中国碳交易定价特征分析:基于三地碳排放权交易所样本的观察  

Carbon Emission Trading Pricing Characteristics:Observation about Three Carbon Emission Exchanges in China

作　　者：胡勇[1] 杨铭[2] HU Yong;YANG Ming(Institute of Advanced Studies in Humanities and Social Sciences,Beijing Normal University,Zhuhai 519087,China;International Business Faculty,Beijing Normal University,Zhuhai 519087,China)

机构地区：[1]北京师范大学珠海校区人文和社会科学高等研究院,广东珠海519087 [2]北京师范大学珠海分校国际商学部,广东珠海519087

出　　处：《华北电力大学学报（社会科学版）》2022年第1期18-26,共9页Journal of North China Electric Power University(Social Sciences)

摘　　要：本文选取2018-2020年期间北京、广州、天津三所碳排放所交易价格为样本,对其展开波动性横向及纵向分析。研究表明:(1)三地碳交易碳市场价格波动及价格水平差异明显,最高价和最低价差别显著:(2)三地碳交易试点对数收益率标准差较大,碳交易风险性偏高。基于此,本文对构建中国碳排放交易市场价格稳定路径提出三点建议:一是统一碳排放配额机制;二是免费碳排放配额与碳排放拍卖机制相结合;三是加强碳金融制度创新。Cross-Section and Longitudinal study is applied to analyze the selected data sample regarding carbon trading markets’prices of Beijing,Tianjing,Shenzhen in China from 2018 to 2020.This study indicates that pricing volatility of three carbon trading markets is different,the highest and lowest level of prices is extremely different.It further finds out that the carbon prices in question comparatively features an extreme standard deviation,which suggests that the trading risk is obviously high in three regions of carbon emission trading markets.Based on these findings,we propose three regulatory suggestions concerning price stability in China's carbon emission trading market.First,the mechanism carbon emission allowances allocation should be nationally unified;secondly,free carbon emission allowances mechanism should be combined with carbon emission auction system;thirdly,financial innovation of carbon trading market should be strengthened.

关 键 词：中国碳排放交易市场 碳价格特征 影响因素 波动性 

分 类 号：F832.5[经济管理—金融学] F206