【摘要】 作为世界上最大的发展中国家,中国建立了9个碳排放权交易试点市场。自试点成立以来,湖北碳排放权交易市场不仅各项市场指标全国领先,并且其经济结构和产业结构也与全国平均水平最为接近。以湖北碳排放权交易市场963个日收盘价格组成的收益率序列建立GARCH-M模型分析发现,该序列不满足随机游走,并具有波动积聚的特点,没有达到弱式有效市场的条件。因此,应提升市场参与主体的积极性,促进政府的重视程度,提升运行的有效性,推进国内外市场交流。更多还原

【Abstract】 China is the world’s largest developing country and has established 9 domestic carbon emission trading pilots. Since the pilot established, Hubei’s carbon trading market has not only nationally leading indicators such as volume and liquidity, but its economic structure and industrial structure are also closest to the national average. Through the analysis of the GARCH-M model of the 963 trading day yield series in Hubei carbon trading market, it is found that the market does not satisfy the assumption of random walk sequence, it has the characteristics of volatility accumulation, but it does not reach the weak effective market, and we should enhance the transaction subject. The enthusiasm of participation promotes the government’s emphasis, enhances the effectiveness of operations, and promotes exchanges between domestic and international carbon markets.更多还原