碳债券问题研究—发行及前景展望

发布时间：2018-03-16 14:35

本文选题：碳债券　切入点：碳国债　出处：《吉林大学》2012年硕士论文　论文类型：学位论文

【摘要】：根据《联合国气候变化框架公约》和《京都议定书》，世界各国要在发展经济的同时，承担起保护自然环境和全球气候的责任，中国也不例外，因此发展低碳经济就成为我国的必然选择。而要发展低碳经济，就必须有大量的资金支持，仅仅依靠企业自身的资本积累和企业的外源性融资显然无法满足如此大量的资金需求。碳债券是为了支持低碳经济的发展而发行的债券，是碳金融机制中重要的一个分支。通过发行碳债券来满足低碳经济发展的资金需求已经得到了国际上很多国家的政府、企业和一些组织的认同，并已经在碳债券的理论研究、思路设计、实践运作等方面取得了一定的成果。本文归纳研究了国际上碳债券的理论研究和实践现状，对碳债券的具体概念进行了深入的讨论。针对我国的具体国情，，通过对我国发行碳债券的可行性分析，本文认为财政发行碳国债是一个可行的方式。碳国债是一种特殊的国债，是政府为了支持低碳经济的发展而向投资者发行的具有约定条件并承诺到期还本的债务凭证。本文创新性的提出了碳国债的具体概念，并对我国发行碳国债的债券要素设计和发行方式进行了讨论和研究。碳国债的主要作用是为兴建新兴能源企业或更新改造老的高能耗企业提供资金支持，碳国债发行融通的资金可以为低碳减排企业提供必要的资金支持，解决了开发新能源、升级改造旧设备所必需的资金。由于碳国债发行主体是国家，使用主体是节能减排企业，由国家信用为债券本息收益做担保，所以一旦低碳企业盈利能力不强、无力支付债券本息，这会对国家的财政造成巨大的压力。所以有必要分析我国发行碳债券的风险和解决对策。由于碳国债募集资金的所有权和使用权的分离，出现了委托人与代理人之间的道德风险问题；低碳企业的运营风险和低碳行业的发展前景也是需要考虑的重点问题。最后本文针对碳国债运行中的道德风险和企业运营风险等问题提出了对策建议，提出了完善碳债券的设想，并对我国发行碳债券进行了前景展望。
[Abstract]:According to the United Nations Framework Convention on Climate change and the Kyoto Protocol, while developing their economies, all countries in the world must shoulder the responsibility of protecting the natural environment and the global climate, and China is no exception. Therefore, developing a low-carbon economy is an inevitable choice for our country. To develop a low-carbon economy, we must have a large amount of financial support. It is obvious that relying on the capital accumulation and exogenous financing of enterprises can not meet such a large amount of capital demand. Carbon bonds are bonds issued to support the development of a low-carbon economy, and are an important branch of the carbon finance mechanism. Many governments in the world have already issued carbon bonds to meet the financial needs of the development of the low-carbon economy. Enterprises and some organizations have already made some achievements in the theoretical research, train of thought design and practical operation of carbon bonds. This paper summarizes and studies the current situation of the theoretical research and practice of carbon bonds in the world. Based on the analysis of the feasibility of issuing carbon bonds in China, this paper holds that the financial issuance of carbon bonds is a feasible way. Carbon bond is a special kind of national debt, which is issued by the government to investors in order to support the development of low-carbon economy. The main function of carbon bonds is to provide financial support for the construction of new energy enterprises or the renewal and transformation of old high-energy enterprises. The financing of the carbon bond issue can provide the necessary financial support for low-carbon emission reduction enterprises, solve the need to develop new energy sources and upgrade old equipment. Because the main body of issuing carbon national debt is the state, the main body of the use is the enterprise of energy saving and emission reduction, and the state credit guarantees the principal and interest income of the bond, so once the low carbon enterprise is not profitable, it is unable to pay the principal and interest of the bond. This will put great pressure on the country's finances. So it is necessary to analyze the risks of issuing carbon bonds in our country and to solve them. Because of the separation of ownership and right of use of the funds raised by carbon bonds, The moral hazard between principal and agent appears, and the operating risk of low-carbon enterprises and the development prospect of low-carbon industry are also the key issues to be considered. Finally, this paper puts forward some countermeasures and suggestions on the problems of moral hazard and enterprise operation risk in the operation of carbon bonds, puts forward the assumption of perfecting carbon bonds, and looks forward to the prospect of issuing carbon bonds in China.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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