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

发布时间：2018-01-05 18:25

本文关键词：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　出处：《财贸经济》2017年08期 　论文类型：期刊论文

【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。
[Abstract]:The national carbon market is to be completed in 2017, the system design is still under exploration, in view of the overall lack of liquidity in the pilot area, it is necessary to accelerate the improvement of the design system to enhance the future carbon market liquidity. This paper uses the improved illiquidity ratio to measure the liquidity of the carbon market in the pilot area, from the carbon market system design to select the CCER offset mechanism, the main range of participation and quota issuance of three elements. With the help of MAC curve, the mechanism of how it affects the liquidity of carbon market is analyzed. On the basis of this, the panel data of the carbon market in the pilot area in 2014-2015 are used to carry on the empirical research. The research results show that the quota substitute CCER will squeeze out part of the quota trade; The expansion of the scope of the participants can increase the number of transactions and enhance the liquidity of the carbon market; The effect of quota amount on the liquidity of carbon market is inverted U type. The liquidity of carbon market shows "maturity date" effect, and the liquidity of carbon market increases obviously near performance period, and CCER offsetting mechanism is put forward in two different stages: near performance period and non-performance period. The scope of the participants and the amount of quotas have different effects on the liquidity of the carbon market.
【作者单位】：暨南大学经济学院资环所;
【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)
【分类号】：F832.5;X196
【正文快照】： 一、引言流动性是市场存在的基础,可衡量运行绩效。流动性已成为全国统一碳市场建立重点关注的问题。市场流动性是比较宽泛、难以捉摸的概念,目前仍没有明确统一的定义。Gagelmann(2008)提出在流动性的碳市场中,大量交易不会产生大幅价格变化,且即刻交易也不会对市场产生较大

【相似文献】