| In the past,the demand for energy consumption has increased year on year due to socio-economic development,resulting in increasingly serious environmental problems.For a long time,many policies have been developed to reduce carbon dioxide emissions,and carbon emissions trading,as an important policy tool to achieve the "3060" target,has gradually transitioned from the pilot stage to the national trading market stage.However,China’s carbon emissions trading market is not fully effective at this stage,and there is a large gap between China and other countries’ carbon emissions trading pilots.In order to better promote the construction of a national carbon emissions trading market,it is necessary to test the effectiveness of the pilot phase of carbon emissions trading,to identify problems in a timely manner,to develop a more reasonable and fair carbon emissions trading market mechanism,to promote China’s low carbon development,and to achieve the "3060" goal.This paper firstly compares the current status of domestic and international research on carbon emission efficiency measurement,carbon emission trading policies and market research,and understands the current research status and gaps.Then,the current situation and operation of China’s carbon emission trading market are analyzed and sorted out,and the main emission control industries in China’s carbon emission trading market are known,and a comprehensive understanding of China’s carbon emission trading market is gained.Secondly,a mixed distance function is used to measure the carbon emission efficiency of the major emission control industries,which is used as the explanatory variable.The effectiveness of the carbon emission trading policies in Beijing,Tianjin,Guangdong,Shanghai,Hubei,Chongqing and Fujian is tested using the multi-period double difference method,and its industry variability and regional variability are analysed.On this basis,whether carbon emissions trading policies have spillover effects is explored.Finally,in order to further examine the operation of China’s carbon emissions trading pilot markets at this stage,the effectiveness of the seven carbon emissions trading markets was tested using the rescaled extreme difference method.The main findings of the study are as follows:(1)At the national level,the carbon emission efficiency of the manufacturing industries included in the management of carbon emission trading generally showed a trend of decreasing before increasing,with significant differences in carbon emission efficiency but an overall efficiency value above 0.55.In terms of industry heterogeneity,the overall carbon emission efficiency of the paper industry was the best among the six industries,followed by the building materials industry,the iron and steel industry,the petroleum,chemical and non-ferrous metals industries.In terms of regional heterogeneity,the carbon emission efficiency of each industry is high in the east,followed by the central part and the worst in the west,with some inter-regional differences.(2)The implementation of the carbon emissions trading policy has had a significant positive impact on the carbon emissions efficiency of the manufacturing industry,and there is heterogeneity in the impact of each industry,and the impact on the carbon emissions efficiency of the eastern and central regions of China is more significant,with the exception of the Chongqing pilot.Only the chemical and iron and steel industries have been able to improve their own carbon emission efficiency,but also the carbon emission efficiency of the surrounding areas.(3)Using the fractal market hypothesis,we found that the index of Hurst was not 0.5for all seven pilots,and none of them reached a weakly efficient market.Among them,the Hurst index of Beijing carbon emission trading market is less than 0.5,while the Hurst index of the other six carbon emission trading pilots is greater than 0.5,which belongs to the positive persistent time series and there is long memory. |
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