Research On The Carbon Emissions Rights Option Pricing And Optimization Under The Regional Differences In The Domestic Economic Growth

The greenhouse effect caused by the greenhouse gas emissions is one of the most important environmental issues faced by the world. As the major component of greenhouse gases, the carbon dioxide's excessive emissions caused common concern from the people. High degree of international control and a range of measures to limit carbon dioxide emissions reflect the current pressure from energy-saving and emission reduction across all the countries. As the non-Annex I country, China has no need to undertake the obligations of emission reduction at present. However, it will be under enormous pressure in the second phase of the Kyoto Protocol; because with the economics growing rapidly, its volume of carbon emissions will become more and more. To adapt the post-Kyoto era and keep up with the international market, the market mechanism should be introduced into the carbon emissions trading of China. Combined with the current state of unbalanced regional development, taking the regional differences in to the policy'making consideration, and further perfect the mechanism of carbon emissions pricing, and builds a sound carbon emissions trading mechanism for our country.This thesis divides china into four areas, including eastern, central, western and northeastern regions, and makes some research on the economics growth and carbon emissions of China. First, the regional difference is analyzed by Theil index; then the relationship between them is studied by the econometric method of panel data. The research finds that cointegration relationship exists between the regional economic growth and carbon emissions, and the regional carbon emissions are one-way Granger causes of economic growth. On this basis, the paper establishes the regional environmental Kuznets model under the environmental Kuznets hypothesis. Then, the carbon emissions pricing under regional differences is analyzed, and the introduction of options trading mechanism helps improve the pricing rationality and market activity. By B-S options pricing model, the paper calculates the initial allocation price of carbon emissions in different regions, and get a detailed analysis of the price formation mechanism in the secondary market. Finally, this paper builds the carbon emissions trading mechanism based on regional differences of economics growth, and presents the content of the mechanism such as the total carbon emissions restrictions, the initial distribution, the punishment measures and the storage trading mechanism. According to the constraints of the mechanism and the initial distribution options pricing of carbon emissions, a global optimization model is established, and the effect by the different emission standards made by the government is analyzed. The results of the model show that while achieving the emissions reduction targets, China should maintain a moderate economic growth rate, promote the balanced regional development, and strengthen the government's regulation.