Analysis of Volume-Price Relationship of Green Certificates under Different Policies Based on VAR Models

At present, China's green certificate market is booming, and with the continuous improvement of policies, the green certificate market tends to mature and the price of green certificates tends to stabilize. However, the relationship between green certificate price and policy, and the trading volume of green certificates is still not effectively discussed. This paper first analyzes the impact of policies on green certificate prices using the interrupted time series method, and then analyzes the relationship between green certificate prices and green certificate trading volume using the VAR econometric model. It can be found that the issuance of policies affects the price of green certificates, and the relationship between the volume of green certificates traded and the price of green certificates also changes with the issuance of policies.