Analysis Of The Participants And The Transaction Object In The Carbon Financial Market And Their Influencing Factors

Along with the global climate is gradually warming and extreme weather hasbecome more frequently, global weather change issues have become increasinglyprominent. Many countries have actively taken effective measurements to deal withthis situation, especially the agreed 《United Nations Framework Convention onClimate Change》and《Kyoto Protocol》as well as the three carbon emission reductionmechanism: Clean Development Mechanism(CDM), Joint Implementation(JI) andEmissions Trade(ET). These mechanism create standard legal and decision-makingbasis to cope with climate change situation, also it is the starting point of humantowards a new phase in the protection of the environment and climate change.As a developing country, although there is no need to perform the mandatoryemission reduction obligation, the consumption of resources and environmentaldamage are increasing with the rapid economic expansion. To protect theenvironment effectively and cope with the climate change, China needs to design areasonable plan to reduce carbon emissions, improve the legal system related to thecarbon trading, create new ways and means to carbon emission reduction phase byphase according to our own situation of social and economic development. Ultimatelyestablish our unified carbon finance market system, effectively promote the reductionof greenhouse gas, realize the coordinated development of Chinese social, economicand ecological environment.This article is to analyze the transaction subject and object participants in thecarbon financial market and their influencing factors, find the existing problems, takeeffective measurements, so as to establish a multi-level and diversification of Chinesecarbon finance market’s subject and object, improve the subject participants function level, enrich the transaction object types and trading mode, provide decision-makingbasis for the final establishment of China’s reunification of the carbon finance market.This article can be divided into eight parts, as follows:The first part, review the relevant theory of carbon finance. This part includes:the externality theory, property rights theory and environmental financial theory.Through teasing and researching the domestic and foreign related theories of carbonfinance to create a strong theoretical foundation for the further analysis of thetransaction subject and object participants in the carbon financial market and theirinfluence factors.The second part, carbon finance and carbon financial market and itsclassification. Through the analysis of the connotation, the origin and the role ofcarbon finance to clearly defines the scope, at the same time, through the analysis ofthe carbon finance market to understand the carbon finance market definition andclassification, and provides a logic basis for the next analysis.The third part, analysis of the transaction subject and object participants inthe carbon financial market. this part has carried on the analysis to the carbonfinancial market subject and object participants`definition and composition. Thecarbon financial market transaction subject can be divided into: the organize andmanage department, market supervision institution, agency service institution andmarket traders; The carbon finance market transaction object can be divided into:carbon quotas, the CDM project CERs, carbon voluntary emission reduction andcarbon futures and other financial derivatives.The fourth part, the European Union and the United States carbon financialmarkets’ subject and object composition analysis. In this part the selection of theforeign carbon financial market system needs to have perfect system, stable operationand experienced management, thus two representative regions of the European Unionand the United States were analyzed, among them, the EU represents mandatorycarbon financial market, the United States represents voluntary carbon financialmarket. Through the analysis, draw upon the European Union and United Statescarbon financial market experience, summed up the issue to provide effectivereference to build Chinese carbon financial market subject and object participants. The fifth part, analysis of subject participants`structure of domestic carbonfinancial market. This part mainly through analysis and study the structure of subjectparticipants, such as the organize and manage department, market supervisioninstitution, agency service institution and market traders of Chinese carbon financialmarket to find and analyze the existing problems, so as to formulate effectivemeasures to improve and perfect the supervision and management of the carbonfinancial market and service system.The sixth part, analysis of object participants`structure of domestic carbonfinancial market. This part mainly through analysis and study the structure of objectparticipants, such as the carbon quotas, Certified Emission Reduction of CDM project,carbon voluntary emission reduction in primary stage and the carbon futures,options and other derivative products in maturity stage of Chinese carbon financialmarket, including their development status and transaction mode of objectparticipants, thus finds the problem, sum up experience, and constantly improve thetypes of Chinese carbon financial market object participants, enrich their servicecontents and methods.The seventh part, analysis the influence elements of the carbon financial marketsubject and object participants. This part is mainly through the analysis and researchon the factors affecting the carbon financial participation subject and object in ourcountry, so as to find effective measurements to improve and perfect Chinese carbonfinancial market and to provide the reasonable structure foundation in order to build aunified carbon market.The eighth part, research on the conclusion, measurement and recommendation.This part mainly through analysis and research of the above seven parts to providesome thoughts and suggestions relating to the construction of the carbon financialmarket in China. Including:A) Improve the system of laws and regulations related to Chinese carbonfinancial market;B) Enhance the liquidity of Chinese carbon financial market;C) Develop and train the professional experts of Chinese carbon financialmarket; D) Improve the level of the subject participants of Chinese carbon financialmarket;E) Enrich variety and transaction mode of the transaction object participantsof Chinese carbon financial market.