An Empirical Study On The Effectiveness Of Carbon Emissions Trading Market

With the social and economic progress,the global climate problem is becoming more and more serious,energy saving and emission reduction gradually evolves into the theme of national environmental policy.Carbon emissions trading market as an important means of control,is being more and more countries and interest groups attention.The EU emissions trading system is the largest and most mature trading market.This paper chooses the carbon emission quota in the EU ETS market as the research sample,and uses the theoretical and empirical research methods to analyze the carbon emission market effectiveness,and for China's carbon trading market in the construction of the problems encountered in scientific recommendations.This paper starts with the background of the topic,and expounds the significance of this topic.And then from the carbon emissions trading market effectiveness,carbon emissions prices,market supervision of the three categories of domestic and foreign research status to sort out and comment.After defining the relevant concepts of carbon emission rights,the theory of externalities and property rights trading and market effectiveness theory are used to lay the foundation for the empirical analysis of the later.This paper introduces the development of the carbon trading market from the perspective of the EU and China,and analyzes the advantages and disadvantages of the three quota allocation mechanisms of the three carbon emission rights free distribution,auction distribution and mixed mode.Then,from the policy factors,energy prices,Economic development factors and climatic factors in four aspects of their carbon emissions rights on the impact of the price.Then the empirical model is selected to test the validity of the carbon trading market.The Johansen co integration model and the VEC model were used to test the EUA spot price of EUA and the EUA futures price in the EU system.The conclusion is as follows:EUA spot price exists between EUA futures price and EUA futures price A long-term equilibrium relationship,and EUA spot prices and EUA futures prices to guide each other,can explain the EUA futures price discovery function.If the spot price and futures prices in the short term there is a temporary deviation,there is a callback so that they in the next phase of a more balanced state,indicating that the market is also effective in the short term.Finally,based on the empirical results,this paper puts forward some suggestions on the construction of carbon emissions trading market in China.Such as the development of a reasonable allocation of quota programs,enhance the transparency of information in the market,as soon as possible to build carbon emissions futures market,strengthen the price regulation mechanism,the introduction of scientific incentive system.