Reasearch On The Validity Of China's Carbon Finance Market

With the continuous development of society and economy,the energy consumption is increasing,The climate and environmental change caused by carbon dioxide-based greenhouse gas emissions have aroused the widespread concern of all countries in the world.Since the entry into force of the "Kyoto Protocol" in 2005,In order to achieve social and economic growth and limit greenhouse gas emissions unification,the road to a lower carbon economy has gradually become the consensus of all countries.As a result,carbon finance activities that serve to reduce greenhouse gas emissions and take carbon emission rights and their derivatives as the main target of transactions have prompted many countries and regions to gradually establish a carbon finance market so as to order and standardize their carbon finance activities,China's carbon finance market started relatively late,and the current market structure is still relatively loose.It is still in a stage of growth and improvement.Based on the research results at home and abroad,this paper elaborates the related concepts of carbon trading,carbon finance and carbon finance market,summarizes the features and functions of carbon finance market and the related theories of carbon finance market.The paper chooses the unit root test method to make a preliminary judgment on the effectiveness of the narrow carbon finance market and analyzes the efficiency of carbon emissions reduction in the narrow carbon market by using stochastic frontier analysis in order to evaluate its market effectiveness Comprehensive study.Finally,the AHP-based fuzzy comprehensive evaluation method is combined with the characteristics,functions and thematic behaviors of the carbon financial market system to build a hierarchical evaluation index system to evaluate the effectiveness of China's carbon finance market system and find the existing problems,and put forward the corresponding policy measures.The analysis of the unit root test result of the carbon emission trading price in each pilot area shows that the narrow carbon financial market in our country is a weak effective market.Through GDP,carbon trading volume and the number of financial industry practitioners as explanatory variables,The result of stochastic frontier analysis shows that the efficiency of emission reduction in the narrow carbon finance market is gradually increasing.The results of fuzzy comprehensive evaluation point out that the carbon finance market system in our country is weak effective and need to develope.In view of the related issues,this paper puts forward rational proposals to improve the effectiveness of China's carbon finance market,enhance China's influence in the international carbon finance field and promote the peak of carbon emissions in our country as soon as possible.