碳市场有效性及其评价指标体系——基于有效市场假说的视角

Effectiveness and Evaluation Index System of Carbon Market——From the Perspective of Efficient Market Hypothesis

"有效市场"与"有为政府"是保障碳市场交易效率的重要前提,而市场效率及其有效性是评估碳市场减排绩效的关键指标,我国快速推行的碳交易市场应避免落入"形式化陷阱",同时,节能减排避免落入"发达水平陷阱"和"市场化陷阱"。相比于行政手段,市场机制更具灵活性和经济效率,但只有成熟的市场机制才能为碳排放权合理定价,在市场制度尚未健全阶段,环境规制等命令方式不可或缺。评价碳市场有效性的指标体系包括目标层-准则层-指标层,其评价原则涵盖资源配置的有效性、信息传递的有效性和减排政策相容性等,具体评价标准包括碳交易是否实现了减排成本与收益的帕累托效率、碳交易是否对排放设施形成了持续的市场激励以及技术壁垒和环境规制对碳排放权价格传递是否具有潜在的协同效应。

Market efficiency and effectiveness are the key indices to evaluate the market performance of carbon emission reduction.In the process of rapid implementation of the carbon trading market should avoid falling into the"formalization trap",at the same time,energy-saving emission reduction to avoid falling into the"developed level trap"and"marketization trap".Compared to the administrative measures,the market mechanism is more flexibility and economic efficiency,but only mature market mechanism provides reasonable price of carbon emissions right.Before the market system perfect stage,environmental regulation command mode is indispensable.There are three criteria to evaluate carbon market validity,such as the effectiveness of resource allocation,whether the Pareto efficiency of carbon emission reduction costs and benefits or not,whether the lowest social total cost mode promote the energy-saving and emission reduction.The effectiveness of information transmission,carbon emissions trading form offered continued market incentive to emissions application.Emission reduction policy compatibility,which means technical barriers and environmental regulations,provided potential synergies to carbon emissions price transfer.