Research On The Effectiveness Of China’s Carbon Quota Trading Market

Since the industrial revolution dramatic changes in the way of human production and life,causing a huge increase in demand for fossil energy and natural resources,resource consumption and associated with warming effect is increasingly outstanding,countries around the world in order to solve the contradiction between climate change and human development began to actively explore the problems of the global climate change.Although development is the top priority,China has taken the responsibility of a major country in the context of low carbon economy and actively responded to the global emission reduction plan.In 2011,China first set up seven pilot carbon emission trading programs.After years of experience summary and exploration and development,the carbon emissions and emission intensity within the scope of the seven pilot carbon trading programs have been significantly reduced,and great progress has been made in addressing climate change.At present,a complete and mature national carbon quota trading market is gradually being established.However,due to the difference in the starting time,quota mode and trading system,quota trading implementation mechanism and the industries covered by quota trading,the regions and differences of each pilot are large.Therefore,it is necessary to conduct a comprehensive analysis of the seven pilots to estimate the effectiveness of China’s carbon quota trading market.The analysis of the efficiency about carbon quota trading market.First of all,the significance of the research is efficient.FAMA market efficiency hypothesis,which also provides research methods and theoretical basis for this paper.Then the definition,in this paper,the main noun involved from ecological environment value theory,externality theory and public goods theory,pigovian tax and coase theorem of economics theory Angle respectively expounds the article studies the theoretical basis,and a detailed discussion on the three principles and carbon allocation at home and abroad generally adopt two kinds of distribution mode,and its advantages and characteristics of comparative analysis,it is concluded that China’s current free sale is given priority to,the auction is complementary quota model,but with the constant improvement of the market and maturity,paid allocation proportion will gradually increase.Then it discusses the development process,current situation,main problems and future development trend of the seven carbon quota trading markets in China,so that readers have a preliminary understanding of the characteristics of China’s carbon trading markets.Reference method for the measurement of the carbon market effectiveness research at home and abroad,and according to the actual carbon market development in our country,with seven pilot after processing of carbon return on assets as sample data,first carries on the descriptive analysis,the distribution and data characteristics do preliminary description,using the normal distribution characteristics of the normal inspection,draw the conclusion: the seven pilot carbon trading in China,the characteristics of the return on assets exist back "rush" does not obey normal distribution,the ARCH effect.Through ADF test to verify whether the carbon price yield of each test is stable,GARCH and GARCH — M model with risk items are established according to their characteristics,and the efficiency degree of carbon quota trading market of each pilot is obtained by comparing and analyzing the model results.Finally,China’s seven carbon trading pilots is affected by historical information and has not yet reached weak efficiency.On this basis,the corresponding countermeasures and suggestions are put forward to promote the development of China’s carbon quota trading market.