我国碳排放权交易市场及定价研究

发布时间：2018-02-09 11:57

本文关键词： 碳排放权一级市场二级市场持有成本定价模型定价权　出处：《湖南大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着工业化的发展，，二氧化碳等温室气体排放量倍增，产生了一系列的资源和环境问题。国际社会对碳排放权交易市场也不断关注，二氧化碳排放权逐渐成为继石油等大宗商品之后又一新兴交易商品。目前，国际碳排放权交易市场取得了迅速的发展，特别是欧盟碳排放交易体系的市场运作已经比较成熟，已经建立了较大规模的气候交易所，初步掌握了碳排放交易商品的定价权；而我国虽然拥有非常丰富的碳减排资源和巨大的清洁发展机制市场潜力，已经成为世界上经核证减排量一级市场的最大供应国，但是中国却处在全球CDM产业价值链的低端，在国际碳交易市场的参与程度和地位仍然比较低，国内市场价格远低于国际价格，在全球碳排放市场上缺乏定价权。基于以上中心论点，本文首先分析了我国碳排放权交易市场及定价的现状，总结出CDM项目发展的特点和问题以及碳排放权交易所的发展和定价的情况。其次，考虑到我国碳排放权交易发展的特殊性，分别从一级市场和二级市场的角度来研究我国碳排放权商品CER的定价问题。研究得出：我国碳排放权交易市场发展迅速，碳排放交易所初具规模，但CDM项目类型分布过于集中，CDM项目地域分布不均，碳交易定价权缺失。而根据一级市场CER定价机制研究得出，我国一级市场CER定价影响因素可以分为需求、供给、政府限价和国际市场四大因素。而从二级市场CER的定价功能实证研究得出，在期货的持有成本定价模型的理论基础上，欧盟碳排放交易体系下的欧洲气候交易所的CER的定价效率和信息效率都已经得以显现。最后，根据前文的分析，提出应加速发展中国的碳排放权交易市场，尽早实现碳排放权交易商品的定价权：必须不断完善我国CDM一级市场的发展，同时加快我国CDM二级市场的建立。只有我国CDM一级市场、二级市场都得到发展，才能为我国争夺碳排放权交易定价权加快步伐。
[Abstract]:With the development of industrialization, greenhouse gas emissions such as carbon dioxide have been doubled, and a series of resource and environmental problems have arisen. The international community is also paying more and more attention to the carbon emissions trading market. Carbon dioxide emission rights have gradually become another emerging trading commodity after oil and other commodities. At present, the international carbon emissions trading market has made rapid development, especially the market operation of the European Union's carbon emissions trading system has been relatively mature. A large scale climate exchange has been established, and the pricing power of carbon emissions trading commodities has been preliminarily grasped. Although our country has very rich carbon abatement resources and huge market potential of the clean development mechanism, China has become the largest supplier of CERs in the world, but China is at the low end of the global CDM industrial value chain, and its participation and position in the international carbon trading market is still relatively low. Domestic market prices are far below international prices and lack of pricing power in global carbon markets. Based on the above central argument, this paper first analyzes the current situation of carbon emission trading market and pricing in China, summarizes the characteristics and problems of the development of CDM project, and the development and pricing of carbon emission rights exchange. Considering the particularity of the development of carbon emissions trading in China, this paper studies the pricing of carbon emission rights commodity CER from the perspective of primary market and secondary market respectively. The carbon emission exchange is beginning to take shape, but the distribution of CDM project type is too concentrated, the regional distribution of CDM project is uneven, and the pricing power of carbon trading is missing. According to the study of the pricing mechanism of CER in the primary market, The influencing factors of CER pricing in China's primary market can be divided into four factors: demand, supply, government price limit and international market. From the empirical study of the pricing function of CER in the secondary market, it is concluded that, based on the theory of futures holding cost pricing model, The pricing efficiency and information efficiency of the European Climate Exchange's CER under the European Union's carbon emissions trading system have been demonstrated. Finally, according to the above analysis, it is suggested that the development of carbon emission trading market in China should be accelerated, and the pricing power of carbon emission trading commodities should be realized as soon as possible: the development of China's CDM primary market must be continuously improved. At the same time, we should speed up the establishment of the secondary market of CDM in our country. Only when the primary market of CDM and the secondary market of our country are developed, can we quicken the pace of competing for the pricing right of carbon emission trading in China.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F205;F832.5

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