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中文摘要：
碳配额交易是国际社会应对气候变化的有效工具,中国政府2011年推出了7个碳交易市场试点,取得了重要成就。2017年中国将建立全国性碳交易市场,而探索试点碳市场的效率及其运行机制对于建设全国碳市场具有重要价值。为此,我们运用消除趋势波动分析方法测算了2013-2016年试点碳交易市场的单一标度和多重标度的Hurst指数,并运用滚动窗口技术探讨了Hurst指数的动态变化情况。实证结果表明：一方面,样本区间内我国试点碳交易市场的有效性整体上还较低,市场暂时难以发挥价格发现作用;另一方面,在考察的试点碳市场中,投资者交易活跃的时间往往集中在履约期附近,而平常交易较为冷清。
英文摘要：
Carbon quota trading is an effective tool for international society to address global climate change,and China has established 7pilot carbon trading markets since 2011,with great achievements up to now.Meanwhile,China has decided to set up the national carbon trading market in 2017.The exploration for carbon market efficiency and related operating mechanisms is crucial for the establishment of national carbon market.For this reason,we employed the detrended fluctuation analysis（DFA）method to measure the single and multiple scaled Hurst exponents during 2013-2016,and we also examined the dynamic Hurst exponent for each pilot carbon market using the rolling window approach.The empirical results indicated that,for one thing,China＇s carbon market efficiency was still relatively lower and temporarily unable to exert the effect of price discovery during the sample period;for another,among the pilot carbon markets concerned,the active trading time was fairly concentrated during their expired periods of carbon quotas,while in other trading time,most carbon markets seemed relatively stagnant.
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