配额分配方式对不同区域碳交易市场运行效率的研究

Study On The Operation Efficiency Of Carbon Trading Market In Different Regions By Quota Allocation

摘要:

针对我国区域碳市场多样性的特点及区域试点碳交易市场运行效率不高的问题，本文通过基于Swarm平台的碳交易市场仿真系统，模拟几种初始分配方式下具有不同行业分布特征的区域碳排放权交易市场，从流动性、波动性和有效性三个方面衡量碳市场运行效率。考察碳配额初始分配方式对具有不同行业分布特征的区域碳市场运行效率的影响。研究结果表明，在低能耗行业聚集区域采用祖父制分配方式时，流动性较高，波动性稳定，且碳市场达到了弱式有效，为最优的分配方式。在高低能耗行业散布型区域及高能耗行业密集型区域中混合分配方式虽然提升了流动性，但碳市场均未达到弱式有效，则配额分配应考虑向拍卖方式转移，既能推动企业形成高效的生产模式，也有利于形成透明的碳配额市场交易价格，以达到最优的资源配置。

Abstract:

Aiming at the characteristics of the regional carbon market diversification and the inefficient operation of the regional carbon trading pilot market, this paper is based on the simulation system of carbon trading market based on Swarm platform, simulating the regional carbon emission trading market with different industry distribution characteristics under several different initial allocation methods, from the three aspects of liquidity, volatility and efficiency to measure the carbon market efficiency. And investigated the effects of initial allocation of carbon quotas on regional carbon market operating efficiency with different industry distribution characteristics. The results show that in the low energy consumption industry gathering region using the grandfather allocation method, the liquidity is high, volatility is stable, and the carbon market reached a weak form, it’s the optimal allocation method. In the region of high and low energy consumption industry spread and the region of high energy consumption industry gathering, although the mixed allocation enhance the liquidity of carbon market, but the carbon market is not reach the weak form efficiency the quota allocation should consider the transfer to the auction, both to promote the formation of enterprises Efficient production model, but also conducive to the formation of a transparent market price of carbon trading quotas, in order to achieve the optimal allocation of resources.