Research On The Relationship Between The Price Fluctuation Of Carbon Market And The Stock Price Of Emission-Controlled Enterprises

Climate change is the biggest externality problem in the world so far.Taxation and establishment of environmental market are two basic economic means to remedy market failure.They have achieved good results in the application of traditional environmental pollution control.Since 2013,China has actively carried out the construction of carbon emissions trading system,continuously deepened the seven provinces and municipalities carbon emissions trading pilot,and launched the national carbon market on December 19,2017.The sustained and steady development of regional carbon market plays an important role in the establishment of the national carbon market.However,although the domestic carbon trading market has been running for five years,its price adjustment mechanism is not perfect enough.There are many factors affecting the price of carbon emissions trading,which may lead to price fluctuations,which is not conducive to the participation of enterprises in carbon trading,and is not conducive to the construction of the carbon market and sustainable development.And as the main body of carbon trading,the implementation of carbon emissions policy will bring about how the impact of enterprises,has not yet formed a unified conclusion.Therefore,it is necessary to conduct in-depth research on related issues.Firstly,In this paper,GA-BP neural network model is adopted to analyze the 16 factors,which may affect the carbon price of 5 regional markets in China,such as fossil energy price and macroeconomic development.MIV method is proposed here to calculate the influence significance of these 16 factors to the regional carbon price.The studying results show that energy price,macroeconomic development,industrial development level and exchange rate are the main influencing factors of regional carbon price in China.Meanwhile,the domestic energy prices?macroeconomic development status and exchange rate show a strong and positive correlation with regional carbon price.The relationship between the impact of international carbon asset price and China's regional carbon price is generally weak,and the temperature has little effect on the regional carbon price.Based on the research results above,the paper puts forward some corresponding policy suggestions to establish the national unified carbon market.Secondly,on the basis of Fama-French three-factor model,using the relevant data of Shanghai from 2013 to 2017,this paper constructs a four-factor model including carbon emission price,and studies the impact of carbon emission price on the stock price of emission control enterprises.The results show that:in the first stage,there is a negative correlation between the price of carbon emission rights and the stock price of high-carbon enterprises,and the relationship between carbon emission rights and low-carbon enterprises does not reflect a certain regularity.In the second stage,the correlation between most high-carbon enterprises and the price of carbon emission rights has changed from negative correlation in the first stage to positive correlation in the second stage,while the relationship between some low-carbon enterprises and the price of carbon emission rights has changed from negative correlation in the first stage to significant negative correlation in the second stage.Finally,the article puts forward corresponding policies and suggestions from two levels of government and enterprises.