配额分配方式对不同区域碳交易市场运行效率影响研究

Study on Effect to Operational Efficiency of Carbon Trading Market in Different Regions by Quota Allocation Mode

针对我国区域碳市场多样性特点及运行效率不高问题,基于Swarm平台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、波动性和有效性三方面衡量市场运行效率,并考察不同初始分配方式对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的碳市场流动性较高、波动性稳定且达到了弱式有效,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,混合分配方式虽然提升了市场流动性,但市场均未达到弱式有效,而考虑转向拍卖方式则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。

Aiming at the diversity characteristics and the low efficiency of operation of regional carbon market in China, this paper simulates the regional carbon emission trading market with different industry distribution characteristics under several initial allocation modes based on the software platform simulation system, measures the efficiency of market operation from three aspects： liquidity, volatility and efficiency, and examines the influence of different initial allocation methods on market efficiency. The results show that： in the low energy consumption industry cluster area, the carbon market with grandfather system distribution mode has the advantages of high liquidity, stable volatility and weak efficiency, which is the optimal distribution mode; in the high and low energy consumption industry dispersion area and the high energy consumption industry intensive area, although the mixed distribution way has enhanced the market liquidity, but the market has not reached the weak type efficiency, while considering the way of auction, can not only promote enterprises to form efficient production mode, but also help to form transparent carbon quota market price, in order to achieve the optimal allocation of resources.