Research On Excessive Price Volatility In Carbon Financial Market And Its Stabilization Strategy

With the rapid development of the economy,how to solve environmental problems has become an important direction of concern around the world.At present,more and more countries encourage low-carbon economy and call on human beings to reduce carbon emissions in production and life,so the carbon financial market has emerged.Generally speaking,the carbon financial market in foreign developed countries was established earlier,and the market system is relatively mature and perfect,but China’s carbon financial system was established late,and there are still great shortcomings,so the price of carbon emission rights fluctuates greatly.As the world’s attention to climate change intensifies,the policy formulation of a "low-carbon economy",the implementation of green finance,and the in-depth implementation of supply-side structural transformation are all key to promoting China’s sustainable development.Studying the excessive fluctuation of carbon emission rights and prices in China’s carbon financial market system and its stabilization strategy is of great significance to the smooth operation of China’s carbon financial market,promoting the stabilization of emission reduction costs of emission control enterprises,and reducing speculators to disrupt the market,and making great contributions to China’s smooth realization of the dual carbon goal of "carbon peak and carbon neutrality".This study takes several carbon emission trading markets in China’s carbon finance system as the research objects,studies the excessive price fluctuations of China’s carbon financial market,and determines the quantitative design of two short-term excessive fluctuation indicators suitable for China’s carbon financial market,and finds that China’s carbon financial market is in a state of excessive volatility compared with more mature carbon financial markets abroad.Through the study of the causes of excessive fluctuations in China’s carbon financial market,the reasons for excessive price fluctuations in China’s carbon financial market are analyzed from the aspects of development stage,market participants and trading products,trading rules,market supervision and investor behavior.Then,through the non-equilibrium panel data,the influencing factors of carbon emission price change are studied from the aspects of policy,economic environment,energy market price and climate environment,and the results show that the economic environment,energy price and environmental quality all have a significant impact on the change of carbon emission allowance price.Combining the causes of excessive price fluctuations in China’s carbon finance market and the influencing factors of carbon emission allowance prices,this paper designs a price stabilization strategy suitable for China’s carbon finance market from two aspects:price adjustment and market system deficiencies.Strategies for price adjustment include the adjustment of carbon quotas,the establishment of a maximum and minimum price system,the establishment of an intertemporal savings and lending system,offset policies,adjustment of related market prices,stabilization of economic forms,and adjustment of corporate polluting gas emission restrictions.Strategies to improve the carbon financial system include increasing market participants,enriching market trading varieties,strengthening carbon emission data supervision,increasing the proportion of carbon allowance auctions,and strengthening information disclosure.