The Research On The Influence Factors Of Carbon Emission Price In China

The rapid growth of the global economy has brought about endless environmental problems.In particular,global warming and extreme weather caused by excessive emission of greenhouse gases have become increasingly serious.Since the 20 th century,countries have paid close attention to the topic of carbon emission reduction and signed a series of international conventions to build a carbon emission trading market.As the world’s largest developing country,China has an unshirkable responsibility for carbon emission reduction.Since 2013,China has successively established carbon pilot markets,actively signed international conventions related to environmental issues,and proposed goals for carbon peaking and carbon neutrality.Domestic carbon trading prices have also become the focus of more and more scholars.At present,Chinese various carbon pilot markets still have problems with large carbon price levels,large fluctuations,and imperfect pricing methods.Therefore,studying the influencing factors of carbon trading prices has a great significance to clarify the formation mechanism of carbon trading prices,supplement the theories of carbon price related research,establish a unified carbon market and improve Chinese competitiveness in the international carbon trading market.This paper analyzes the development background,process,current scale and market mechanism of China’s carbon finance market.It takes the carbon prices of five carbon pilot markets in Beijing,Shanghai,Guangdong,Shenzhen and Hubei as the research objects,and analyzes traditional energy from a theoretical level.Price and new energy power generation,macroeconomics,foreign carbon prices,weather and air quality,the COVID-19 epidemic and other influencing factors on the mechanism of carbon prices,using panel quantile regression models to conduct empirical analysis,and draw the following conclusions: Traditional Energy prices and new energy power generation have a negative impact on carbon prices.Most of China’s emission control companies have begun to take the steps to transform their energy structure.The increase in traditional energy prices will promote the use of clean energy and new energy by companies;foreign carbon prices are positively correlated with Chinese carbon price.Changes in the mature EU carbon market will also have an impact on China’s carbon financial market.The pricing of China’s carbon emission rights will also refer to the EU carbon market carbon allowance price;other influencing factors are when carbon prices are at different points.There are different effects,especially when the carbon price is at an extreme value.Compared with the traditional OLS regression model,the panel quantile model can comprehensively describe the different impacts of different prerequisite factors on the carbon price under each quantile,and obtain more information,which can be used for the formulation of carbon trading prices and extreme carbon prices.Regulation provides a certain theoretical basis.On the basis of the existing literature,this article adds two influencing factors,new energy power generation and the COVID-19 epidemic.From the research conclusions,it can be concluded that new energy has more and more widespread applications in China,which can help companies improve their emission reduction efficiency.It will have an impact on the price of carbon trading.At the same time,major public health events will also have an impact on the carbon financial market through the transmission of the macroeconomic and energy markets.