| The global climate change whose essence is the environmental externality problem has become one of the most important environmental issues. The solution of environmental economics is to internalize the external costs provided by greenhouse gas emission. As a result, carbon market came out. As one of the most important international carbon emission reduction ways, carbon emission trading market faces great challenge with its expansion. On the one hand, the quota trading system of European Union Emission Trading Scheme (EU ETS) faces with severe market failure, price landing hard continuously and market almost collapsing for several times. On the other hand, china, as a responsible developing country, started regional trying of carbon emission trading market, and developed different kind of carbon market in different regions, afterwards, integrates the theory and practice. We need to optimistically summarize the successful experience and develop top-level design, to scientifically promote integrity of different regional markets and finally achieve the formation of countrywide unify carbon market.In this new background, aiming at the international cooperation and system establishment of china’s carbon market, we adopt to integrate the theoretical research and empirical research, qualitative and quantitative analysis, to carry out systematical research. The essay firstly summarizes and researches the present relative theory of carbon market home and abroad and the basic framework of emission trading, and concludes the background; forming process; market features and developing shape. By analyzing general operating principle, we compare different greenhouse gas reduction policies, collating and discuss environmental economics theory of carbon emission management. Basic on it, we focus on the system of international carbon market and discuss the main problems existed by using the emission trading theory in environmental economics as an entry point. Empirical research analyzes the price data of EU ETS using econometrics tool (GARCH Model) and figures out how to cope with and intervene to the price influence factors, to achieve market steady development during the carbon market going on. We process model analysis for carbon emission reduction cooperation between countries using game theory, furthermore, putting forward our countermeasure faced with the game in international carbon negotiation. Finally the paper puts forward carbon trading district development programme and top-level design suitable for China’s national conditions and economic and social development stage using comparative analysis and case analysis.The structure of the paper is as follows:Section1is the introduction. We illustrate the background; the practical significance; the research status; the research method and the basic framework.Meantime, the paper introduces briefly the essence of global climate change, as well as Chinese situation and policy, and introduces the basic strategy framework and institutional system. One of the clues is to focus on the law and institution of global carbon emission trading formed during a series of international conventions and protocols from United Nation Framework Convention on Climate Change to Kyoto Protocol to the global climate negotiations in Copenhagen, Cancun, Durban, and Warsaw. Meantime, discuss the world’s carbon market construction actuality and development tendency of main economies.Section2is the literature review, a systematical carding of climate change, a summary and analysis aiming at the present relative theory of carbon market home and abroad and the basic framework of emission trading. The paper concludes collates and commends systematically the environmental economics theory of emission management, focusing on the international carbon emission trading institution, and discusses deeply about the main problems existed. Compared different environmental management policy instruments, basic on the emission trading theory in environmental economics, using rational economic model, we try to discuss the advantages and disadvantages of different environmental management policies like carbon trading, emission price and carbon tax.Section3is the international negotiating process and the situation our country faces with, mainly to introduce the basic strategy framework and institutional system when international society faces with global climate change. One of the clues focuses on the law and institution of global carbon emission trading formed during a series of international conventions and protocols from United Nation Framework Convention on Climate Change to Kyoto Protocol to the global climate negotiations in Copenhagen, Cancun, Durban and Warsaw, meantime, concludes the influence of china’s economy and social development. Constructing the game theory model, we analyze the situation we face with and the best strategy we ought to adopt in the post-Kyoto international negotiation, and conclude the present international carbon trading market development pattern and the deep reasons hiding behind.Section4is about the international carbon trading system. This section looks back the carbon trading market systems of Europe EU ETS, the United States, Australia, New Zealand, Japan and so on, and then makes comparison. We divide the structures of global carbon trading market, including compulsory market and voluntary market, international market and domestic market, etc. and analyze the influencing factors basic on trading rules, emission reduction policy, funding mechanism and process pattern of carbon emission. In the aspect of carbon emission trading practice, we mainly talk about the carbon trading market model and operating experience formed during "European Union Emission Trading Scheme" and "emissions reduction plan of Chicago Climate Exchange"Section5is about the empirical analysis about the carbon trading price. We use EUA daily data of the Bluenext, considered the largest carbon permit spot market, from18th August,2008to1st August,2012, covered almost all the period of the second stage of EU ETS, whose fluctuations in trading prices basically reflect the supply-demand relationship of carbon emission quota in EU ETS system. The paper analyzes the influencing factors of carbon market trading price using carbon trading market’s yield rate fitted by A-PARCH model and concludes the experience and inspiration for constructing our domestic carbon trading market using empirical analysis basic on the economics of yield rate and influencing parameters.Section6is china’s carbon market development and prospect, talking about the development process, current situation and prospect. We mainly introduce the historical process of the international carbon market China took part in and major countries’bilateral and multilateral climate cooperation, to analyze the home and abroad factors of domestic carbon market construction, meanwhile, the exploration and prospect of China constructing domestic carbon market. This section introduces the clean development mechanism most related to China during the first stage of Kyoto Protocol, and the emission reduction experience and technology that China accumulated under this mechanism. As well, we compare China’s development status and institution and mechanism of the current carbon trading pilot project.Section7is domestic carbon market mechanism design, talking about the mechanism design theory of carbon market development. Rational mechanism design of carbon market includes amount setting, distribution method, emission transfer mechanism, MRV mechanism, trading mechanism, punishment mechanism, etc. The original creation safety valve mechanism by RGGI, aims at avoiding systematical problems such as quotas too much (or too little), and price too high (or too low). MRV mechanism and trading mechanism include trade subjects, clearing and settlement, cooperating with the issue of transfer registration, technology presentation, etc. Basic on these researches, we put forward the general mechanism design principle of carbon trading market. Section8is the analysis of carbon trading pilot case. Basic on the case of typical emission trading pilot district, the section talks about the organization and mechanism of carbon trading system, including national policy, laws and regulations, financial institution, and compares domestic main district carbon market mechanism. Meantime, reference on the process experience of typical carbon trading organizations home and abroad, we analyze the comparative advantages and put forward further policy suggestions and reform ideas.Section9is the conclusion and research prospect, summarizing the former research findings systematically and putting forward top-level design thinking and scheme of China’s carbon trading market.
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