Abstract: Energy-consuming right trading and CO₂-emission right trading are typical market-oriented energy and environment policies,which give full play to the advantagesof efficient allocation of resources in the market.The choice of initial allocation mode of energy-consuming right and CO₂-emission right has always been the key and difficult point in the process of establishing market mechanism.Using data from 29 regions of China (except Tibet, Hong Kong, Macao and Taiwan,Chongqing's data is incorporated into Sichuan) in 2016 and discussing the initial allocation of energy-consuming right and CO₂-emission right at the provincial level,it introduces the ZSG-DEA model that considers the initial allocation of energy-consuming right and CO₂-emission right,and compares the applicability of the historical method and the ZSG-DEA method from the perspective of fairness and efficiency. Under the hypothesis of market efficiency, the market trading model is applied to further test the impact of different initial allocation modes on the trading behavior of each region. Research indicates: Firstly, although the ZSG-DEA method improves the fairness of the initial allocation, it increases the technical efficiency level of backward regions at the expense of the frontier technical efficiency level. Secondly, the perfect market mechanism is the carrier of the ZSG-DEA method. When the market is effective, the regions with higher production technology can obtain additional income by selling surplus energy-consuming right and CO₂-emission right, which is conducive to promoting green technology innovation. When the market mechanism is not perfect, the ZSG-DEA method may inhibit technological progress and even destroy productivity, while the historical method can preserve existing productivity at least in the short term.Finally, under the hypothesis of market efficiency,the historical method is likely to lead to regionswith high energy consumption and high emissions to obtain more energy-consuming right and CO₂-emission right.The phenomenon of "whipping fast cattle" is not conducive to the positive promotion of technological progress. Based on the above conclusions, it is suggested that in theprimarystage of energy-consuming right trading and CO₂-emission right trading market, since the market mechanism is not perfect, it is not appropriate to adopt the ZSG-DEA method for initial allocation to avoid the phenomenon of technological regression and productivity degradation caused by poor trading. However, with the continuous improvement of marketization, the initial allocation mode can gradually change from historical method to ZSG-DEA method, improve the fairness of the initial allocation of energy-consuming right trading and CO₂-emission right, and gradually eliminate the phenomenon of "whipping fast cattle" caused by historical method.

Key words: energy-consuming right, CO₂-emission right, initial allocation, ZSG-DEA, fairness and efficiency