我国碳金融交易价格及收益特征分析

选取深圳、上海等五地碳金融试点市场的碳配额交易价格时间序列数据,并对其进行对数差分处理,对我国五地碳金融市场内的交易价格状况以及收益特征进行研究,最后就区域间碳价差异较大、碳配额分配不均、市场总体有效性不足;收益率受外部冲击影响较大;市场交易参与度以及市场流动性不足等问题分别提出完善市场机制、规范监管体系、增强市场活跃度的政策建议。

Analysis of My Country’s Carbon Finance Transaction Price and Income Characteristics

This paper studied the transaction price status and income characteristics in the carbon finance markets in my country’s five places by selecting the time series data of carbon allowance transaction prices in the carbon finance pilot markets in five places such as Shenzhen and Shanghai,and conducting logarithmic difference processing on them.There were some problems such as large differences in carbon prices between regions,uneven allocation of carbon allowances,and insufficient overall market effectiveness;yields were greatly affected by external shocks;market transaction participation and market liquidity were insufficient.Finally it proposed policies about improvements in market mechanisms and standardizing regulatory systems.