Abstract: Based on the research of domestic carbon market’s promoting corporate emission reduction，this pa-per uses MS－AR model to divide carbon price and transaction on the basis of determining the correlation of ca-rbon market and energy market． Different market conditions are divided as down－fluctuation－up level of pr-ice and low－upper－high level fluctuation of transaction volume，which are examined by adjusting the market selection of polluting enterprises that induces the heterogeneity characteristics of value volatility． It founds th-at the price mechanism fails at a low level price．The price increasing of carbon and traditional energy suppress the increase in the value of polluting enterprises together，and the cost effect of emission reduction is significa-nt． The high level fluctuation of carbon transaction volume promotes the increase of polluting enterprises' val-ue，and enterprises actively reduce emissions that makes the positive value effect significant． The carbon ma-rket has not stimulated the value of new energy companies to increase． The carbon market price mechanism h-as also failed and the market signal mechanism has been differentiated，so the current carbon market is still sh-owing a price－led restraining effect on corporate value． The current domestic carbon market can significantly promote low－carbon development． Due to the absolute quantitative advantage of traditional energy－consuming enterprises compared with clean energy production enterprises，the building of the carbon market is an important starting point for promoting the emission reduction transformation of high－energy－consumption enterprises and the realization of low－carbon development in society．

Key words: carbon market; energy market; dynamic correlation mechanism; low－carbon development; enterprise value effect