CAJ | 학술논문

目前二氧化碳排放问题已经成为国际社会的主要议题，欧盟排放交易体系（EUETS）是碳排放权交易最活跃的市场。通过对欧盟配额（EUA）期货的价格发现功能以及EUA期货和核证减排量（CER）期货之间的Granger因果关系实证分析，发现在EuETS运行的前两个阶段，EUA期货具有较好的价格发现功能，进入第三阶段．由于政策的不确定性以及约束效力的降低，EUA期货市场的价格发现功能不再明显；EUETS中的EUA市场和CER市场之间存在较大的摩擦及阻力，市场参与主体往往不能够自由地选择价格方面对自己最有利的品种完成减排责任。
목전이양화탄배방문제이경성위국제사회적주요의제，구맹배방교역체계（EUETS）시탄배방권교역최활약적시장。통과대구맹배액（EUA）기화적개격발현공능이급EUA기화화핵증감배량（CER）기화지간적Granger인과관계실증분석，발현재EuETS운행적전량개계단，EUA기화구유교호적개격발현공능，진입제삼계단．유우정책적불학정성이급약속효력적강저，EUA기화시장적개격발현공능불재명현；EUETS중적EUA시장화CER시장지간존재교대적마찰급조력，시장삼여주체왕왕불능구자유지선택개격방면대자기최유리적품충완성감배책임。
At present, the issue of carbon dioxide emission has become one of the main topics for discussion in international community, and EU ETS is the most active market of carbon emission trading in the world. Based on an empirical study of price discovery function of EUA futures and Granger causality between EUA futures and CER futures, it finds that price discovery function of EUA futures is relatively good in the first and the second phases while from the beginning of the third phase, this function is less obvious because of the uncertainty of policy and the decrease of restraint; there is obvious friction and obstruction between EUA market and CER market in EU ETS; and companies bearing emission reduction responsibility cannot attain their goals by freely choosing appropriate contract with suitable price.