Study On The Factors Affecting The Price Of Carbon Financial Products And Pricing Mechanism In China

Global warming is a serious threat to the survival and development of human beings,the impact of climate change is very broad,and it is a great hazard to the development of the global economy.How to reduce greenhouse gas emissions and curb global warming has become the focus of the international community and received a high degree of attention from almost all countries.On the base of the international institutional framework for the early settlement of greenhouse gas emissions,A total of 195 countries in the world have adopted a new agreement on the historical significance of the new global climate change agreement,the Paris agreement in December 12,2015.This is the world's most important legal documents on climate control after the Kyoto protocol.Our country takes a positive attitude in the negotiation,and pledge to peak emissions by around 2030,unit GDP carbon emissions compared to 2005 decreased by 60%-65%.We will face a certain reduction pressure,the establishment of a unified national carbon financial market is imperative.At present,China is in the pilot stage of carbon finance,2017 is about to start the national unified carbon financial market,the study of the relevant issues of the national unified carbon financial market will become very necessary.How to make a reasonable pricing of carbon financial products is the key to the normal operation of the market.Therefore,the study on the factors affecting the price of carbon financial products and pricing mechanism,exploring the price law,has the double meaning of theory and reality.In this paper,theoretical analysis and empirical analysis are used to study the influencing factors and pricing mechanism of carbon financial products in China.The main body of this paper first outlines the attributes and characteristics of carbon financial products,trading mechanism and basic classification of carbon financial markets.Then it analyzes the connotation of carbon financial products pricing mechanism,and tries to establish an ideal framework of carbon finance pricing mechanism.Followed by the introduction of carbon financial products trading followed by the relevant economic theory.And from four aspects of foreign carbon price,economic environment,energy price and exchange rate,the price model of carbon financial products in China is established,analyzes the mechanism of the impact factors on the price of carbon finance products in China.Taking the price of carbon financial products for research object,in our country as the research object,this paper constructs the index system of price impact factors of carbon financial products from four aspects of carbon price,economic environment,energy price and exchange rate.Using VAR model,impulse response function and variance decomposition method to analyze the factors affecting the price of carbon financial products in China.Calculate the price of carbon financial products in China model based on impact factors and understand the impact of various factors on the price of carbon financial products in China,including the impact of the process and the degree of impact at the same time.Finally,according to the status quo of China's carbon finance pricing mechanism,analyses the main problems existing in China at present,and combined with the characteristics of China's current economic development and industrial structure and empirical research results,Design a carbon pricing mechanism of financial products in line with China's national conditions.