制度设计影响了碳市场流动性吗——基于中国试点地区的研究  

Does the Mechanism Design Influence Carbon Market's Liquidity?——A Research Based on China's Pilot Regions

作　　者：傅京燕[1] 章扬帆 谢子雄 

机构地区：[1]暨南大学经济学院资环所

出　　处：《财贸经济》2017年第8期129-143,共15页Finance & Trade Economics

基　　金：国家自然科学基金项目"基于强度减排的碳交易机制对产业竞争力影响的理论研究与ECGE模拟"(71273115);暨南远航计划(15JNYH010);国家社科基金重大项目"我国重点生态功能区市场化生态补偿机制研究"(15ZDA054);国家社会科学基金专项"党中央治国理政的生态文明制度建设思想研究"(16ZZD049)

摘　　要：全国碳市场拟于2017年建成,制度设计仍在不断探索中,针对试点地区流动性总体不足,需加快完善设计体系,提升未来碳市场流动性。为此,本文采用改进的非流动性比率,测度试点地区碳市场流动性,从碳市场制度设计中选取CCER抵消机制、参与主体范围以及配额发放量三个要素,借助MAC曲线对其如何影响碳市场流动性进行机理分析,并在此基础上利用2014-2015年试点地区碳市场的面板数据进行实证研究。研究结果表明:配额替代品CCER会挤占部分配额交易;参与主体范围的扩大可增加交易次数,增强碳市场流动性;配额发放量大小则对碳市场流动性的影响呈倒U型;碳市场流动性呈现"到期日"效应,临近履约期碳市场流动性明显增强,在临近履约期与非临近履约期两个不同阶段,CCER抵消机制、参与主体范围以及配额发放量对碳市场流动性的影响程度存在差异。China national carbon market is expected to be established in 2017, and the mechanism design is still exploring. In view of the lack of liquidity in pilot regions, it is necessary to improve the mechanism design to enhance carbon market＇s liquidity. This paper combines the Martin and Florackis ratio to measure the carbon market liquidity in the pilot areas, and use MAC curve to study CCER offset mechanism, participant＇s scope and quota distribution. Based on 2014- 2015 pilot regions carbon market＇s panel data, we estimate the impact of the above three factors on carbon market＇s liquidity. The results show that the use of CCER cuts back market trading, the expansion of participant＇s scope increases liquidity and the relationship between the amount of quota and liquidity is inversed U. The carbon market presents ＂maturity date＂ effect, and liquidity significantly enhances near the performance of the carbon market. During two stages, CCER offset mechanism, participant＇s scope and the amount of quota have different effects on carbon market＇s liquidity.

关 键 词：非流动性比率 制度设计 边际减排成本曲线 “到期日”效应 

分 类 号：F832.5[经济管理—金融学] X196[环境科学与工程—环境科学]