Abstract:

The article is based on the carbon quota trading data of China's eight pilot carbon markets from formal trading to March 1,2019.Through the use of propensity score matching method,the paper analyzes the matching depth of the carbon market,and on this basis,studies the carbon market compatibility and Cause Analysis.The results show that at present,46% of the two carbon markets in China's carbon market cannot be matched,and another more than 53% of the two carbon markets can be matched,and more than 93% of the carbon market match depth is between 49% and 53%.Shenzhen and Fujian carbon markets have strong compatibility,and the compatibility of different transaction types in Shenzhen carbon market is quite different.The resulting different compatibility may be related to the regionality of institutions such as quota allocation schemes and offset mechanisms,regulatory agencies,laws and regulations.

Key words: carbon market trading, propensity score matching(PSM), matching depth, carbon market compatibility, environment economic