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Abstract This paper selects Beijing, Shanghai, Guangdong and Hubei carbon market close price from the market set up to March 31, 2017, examines the weakform carbon trading market efficiency, analyzes the daily returns data which uses an autoregressive process to eliminate the thin trading effect, based on the four tests which the credibility gradually increased. The results show that the carbon markets in china are thin markets; the information of carbon price is pile and the information transparency is poor; with high investment risk in the carbon trading; the different holding periods of carbon quotas have different effective level, the carbon market efficiency has a stage characteristic; Beijing carbon trading market is weakform efficient; Shanghai and Guangdong carbon trading market belongs to weakform ineffective, but the effective of market is strengthening; Hubei carbon trading market has reached the level of weakform efficiency. Finally，it puts forward four suggestions on how to strengthen the effectiveness of China carbon trading markets based on the empirical results.
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| Fund:国家自然科学基金项目（71473010）；高等学校博士学科点专项科研基金项目（20131103110004）；北京市哲学社会科学规划重点项目（13JGA008）；北京市自然科学基金项目（9142001） |
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