| Climate change caused by emissions of greenhouse gases such as carbon dioxide hasbeen an accepted fact, national economic policy must confront the great challenge ofclimate change. Reversing the trend of global warming, leaving future generations aavailable for survival and sustainable development of environment, will become a targetfor countries around the world. In order to solve the problem of carbon emissions, the2005Kyoto protocol defined three types of market mechanism, and established a the broadplatform for carbon trading. Formation and development of the carbon trading market ledto emergence and development of a low-carbon economy, and carbon finance arised at thehistoric moment. Carbon finance discusses a financial problem, which is greenhouse gasemissions have to pay the price when live in a carbon-constrained world. Carbon financialmarket provides carbon financial activities and financial transactions with trading platform,it is a general term of greenhouse gas emissions trading and related financial activities,carbon financial markets has grown into an important part of modern financial market.Although all countries in the world to discuss the solution for "Kyoto protocol"second commitment period, but so far no binding agreement has been signed. Worldcarbon financial market facing the uncertainty risk is increasing, carbon price fluctuatedseverely. On the one hand, China is in the bottom of the value chain in the internationalcarbon finance market, at a disadvantage in the international carbon trading; on the otherhand, the domestic financial market has just started, Face many problems such as pricing,market setting up. Analyzing and research the status of the international carbon financemarket by contacting the actual situation of our country, whether to participate in thefinancial market and international carbon trading in China, or set up carbon in domesticfinancial markets has important meaning.Based on carbon financial markets as the research object, this paper firstly introducedthe theory and practical significance of this paper; systematically combed the relatedhistorical literature about carbon finance; briefly expounded the research contents and trainof thought and method in this paper, and the innovation and deficiencies. And then thedefining relevant concepts and properties of carbon financial markets, in-depth analysisfor the theoretical basis, and studing the interaction mechanism of carbon finance and lowcarbon economy, in-depth analysis of the formation of the carbon price mechanism. Andfrom the perspective of carbon finance market, this paper analyzes the market main body, tools, features, and analyzes the current situation of the international carbon finance market.This article selects the selection of the European climate exchange CER settlement price asthe research object, and according to different period (the first commitment period and thesecond period), studying in two stages compares volatility with GARCH model empiricalanalysis. Finally this paper comes to the conclusion by the empirical analysis, to bring theenlightenment for Chinese carbon financial market system. |
