作　　者： ;

机构地区： 中山大学岭南学院

出　　处： 《金融学季刊》 2016年第3期23-41,共19页

摘　　要： 碳市场作为一个新兴市场，研究其定价权归属问题对于全球碳市场的长远发展具有重要的现实意义。本文以配额市场为研究对象，利用最新发展的非线性Granger因果检验方法系统性地研究了全球碳市场的定价权归属问题，并从动态分析的视角探讨了全球碳市场价格传导的非线性演变轨迹。研究结果表明，欧盟碳市场在全球碳市场中居于主导地位，美国碳市场和新西兰碳市场相对次之，而中国碳市场的全球定价能力则相对较弱。从非线性动态传导机制看，欧盟碳市场的全球定价能力略有下降，美国碳市场和新西兰碳市场全球定价权相对稳定，而中国碳市场全球定价权略有上升。在此基础上，本文还进一步论证了非线性检验的必要性。最后，本文给出了有针对性的政策建议。 Carbon market is a new market, which is of practically vital importance to study the ownership of pricing for its long term development. Based on quota market, this paper systemati cally studies the ownership of pricing by Non-Linear Granger Causality Test Method, and discusses the non-linear evolutional track of price transmission in global carbon market from dynamic aspect. The results show that, EU dominates in global carbon market followed by US and New Zealand, and China＇s pricing power remains relatively weak. From non-linear dynamic transmission mecha- nism, the global pricing power of EU slightly weakens with that of US and New Zealand keeping stable, Meanwhile, China＇s pricing power in global carbon market is slightly strengthened. Based on these results, this study furthers demonstration on necessity of non-linear test. Ultimately, per- tinent policy proposals are given.

关 键 词： 全球碳市场 定价权 非线性演变轨迹

领　　域： []