Abstract：Based on the data of Guangzhou Carbon Exchange, this paper explores the nonlinear mechanism of heterogeneous bonds and energy prices on carbon prices in two periods of economic expansion and economic recession by using the Markov zone conversion model. It is found that in the economic recession, the production scale of enterprises is reduced due to the impact of rising costs, and the rise of energy prices and traditional bond prices has a negative impact on carbon prices. During the economic boom, driven by the liquidity pressure caused by the continuous rise of energy prices and the increased predictability of carbon financing policies, enterprises allocate or sell carbon quotas in advance, which makes the price rise of green bonds have a positive impact on carbon prices, while the traditional bonds have the opposite effect. At the same time, with the promotion of China's energy conservation and emission reduction policies, enterprises are increasingly willing to participate in the carbon market trading, so that green bonds can promote carbon prices even in times of economic recession. By exploring the mechanism of heterogeneous bonds and energy prices on carbon prices, it can help the government to improve the carbon emission rights market trading policy and promote the transition to green energy consumption of enterprises, so as to better promote China's energy transition and promote high-quality economic development.

Keyword：Heterogeneous Bond; Energy Price; Carbon Price; Conventional Bond; Green Bond; Guangzhou Carbon Emission Rights Exchange