基于配额型碳资产质押的供应链融资模式研究

发布时间：2018-07-09 16:33

本文选题：低碳经济 + 供应链融资　；参考：《天津大学》2014年硕士论文

【摘要】：低碳经济给企业的传统生产经营带来了减排压力，在碳交易的背景下，碳排放权成为一种新兴的企业资源，可以作为一种商品进行交易，同时，碳排放权作为企业的一种资产具有较大的融资应用价值。中小企业是社会经济最活跃的部分，却一直面临资金筹集的困境，，寻找低碳经济中更适合企业的新型融资途径势在必行。供应链融资作为一种新的融资模式，因其利用整个供应链资信水平弥补了中小企业信用低的融资劣势，成为中小企业可行的融资途径。文章首先界定了供应链层面的碳资产概念并分析了其可质押性。本文在分析现有的供应链融资模式的基础上，利用演进的思路从供应链资源、结构和实践三个角度分析了碳交易下供应链融资的新趋势。顺应供应链融资的演进方向，文中提出了碳交易框架下配额型碳资产质押的融资模式，以解决供应链企业低碳化过程中的融资难题。基于以上演进方向，文章针对银行和减排企业形成的二级供应链，建立了可选择贷款额的配额型碳资产质押模型，利用博弈的思想，分析了减排压力下该模型运作中银行和企业的决策，推导出模式运作的条件。文章发现企业融资后最优产量和减排量均增加的结论。同时，在银企最优决策下，存在企业减排成本系数改善程度和财务能力的可行范围，使得融资后企业利润增加，从而证明了模式的可行性和有效性。并根据企业利润和企业财务能力的关系分析，发现本文的融资模式对财务能力较弱的中小企业融资有着更好的支持效果。最后，本文利用算例研究的方法，选择低碳经营压力典型的钢铁行业数值进行分析，对配额型碳资产质押模型进行数据分析，进一步验证模式效果的同时，找到了模式的关键风险控制因素，并提出了具体的风险管理措施。
[Abstract]:Low-carbon economy has brought the pressure of emission reduction to the traditional production and management of enterprises. Under the background of carbon trading, carbon emission rights have become a new enterprise resource, which can be traded as a commodity, at the same time, As an asset of enterprises, carbon emission right has a great value of financing application. Small and medium-sized enterprises are the most active part of social economy, but they are facing the dilemma of raising funds all the time, so it is imperative to find new financing ways that are more suitable for enterprises in low-carbon economy. As a new financing mode, supply chain financing is a feasible way for SMEs to use the credit level of the whole supply chain to make up for the low credit disadvantage of SMEs. Firstly, the paper defines the concept of carbon assets in supply chain and analyzes its pledge. Based on the analysis of the existing supply chain financing models, this paper analyzes the new trend of supply chain financing under carbon trading from three angles of supply chain resources, structure and practice by using the evolutionary thinking. According to the evolution direction of supply chain financing, this paper puts forward the financing mode of quota carbon asset pledge under the framework of carbon trading, in order to solve the financing problem in the process of low carbonization of supply chain enterprises. Based on the above evolution direction, aiming at the secondary supply chain formed by banks and emission-reducing enterprises, this paper establishes a quota carbon asset pledge model with optional loan amount, and makes use of the idea of game theory. The decision of banks and enterprises in the operation of the model under the pressure of emission reduction is analyzed, and the operating conditions of the model are deduced. This paper finds that the optimal output and emission reduction increase after financing. At the same time, under the optimal decision of the bank and enterprise, there is a feasible range of the improvement degree of the cost coefficient of emission reduction and the financial ability of the enterprise, which makes the enterprise profit increase after financing, which proves the feasibility and effectiveness of the model. Based on the analysis of the relationship between enterprise profit and financial ability, it is found that the financing mode of this paper has better support effect to the financing of small and medium-sized enterprises with weak financial ability. Finally, by using the method of example study, this paper selects the typical low carbon management pressure of steel industry to analyze the data of quota type carbon asset pledge model, and further verifies the effect of the model at the same time. The key risk control factors of the model are found, and specific risk management measures are put forward.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：X196;F832.4

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