我国碳排放交易价格机制研究

发布时间：2018-04-13 12:37

本文选题：碳排放 + 价格机制　；参考：《西安电子科技大学》2013年硕士论文

【摘要】：2005年2月16日，《京都议定书》的正式生效标志着对缔约的工业化国家温室气体的减排目标和责任有了法律约束力，也使CO2排放权成为一种具有商品属性的稀缺资源。我国作为最大的发展中国家，虽没有强制减排任务，但随着工业化进程的深入必将受到越来越多的国际压力。2011年10月国家发改委同意在7个省市进行碳排放交易的试点传达出我国建立国内碳排放交易市场的决心。我国排放试点的建立正是基于京都机制中的总量控制与交易机制基础上的，这也是国际排放实践中最常用最成功的机制。 .目前，基于总量控制与交易机制的碳排放交易主要是通过一级市场和二级市场进行的：一级市场指配额的初始分配市场，一般分为免费发放，拍卖以及混合方式三种分配方式；其中，免费发放的依据有基于历史排放额的“祖父制”分配和基于排放率的“基准制”分配两种。二级市场指配额的交易市场，一般分为现货市场和金融衍生品市场两种。本文在借鉴国际碳排放交易初始分配方式以及交易价格机制的基础上，首先，分别从一级市场和二级市场的角度，构架了我国的碳排放交易的价格机制框架，，即一级配额市场从最初的“免费分配为主，拍卖分配为辅”方式逐渐过渡到“拍卖分配为主，免费分配为辅”方式，二级交易市场从最初的现货市场开始逐渐建立完善的碳金融市场。其次，构建了我国碳排放交易价格模型。具体的：在一级市场上，分别构建了基于产权理论的配额免费分配的模型和配额拍卖分配的价格模型；在二级市场上，先是构建了两个主体的现货交易价格模型，然后分别构建了衍生品中的便利收益的期货价格模型和布莱克-斯科尔斯的期权价格模型。最后，采用“祖父制”为依据对工业内部39个行业的初始配额的分配进行模拟分配的基础上，对两个不同能源消耗水平的电力企业配额的现货交易的价格形成过程进行了拟算。拟算结果表明，通过一级市场上的初始配额分配和通过二级市场上现货以及衍生品交易所形成的碳交易价格具有可行性和合理性。
[Abstract]:On February 16, 2005, the entry into force of the Kyoto Protocol marked the legally binding on the greenhouse gas emission reduction targets and responsibilities of the industrialized countries, and also made the CO2 emission rights a scarce resource with commodity attributes.China, as the largest developing country, does not have the task of compulsory emission reduction.However, with the deepening of industrialization, there will be more and more international pressure. In October 2011, the National Development and Reform Commission agreed to carry out carbon emissions trading pilot in seven provinces and cities to convey China's determination to establish a domestic carbon emissions trading market.The establishment of China's emission pilot is based on the total amount control and trading mechanism in the Kyoto mechanism, which is also the most commonly used and successful mechanism in the international emission practice..At present, carbon emissions trading based on total quantity control and trading mechanism is mainly carried out through the primary market and the secondary market: the primary market refers to the initial allocation market of quotas, which is generally divided into three distribution modes: free distribution, auction and mixed mode;Among them, free distribution is based on the "grandfather" allocation based on historical emissions and the "baseline" allocation based on emission rate.Secondary market refers to the trading market of quotas, generally divided into the spot market and financial derivatives market.On the basis of the initial allocation mode and the trading price mechanism of international carbon emissions trading, firstly, from the perspective of the primary market and the secondary market, the paper sets up the price mechanism framework of carbon emissions trading in China.That is, the first class quota market gradually transitioned from "free distribution primarily, auction distribution as auxiliary" to "auction distribution mainly, free distribution as auxiliary" mode.Secondary trading market from the initial spot market began to establish a sound carbon finance market.Secondly, the price model of carbon emissions trading in China is constructed.Concretely: in the primary market, the model of quota free allocation based on property right theory and the price model of quota auction allocation are constructed, and in the secondary market, the spot transaction price model of two main bodies is first constructed.Then, the paper constructs the futures price model of convenient return and the option price model of Black-Scholes respectively.Finally, on the basis of the "grandfather system", the price formation process of the spot trading of the quotas of two electric power enterprises with different energy consumption levels is calculated on the basis of simulating the distribution of the initial quotas in 39 industries within the industry.The calculated results show that the carbon trading price formed through the initial quota allocation in the primary market and the spot and derivatives exchanges in the secondary market is feasible and reasonable.
【学位授予单位】：西安电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F205;F832.5

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