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基于中国碳交易试点市场交易清淡的背景,采用方差比检验方法,对深圳、北京、上海、广东和湖北五个碳交易试点市场进行弱式有效性检验。研究发现:在不考虑市场交易清淡特征且采用日数据检验的情况下,仅有上海碳交易市场呈现较低的弱式有效,其余均为弱式无效;在使用周数据进行检验后发现,湖北和广东碳交易市场呈现弱式有效,深圳碳交易市场呈现不确定,北京和上海碳交易市场呈现弱式无效;在使用交易活跃期的数据进行检验后得出,五个碳交易市场均在不同程度上达到了弱式有效,尤其是进入2016年以后。这说明中国碳交易试点市场正逐渐走向成熟。
Based on the light trading background of China’s carbon trading pilot market, the variance test was used to test the weakness of five carbon trading pilot markets in Shenzhen, Beijing, Shanghai, Guangdong and Hubei. The study finds that only the weak trading efficiency of Shanghai carbon trading market is weak and the rest are weak ineffective without considering the light traded characteristics of the market and the daily data test. After using the weekly data, it is found that Hubei And the carbon trading market in Guangdong showed the weak effect. The carbon trading market in Shenzhen was uncertain. The carbon trading markets in Beijing and Shanghai showed weak ineffectiveness. After using the data from the active trading period, the results showed that the five carbon trading markets were all different To the extent weak and effective, especially after entering 2016. This shows that China’s carbon trading pilot market is gradually maturing.