Research On The Influencing Factors Of Carbon Emission Trading Price In China

Carbon dioxide emissions trading market is a trading market based on economic theories such as externality,which is put forward to solve global warming.The trading price of carbon dioxide emissions related to market stability(hereinafter referred to as "carbon price")is affected by many factors.In the study of influencing factors of carbon price,due to the different regional position,industrial structure and economic development of various carbon markets in the world,the influencing factors of carbon price and their influencing degree are different,which is also the main reason why scholars choose different variables in the study of influencing factors of carbon price.Combined with the research results of various scholars,in the study of the influencing factors of China's carbon price,this paper selects 15 research variables from the five levels of traditional energy,new energy,industry index,natural environment and macro environment,and selects five markets with comprehensive data from China's carbon pilot market,namely Beijing,Shanghai,Guangdong,Shenzhen and Hubei,so as to make a comprehensive study The results of different research on the influencing factors of carbon price in different regions of China provide effective reference for the healthy and sustainable operation of China's unified carbon market.In the research process,according to the specific situation of different carbon pilot markets in China,this paper uses rough set theory,through attribute reduction,to find out the different influencing factors of carbon price in each carbon pilot market,compare and draw the similarities and differences of the influencing factors of carbon price in each pilot market,and conduct analysis and research.Then,the SVAR model is established to analyze the specific degree of carbon price influencing factors in each carbon pilot market through impulse response function and variance decomposition function,so as to provide effective suggestions for the formal operation of China's national unified carbon market.After empirical analysis,this paper finds that in five carbon pilot markets,the composition of carbon price influencing factors in each pilot market is different from each other.However,the carbon price is affected by four factors:Daqing crude oil spot price index,new energy power generation,Shanghai and Shenzhen 300 index and average temperature,with slight differences in the degree of influence.After a detailed analysis and a comparison with the results of the factors affecting the carbon price in the EU carbon market,it is found that the market reaction mechanism of carbon price in China's carbon pilot market is relatively poor,and the reaction is that the carbon price is relatively slow and unstable due to the changes of traditional energy,natural environment and macro environment.Based on this,this paper proposes countermeasures and suggestions for the formal operation of China's unified carbon market from the perspective of traditional energy prices.