CAJ | 학술논문

做市商交易制度对于完善排污权交易市场机制、提高交易效率具有重要意义。针对做市商、排污企业、政府三类主体构成的动态变化系统，利用排污权交易模拟实验的方法，对基于做市商制度的排污权交易进行的研究发现：做市商交易有助于排污权交易市场价格的发现，提高交易效率；在市场需求波动剧烈、市场势力与企业平均利润较低的环境下，做市商可以通过降低报价等方式调节供需量，确保排污权交易效率处于较高水平；价差的增大会降低系统收益，排污权交易中应将做市商报价的价差限制至20％。最后根据理论与实验分析的结果，设计出基于做市商的交易激励、风险控制、交易价差、交易补偿以及监督约束等保障做市商运营效率的交易制度。
주시상교역제도대우완선배오권교역시장궤제、제고교역효솔구유중요의의。침대주시상、배오기업、정부삼류주체구성적동태변화계통，이용배오권교역모의실험적방법，대기우주시상제도적배오권교역진행적연구발현：주시상교역유조우배오권교역시장개격적발현，제고교역효솔；재시장수구파동극렬、시장세력여기업평균리윤교저적배경하，주시상가이통과강저보개등방식조절공수량，학보배오권교역효솔처우교고수평；개차적증대회강저계통수익，배오권교역중응장주시상보개적개차한제지20％。최후근거이론여실험분석적결과，설계출기우주시상적교역격려、풍험공제、교역개차、교역보상이급감독약속등보장주시상운영효솔적교역제도。
Market maker trading system is important for improved emissions trading market mechanism .For the dynamic changes system constituting of market makers ,sewage companies and government ,transaction efficiency study of emissions trading market makers is done using emissions trading simulation method . Research findings include ：the market maker trading is in favor of emissions trading market price discovery and enhance the efficiency of the transaction ;in wild market demand volatility ,the market power and average profit of the enterprise being low ,the market makers can adjust the supply and demand by reducing the quotes so as to make the efficiency of emissions trading at a high level ;the increase of the difference in price would lower the system returns .Market makers’ quote difference should be limited to less than 20% .Finally ,according to the results of theoretical and experimental analysis , market maker trading system is designed to protect operations .