资源科学 ›› 2021, Vol. 43 ›› Issue (12): 2503-2513.doi: 10.18402/resci.2021.12.12

• 资源环境管理 • 上一篇    下一篇

不同配额分配方式对中国碳交易市场运行的影响——基于流动性、波动性与有效性视角的考察

王勇(), 王丁玉(), 陈彦汝   

  1. 东北财经大学统计学院,大连 116025
  • 收稿日期:2021-07-15 修回日期:2021-09-26 出版日期:2021-12-25 发布日期:2022-02-16
  • 通讯作者: 王丁玉,女,吉林长春人,硕士研究生,研究方向为资源环境经济学。E-mail: wdy_amy@163.com
  • 作者简介:王勇,男,山东临沂人,博士,副教授,硕士生导师,研究方向为资源环境经济学。E-mail: ywang@dufe.edu.cn
  • 基金资助:
    国家自然科学基金项目(72104046);“兴辽英才”计划青年拔尖人才项目(XLYC1907012);辽宁“百千万人才工程”培养经费资助项目(113)

Impact of different quota allocation methods on the operation of China’s carbon trading market: From the perspective of liquidity, volatility, and effectiveness

WANG Yong(), WANG Dingyu(), CHEN Yanru   

  1. School of Statistics, Dongbei University of Finance and Economics, Dalian 116025, China
  • Received:2021-07-15 Revised:2021-09-26 Online:2021-12-25 Published:2022-02-16

摘要:

碳市场交易是通过市场机制降低碳排放量的有效方式,不同配额分配方式对碳交易市场运行的影响值得深入研究。本文以中国碳交易市场为例,选取北京、天津、广东、上海、福建和深圳6个碳交易试点地区为研究对象,采用流动性比率指标、对数收益率指标、随机游走过程以及双重差分模型,对不同配额分配方式下中国碳交易市场运行的流动性、波动性、有效性三方面进行分析。研究结论显示:①历史法下碳交易市场的流动性好于基准线法,提高拍卖法在混合配额分配方式中的占比也能提高碳交易市场的流动性。②基准线法、历史法和混合配额分配方式下碳交易市场的波动性均较小,提高拍卖法在混合配额分配方式中的占比会稍许增大碳交易市场的波动幅度。③混合配额分配方式比单一配额分配方式更有利于提高碳交易市场的信息有效性。④基准线法下的碳交易市场减排效果较好。本文研究结论揭示了不同配额分配方式对碳交易市场运行的影响,对制定更加科学的碳配额分配方式具有一定的启示意义。

关键词: 碳交易市场, 配额分配方式, 市场运行, 碳减排效果, 随机游走过程, 双重差分模型

Abstract:

Carbon quota trading is an effective way to reduce carbon emissions through market mechanisms, and the varied impacts of different allowance allocation methods on the operation of the carbon trading market deserve in-depth study. Taking the Chinese carbon trading market as an example, the liquidity ratio indicator, logarithmic rate of return indicator, random walk process, and difference-in-differences model were used to analyze the liquidity, volatility, and effectiveness of the Chinese carbon trading market under various quota allocation conditions.The results show that: (1) The liquidity of the carbon trading market under the historical method is better than the baseline method, and the liquidity of the carbon trading market can also be improved by increasing the proportion of auction in the mixed quota allocation method. (2) The volatility of the carbon trading market under the baseline method, the historical method, and the mixed quota allocation method is small. Increasing the proportion of auction in the mixed quota allocation method will slightly increase the volatility of the carbon trading market. (3) The mixed quota allocation method is more conducive to improving the information effectiveness of the carbon trading markets than any single quota allocation method. (4) The emission reduction effect of the carbon trading market is better under the baseline method. This study revealed the impacts of various allowance allocation methods on the operation of the carbon trading market, which is significant for the development of more scientific carbon quota allocation methods.

Key words: carbon trading market, quota allocation method, market operation, carbon reduction effect, random walk process, difference-in-differences model