Research On The Measurement Of Pilot Carbon Market Efficiency And Its Influence Factors

To control the negative impact of the greenhouse effect,countries are required to achieve environmental compliance in a cost-effective and economically optimized manner.The carbon market is innovatively designed and rapidly growing globally.However,compared to the mature international carbon emission market,China's pilot carbon market is small in size,low in liquidity,and unbalanced and insufficiently developed.It failed to fully play the role of energy conservation and emission reduction and promote the development of low-carbon industries.It is not conducive to the transformation of China's low carbon economy,and is not conducive to the promotion of China's international carbon discourse power.In order to improve the theory of China's carbon market and promote the successful implementation of the national carbon emissions trading system.Enhance the international competitiveness of China's carbon market.Based on thecarbon market efficiency,this paper starts from the three aspects of market mechanism,market efficiency and its factors,qualitatively studies the definition and performance of China's carbon market efficiency.The selection of measurement methods and the construction of the indicator system were discussed.Based on the above theories,the quantitative analysis of the actual operation conditions and market efficiency of the pilot carbon markets in China was conducted.Finally,this paper puts forward policy recommendations to improve the operation mechanism of China's pilot carbon emission market.This article first reviews the international and domestic efforts to tackle climate change and provides an overview of the evolutionary process and operational mechanisms of the carbon market,laying the foundation for a comprehensive understanding of the carbon trading system.It also shows the research ideas,research contents,research methods and key points and difficulties of this study,and provides direction for the full text of the research content.In this direction,this paper has constructed a theoretical analysis framework for carbonmarket efficiency.Firstly,this article explores the connotation of carbon market efficiency and defines it as the sum of internal operating efficiency and external economic efficiency.Secondly,combing the theory of measuring carbon trading market efficiency,according to its characterization,it proposes to use Farrell's input-output efficiency as the theoretical support of this paper.Third,comparing the method of measuring carbon market efficiency,this paper chooses to use the fuzzy synthetic evaluation and DEA method to measure the absolute efficiency and relative efficiency of the carbon market.The purpose is to examine the rationality of the market operating mechanism while examining the efficiency of the carbon market.Fourthly,the theoretical discussion on the measurement index of carbon market efficiency was launched,and a set of indicators system for measuring the carbon market efficiency was constructed.Based on the above theoretical analysis,this paper further conducted an empirical study of China's carbon market efficiency.Descriptive statistical analysis shows that: China's carbon market is still in its infancy,and there is still a certain distance from the mature carbon financial system.The absolute efficiency of the carbon market measured by the fuzzy synthetic evaluation method shows:The carbon market efficiency in Hubei and Shenzhen has always been the highest;the carbon market efficiency in Beijing and Guangdong is increasing year by year;The efficiency of the Shanghai carbon market has remained stable and at an intermediate level;In Chongqing and Tianjin,the market has always been in a downturn,but the Chongqing carbon market has been revitalized due to the beginning of its connection to the national carbon market.The relative efficiency obtained by DEA is similar with the resultobtained by the fuzzy synthetic evaluation.The specific performance is as follows: The operating mechanism of the markets in Hubei,Shenzhen,and Beijing is the most reasonable.The overall efficiency of the three carbon markets is the highest.The relative efficiency of Shanghai's carbon market has shown a downward trend.On the one hand,the low efficiency of pure technology reflects the unreasonable operation of the market.On the other hand,the low scale efficiency reminds the market to urge enterprises to participate in market transactions to increase the market size.Due to the excessive allocative emissions in the Guangdong carbon market,the efficiency of pure technology is low,and the market efficiency has been low.The carbonmarkets in Chongqing and Tianjin have the lowest relative efficiency.The two carbon markets must start from the government and the market to further improve the total transaction mechanism.Finally,this paper uses stepwise regression to quantify the potential influence factors of each carbon trading market efficiency.Three points were found: the level of economic development,the level of urbanization,and the number of companies were not related to the efficiency of the carbon trading market;the proportion of industry is negatively related to the efficiency of the carbon trading market;the degree of marketization,trading methods,and energy intensity are positively related to the efficiency of carbon markets.It shows that the carbon market is conducive to China's transformation of a low-carbon economy.Local governments should increase their attention to the carbon market and improve the carbon market mechanism so that the carbon market can optimize the allocation of resources.The ultimate goal of an in-depth analysis of China's carbon market efficiency is to provide theoretical guidance and policy advice for China to improve its carbon market.Therefore,in the conclusion part,this paper puts forward corresponding operational opinions for each pilot carbon market.Finally,on this basis,it also puts forward policy recommendations to improve the total carbon trading system of the country.In terms of government,the government should establish a systematic and comprehensive carbon legal system to ensure the stability and continuity of the upper law.In the market,when designing the carbon trading market mechanism,it is necessary to appropriately control the allocative emissions,deepen the MRV system,expand the market participants,expand trading methods and trading products,and establish information disclosure systems to increase market transparency.Finally,we must accelerate the construction of the green financial system to counter the development of the carbon market.The content of this article has some improvements over the previous ones.The main points are as follows: Firstly,combing the relevant theory of market efficiency,and constructing a theoretical framework for carbon market efficiency.Secondly,the content of carbon market efficiency is discussed in detail,and specific definitions are given.Thirdly,combining the performance of the carbon market,the applicability of input-output efficiency in the carbon marketwas analyzed,and the theoretical basis was solidified;Fourthly,measure the efficiency of the carbon trading market with different methods and increases the veracity of the results.Finally,put forward the sub-market operational suggestions and overall policy advice,with strong pertinence and feasibility.Therefore,this article has certain innovation,but there are still the following deficiencies: Firstly,the indicator system should be further improved.Secondly,the dynamic changes in the carbon market efficiency need to be further analyzed;Finally,the efficiency of the international and domestic carbon markets can also be quantitatively compared.It is hoped that subsequent researchers will continue to repair and improve,making the results more systematic and accurate.