中国试点碳排放权交易市场流动性研究

Research on the Liquidity of China’s Pilot Carbon Trading Markets

我国正处于由试点碳排放权交易市场向全国碳排放权交易市场过渡的初期阶段。对于碳交易市场而言,流动性是发挥市场价格发现作用、实现市场有效性的重要前提;对于控排企业和碳市场投资者而言,流动性在很大程度上决定了碳资产预期收益,因而对企业做出相关的碳资产管理决策有重大影响。文章对各试点碳市场的流动性进行了研究,发现在碳市场建立初期,大部分市场都存在流动性低下的问题,但随着市场运行时间增长,配额的流动性不断增强。通过将国内试点碳市场从2013年至今流动性的变化规律与EU-ETS进行比较,发现EUA现货市场也出现过类似趋势。参考EU-ETS的发展过程,我国试点碳市场流动性问题将随着市场继续运行得到改善。最后,针对流动性问题对试点碳市场的发展提出了相应的政策建议。

China is in the initial stage of the transition from pilot carbon trading markets to national carbon emission market. For carbon trading market,liquidity is an important prerequisite to play the role of market price discovery and achieve market effectiveness. For emission-controlled enterprises and carbon market investors,the degree of liquidity largely determines the expected return of carbon assets,so it has a significant impact on enterprises to make decisions related to carbon asset management. This paper studies the liquidity of the pilot carbon markets. And it has been found that in the early stage of the establishment of the carbon market,the liquidity in most of the markets was low,but with the growth of market operation time,the liquidity of quotas is increasing. By comparing the liquidity conditions of domestic pilot carbon markets from 2013 to now with EU-ETS,it is found that the liquidity change trend in EUA spot market is similar to China’s. Referring to the development process of EU-ETS,the liquidity of pilot carbon markets in China will be improved as the market operating. Finally,in view of the liquidity problem,the corresponding policy suggestions are put forward for the development of the pilot carbon markets.