文献类型：期刊文献

中文题名：参与者管理制度对碳排放权交易市场流动性的影响研究

英文题名：Research on the Impact of Participant Management System on the Liquidity of Carbon Emission Trading Market

作者：蒋雪[1];金晓萌[2,3];潘春阳[2]

机构：[1]上海建桥学院商学院;[2]华东理工大学商学院;[3]财通证券股份有限公司上海分公司

年份：2023

期号：2

起止页码：1

中文期刊名：金融发展

外文期刊名：Financial Development

基金：国家社会科学基金后期资助项目(20FJYB057)

语种：中文

中文关键词：碳排放权交易市场;市场流动性;参与者管理制度

外文关键词：Carbon Emission Trading Market;Market Liquidity;Participant Management System

摘要：我国碳排放权交易市场的参与者以控排企业为主,成交具有明显的“潮汐现象”,市场流动性不足。本文在建立理论模型分析的基础上,构建合理的碳排放权交易市场流动性指标,并创新性地找到各试点地区交易所官方网站中的公告信息作为工具变量进行实证研究。研究发现:当交易所获得的内在价值、外部性系数以及供给弹性增加时,有利于交易次数的提升,而成本的增加会使得交易次数下降;并证明了扩大参与主体范围和降低交易费用以及信息获得成本,都可提高碳排放权交易市场的流动性。
The carbon emission trading market in China is still in its early stages of development,with market participants mainly being emission control enterprises.Transactions have a clear“tidal phenomenon”and market liquidity is insufficient.On the basis of establishing theoretical model analysis,this article constructs reasonable liquidity indicators for carbon emission trading markets,and innovatively finds announcement information on the official websites of exchanges in various pilot regions as instrumental variables for empirical research.The research finds that when the intrinsic value,externality coefficient and supply elasticity obtained by the exchange increase,it is conducive to the increase of the number of transactions,while the increase of cost will reduce the number of transactions.And it has been proven that expanding the scope of participating entities and reducing transaction costs and information acquisition costs can improve the liquidity of the carbon emission trading market.