Abstract:Based on the data of seven pilot provinces and cities (Beijing, Shanghai, Guangdong, Tianjin, Shenzhen, Hubei, Chongqing) from May 14, 2014 to April 25, 2018, Individual Fixed Effect Model was used to compare the differences of influencing factors in different regions, and Panel PVAR Model was used to analyze the factors' contribution to carbon price. The results show that oil price and air quality indexes have the most significant and positive effects on carbon price, coal price has less and negative effects, and Shanghai Stock Exchange Index has the least impact. Seven pilot provinces and municipalities show great differences in individual fixed effects, demonstrating that there exist differences in environmental pollution in different regions. Short-term impact of various factors on carbon price is not dramatic, indicating that a good carbon price mechanism has not yet developed in China. In the long run, coal prices have the strongest explanatory power for carbon prices. Bai-Perron structural mutation method was used to prove the existence of one mutation time point in Guangdong and Hubei respectively during the trading period, and two mutation time points in Tianjin. It is suggested that the types of carbon products be increased and a market-oriented fair carbon pricing mechanism be fully developed, so that the structure of enterprises' energy consumption can be improved and the unexpected risk of carbon price can be reduced.