本研究以2008/4/1~2011/1/26歐盟排碳交易體系第二期的碳權價格為研究標的，探討影響碳權價格的市場波動因素，與各市場間對於資訊反映的程度。
自2007年後，許多學者開始研究影響碳權價格波動的因素，並提出會影響碳權價格的因素包括政治、能源市場(石油、天然氣、煤炭)、替代能源市場、極端氣候與總體經濟等因素，但學者對於上述因素仍未達成共識，尤其是總體經濟因素。本研究結果顯示總體經濟變數對於碳權指數具有顯著的影響能力。
在探討影響碳權價格市場因素間的資訊傳遞關係上，本研究結果顯示前一期的總體經濟市場指數對於當期碳權指數具有顯著的解釋能力；前一期碳權指數對於碳權現貨具有顯著的解釋能力；前一期的石油市場指數與前一期的碳權指數互相對當期的價格波動具顯著解釋能力；前一期天然氣指數對於當期碳權指數具顯著解釋能力。

This study investigate market factors’ impact degree which can influence carbon price and find out information transmission relationships between market factors, taking phase II EU emission trading system as a target.
Since 2007, scholars have started research on this topic. Some studies(Alberola & Chevallier, 2009, Mansanet-Bataller,Pardo and Valor, 2007, Chevallier, 2009, Hintermann, 2010) mention that politics, energy markets (oil, gas, coal) , alternative energy, general economy and extreme climate factors might affect carbon credit price. But they didn’t reach an agreement especially in economy factor. Our research result shows that economy factor has significant influence on emission index.
About market factors’ information transmission relationships we find some interesting connections in relation to emission index. The previous period economic index has one-way significant impact on current emission index; the previous period emission index has one-way significant influence on current carbon spot price; the previous period oil index has two-way feedback interaction with current emission index: the previous period gas index has one-way significant impact on current emission index.

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