The Empirical Analysis On The Impacting Factors And Its Association Effect To The Price Of Chincese Carbon Trading Market

As the good development of the international carbon trading market,China proposed to establish its' own carbon emission system,and then began in seven areas such as Shenzhen,Beijing,shanghai etc.for carbon trading experiment.Up to now,these markets' sizes all grow well and have a great performance with stable turnover and trading volume.But the carbon price still waves severly sometimes,so it is important to find the impacting factors of carbon price in Chinese carbon-emission trading market.Based on the economic theory and combining with Chinese national conditions and present situations of Chinese carbon-emission trading market,this paper studies the impacting factors and its association effect to carbon price using theory and empirical analysis.After taking into account of the supply,demand and polices,we find the quota allocation,economic development,energy price,weather condition and trading police are all have important influence on carbon emission price.At the same time we take Shenzhen,Beijing,Hubei,Shanghai four experimental carbon trading markets as samples and select economic development,energy price,weather condition to be explanatory variables,while using Multiple linear regression model and Newey-West covariance matrix,to conduct an empirical study for impacting factors of carbon price.The result shows that above scale industrial added value,gas price,the ratio of gas price and coal price have a significant positive effect on carbon price,coal price and rainfall have a significant negative effect.SSE Composite Index and temperature have no significant effect on Chinese carbon price.Based on the results of theory and empirical analysis,this research proposes some suggestions to Chinese carbon-emission trading market.As the first to reveal the impacting factors of Chinese carbon price,although there are some shortcomings,we hope that the conclusion of this paper can help to establish the risk prevention system of Chinese carbon-emission exchange and stabilize the trading market.