing of carbon emission allowance commodities also needs to be carried out under the legal norms formulated by the government.However,it is difficult to fully realize the sustainable use of atmospheric environmental resources by relying on the carbon price determined by the market mechanism alone,and the government must give full play to its macro-control role,consider the cost constraints faced by enterprises in the research and development of emission reduction technologies,provide strong policy support,and stimulate the enthusiasm of enterprises for R&D and innovation.At the same time,the government should fully consider the public and intergenerational nature of atmospheric environmental resources,achieve reasonable allocation of quotas,and form an effective carbon price,so as to promote coordinated regional development and sound and steady economic and social development.Second,in terms of mechanism composition,China’s carbon emission trading price mechanism consists of three major parts: price formation mechanism,price operation mechanism and price regulation mechanism.Among them,the price formation mechanism of China’s carbon emission trading is a price formation process led by the government that gives full play to market laws,which mainly involves two levels.The first level is the initial quota allocation in the primary market,and the second level is the formation of trading prices in the secondary market.In the initial allocation of allowances in the primary market,the government dominates,and the initial allocation determines the scarcity of carbon emission allowances,that furtherly has an influence on the supply-demand relationship in the secondary market.Based on the initial quota allocation,the transaction price in the secondary market is the price formed according to the market law;The operation mechanism of China’s carbon emission trading price affects the operation of the national economy,which is not only the result of the spontaneous behavior of market entities driven by interests,but also the role of government forces.The operation mechanism of China’s carbon emission trading price mainly includes two levels: the realization process of carbon price and the market regulation role of carbon price.The first level is the process of achieving carbon prices,which is closely related to the trading process of allowances.If allowances cannot be successfully sold in the market and converted into currency,there is no regulating role in carbon prices.The second level is the market regulation role of carbon price,which is closely related to the transformation process of enterprise capital,on the basis of carbon price realization,carbon price fluctuations will prompt emission control enterprises to adjust their production and operation decisions,and then affect the " G-W…P…W’-G’" enterprise capital cycle,regulate production,distribution,exchange and consumption in social reproduction,so as to promote enterprise technological innovation,optimize regional industrial structure,and achieve green and low-carbon development;China’s carbon emission allowance price regulation and control mechanism is a necessary measure to maintain the basic stability of carbon prices,an effective means to compensate for the weak points of the market mechanism,a suitable meaning to consummate the socialist market economic system with Chinese characteristics,and an disinterest approach for sticking to the people-centered approach.Carbon price regulation is based on the formation of market mechanism,which mainly involves three links: government regulation and decisionmaking,market transmission of policy signals,and price monitoring and early warning.Economic,administrative and legal means are the main means for the government to regulate carbon prices.Third,in terms of initial quota allocation,emission reduction costs are an important basis for the government to allocate initial allowances and set auction floor prices,and carbon dioxide shadow prices can quantify emission reduction costs from a marginal perspective.This paper uses the NDDF-based DEA method to measure the shadow price of carbon dioxide and the Morishima input substitution elasticity in various provinces,cities(regions)in China,and further establishes a carbon emission allowance allocation model according to the principles of equity,efficiency and sustainability,and discusses the quotas that can be obtained in different regions under the single principle and the composite principle.The analysis found that:(1)on the whole,the shadow price of carbon dioxide shows an upward trend,but the degree of dispersion gradually increases;(2)the regional difference of the shadow price of carbon dioxide is significant,and its average and weighted average values indicate that the regional development level,carbon emission level and carbon dioxide shadow price are closely correlated;(3)there is substitution between energy and capital,energy and labor,and this substitution also shows obvious regional differences.In general,energy is easier to be replaced by labor than capital;(4)the distribution scheme according to the principle of fairness is beneficial to economically underdeveloped regions with lower production efficiency,while the distribution scheme according to the principle of efficiency is beneficial to economically developed regions with higher historical emissions,and the compromise distribution scheme based on the principles of fairness,efficiency and sustainability is more in line with China’s development reality,which can not only reduce the cost of social emission reduction as much as possible,but also fulfill emission reduction commitments,ensure the smooth and healthy operation of the economy and reduce the regional development difference.In addition,a Cournot-Stackelberg model is constructed to analyze the correlation between the market power of control firms and the initial quota allocation and market equilibrium.The results show that in both the electricity market and the carbon trading market,oligopolistic enterprises have strong control capabilities,and competitive peripheral enterprises are price takers.With their strong market power,oligopolies can manipulate electricity and carbon prices by adjusting production decisions to control the power generation and net trading volume of the carbon trading market by competing peripheral firms.At the same time,under the premise of the baseline method,the carbon emission rate and industry baseline of enterprises are closely related to the emission reduction benefits of enterprises.Fourth,in terms of factors affecting carbon prices,the carbon trading market is based on environmental governance tools stipulated by the government,and its trading price formation will not only be affected by market rules,but also by policy systems.This paper uses the GA-BP neural network model and MIV method to empirically analyze the impact of energy prices,macroeconomic environment,temperature conditions,policies and institutions,national carbon prices and exchange rate factors on carbon prices in five pilot areas of Shenzhen,Shanghai,Beijing,Guangdong and Hubei.It is discovered that:(1)there is districted disparity in the effect of each important factor on carbon price in the five pilot areas,but on the whole,the impact of each influencing factor on carbon price in the five pilot areas is roughly the same;(2)the impact of energy price and macroeconomic environment on carbon price in each pilot area is generally strong,among which energy price is the most important factor affecting carbon price,and the impact of coal price,crude oil price and natural gas price on carbon price decreases in order.The impact of temperature conditions,international carbon prices and exchange rates on carbon prices is generally weak.The impact of policy and regime on carbon prices is not obvious.Fifth,in terms of the process of carbon price fluctuation,in the carbon trading market,carbon price fluctuation is an important prerequisite for carbon price to play a regulating role,and carbon price fluctuations within a certain range can effectively regulate social reproduction activities and serve the "dual carbon" target policy system.However,large fluctuations in carbon prices may trigger market risks and adversely affect the operation of carbon trading markets.This paper empirically analyzes the carbon price fluctuation process of five pilot carbon trading markets in Shenzhen,Shanghai,Beijing,Guangdong and Hubei and the national unified carbon trading market through the GARCH family model.It is discovered that:(1)the GARCH family model can much better adpat each carbon price yield series in conditions of the t distribution or GED distribution,and each carbon price yield series shows obvious characteristics of "spike thick tail" and "volatility aggregation",which means that carbon prices are prone to fluctuate beyond the general range,future fluctuations are also susceptible to current fluctuations,and the continuous higher or lower fluctuations have a strong long memory and continuity,obviously,the carbon trading market has certain financial attributes;(2)compared with mature financial markets,None of the carbon price yield series showed distinct asymmetric effect and risk premium,the holding willingness of market entities was low,the degree of marketization and financialization was insufficient,and the investment and financing functions of the market were not perfect.Combined with the above analysis and actual situation,this paper further analyzes the current situation of carbon price fluctuations in each pilot carbon trading market and the national unified carbon trading market,and the results show that the volume and price fluctuations of each pilot carbon trading market and the national unified carbon trading market are generally more violent,and the fluctuation of trading volume amplifies the fluctuation of carbon price,most of the transaction dates are concentrated near the date of compliance and payment,and the emission control enterprises mainly trade out of compliance pressure,and the current carbon price is difficult to reflect the real cost of emission reduction.Sixth,in terms of international experience enlightenment,from the perspective of price formation mechanism,operation mechanism and regulatory mechanism,the EU development experience of carbon emission trading price mechanism is summarized.Among them,the EU has improved the price formation mechanism from the aspects of target setting,coverage,distribution method,MVR system,etc.,optimized the price operation mechanism from the aspects of trading platform,participants,trading products,performance system and information disclosure,and improved the price control mechanism from the aspects of policy and legal system,technical support platform and regulatory system construction,in addition,the EU has not only established a storage and lending system and a stable market reserve system to maintain carbon price stability.Government low-carbon support has also been strengthened to support investment in low-carbon technologies.Further six major policy implications were derived,namely,the government needs to steadily promote the construction of the carbon trading market;Activate the financial attributes of the carbon trading market and create a standardized trading platform;pay attention to toplevel planning and guidance,and promote infrastructure construction;Through appropriate government regulation,an effective carbon price signal is formed;to signal effective carbon prices;Clarify the functions of regulatory bodies and increase information disclosure;Pay attention to policy coordination and give full play to the role of carbon price regulation.This paper examines possible innovations in the following three areas:First,found on the standpoint of political economy,and nearly bound up with the development practice of China’s carbon trading market,this paper constructs a theoretical analysis framework for the price mechanism of China’s carbon emission trading.Most of the existing research is based on the perspective of Western economics,using mathematical models and measurement tools to analyze the carbon price problem,or summarizing and discussing the operation effect and improvement measures of the carbon trading market from the policy level.There are few literature that systematically studies the price mechanism of China’s carbon emission trading from the perspective of political economy.In consideration of this,this study intends to commit Marxist theory to construct a theoretical analysis framework of China’s carbon emission trading price mechanism,and roundly "dissects".In the specific analysis process,this study discusses the value of natural resources,the value of atmospheric environment resources and carbon prices,as well as the socialist carbon trading market with Chinese characteristics and carbon emission rights based on "value",and further clarifies the characteristics and two factors of carbon emission commodities,and analyzes the generality and particularity of carbon emission commodity pricing.On this basis,according to the definition of the connotation and extension,structural composition and subjects involved in China’s carbon emission trading price mechanism,an analytical framework of China’s carbon emission trading price mechanism is constructed.Under this theoretical analysis framework,the formation,operation and regulation mechanism of carbon emission trading prices that are interrelated and interact constitute an organic whole,which provides a more reasonable research idea and reference for the systematic and comprehensive study of China’s carbon emission trading price mechanism and further optimization of China’s carbon emission trading price mechanism.Second,starting from "value",this paper clarifies the duality of the value and carbon price of atmospheric environmental resources and carbon price after development and utilization,as well as the special commodity attributes of carbon emission rights,which may enriches the theoretical research on ecological protection compensation mechanism to some extent.The carbon trading market is an considerable part of the ecological protection compensation system,and the carbon price that reflects the value of atmospheric environmental resources is an important basis for promoting the effective compensation of the interests of energy conservation and emission reduction enterprises.However,since the launch of carbon trading in China in 2013,most scholars have only limited their discussion of carbon pricing to appearances,and lacked analysis of the essence of its value.Based on this,this paper takes "value" as the starting point of theoretical analysis,reviews the existing debate on the value of natural resources,analyzes Marx’s views on the value of natural resources,clarifies the duality of the value of atmospheric environmental resources and carbon price imposed by human labor,and then analyzes the essence of the socialist carbon trading market with Chinese characteristics and the national ownership of atmospheric environmental resources in combination with China’s institutional foundation and development reality,and explains the intrinsic relationship between atmospheric environmental resources and carbon emission rights.This paper discusses the virtual and technical nature of carbon emission commodities and the two factors,and emphasizes the leading role of the government in the pricing process of carbon emission commodities,hoping to have a deeper understanding of carbon price and the carbon trading market from the value form,and lay a value foundation for the analysis of China’s carbon emission trading price mechanism later.Third,this paper divides the operation mechanism of China’s carbon emission trading price into two levels,and under the guidance of Marxist circulation theory and reproduction theory,discusses the regulating role of carbon price on social reproduction links such as production,distribution,exchange and consumption on the basis of the smooth realization of quota trading.Price movement is achieved through the circulation of goods.Commodity circulation is closely connected with price operation,which plays a regulating role in the process of social reproduction in the process of transferring commodities from "producer-consumer".Based on this,in the process of research,this paper attempts to divide the operation mechanism of China’s carbon emission trading price into two levels,and analyzes it by using Marxist circulation theory and reproduction theory.Specifically,the first level is the process of achieving a carbon price,which is closely related to the trading process of allowances.In the carbon trading market,if the transaction cannot be successfully completed,the quota cannot be converted into currency,the carbon price cannot be successfully realized,and the regulating role of the carbon price signal cannot be discussed.This paper discusses the trading process of carbon price from five aspects:trading entity,transaction target,trading platform,trading method and performance and payment.The second level is the market moderating effect of carbon prices,which are similar to the " G-W…P…W’-G’" is closely related to the process of corporate capital circulation.This paper focuses on how carbon prices fluctuate up and down,causing emission control enterprises to adjust their economic behavior,which in turn affects the " G-W…P…W’-G’" enterprise capital form transformation,regulate production,distribution,exchange and consumption and other social reproduction links,so as to promote enterprise technological innovation,optimize regional industrial structure and achieve green and low-carbon development. |
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