Carbon Market Evaluation Based on Random Walk Hypothesis in China

According to the proposal of Kyoto protocol, carbon dioxide emission rights are traded as a commodity, and trading market emerges times require. As world’s largest emitter, China has established eight pilot markets for trading. Selecting closing price from establishment June 23, 2020, this paper analyzes daily, weekly, monthly return series data, using first-order autoregressive process adjust daily income eliminate weak effect then comprehensively uses traditional variance ratio test multiple analyze weak-form efficiency markets. The empirical results show that most non-weak-form efficiency, only Tianjin, Shanghai, Hubei under data. However, with increase holding period, continues strengthen. It shows liquidity, quantity, information transparency important factors affect efficiency.