碳基金交易投资者法律保护问题研究

发布时间：2018-04-05 19:07

本文选题：碳基金　切入点：碳市场　出处：《江西财经大学》2012年硕士论文

【摘要】：在气候变化已成为国际热点问题的背景下,二氧化碳排放权成为新兴投资商品吸引了大量的资本投资,国际碳市场应运而生。碳基金作为促进碳市场发展而新衍生出来的金融工具已进入投资者的眼球,碳基金是碳交易市场的主体,其对于碳金融市场的健康发展具有举足轻重的作用。碳基金主要是通过购买碳减排量以及一些转手交易,不断提高项目的资金融通能力,从而降低碳贷款或赠款的风险。碳市场的买家在获取碳排放指标后,通过冲减本企业的碳指标或上市交易,来履行在《京都议定书》中的减排义务,同时也在碳基金投资项目中获取巨大收益。由于《京都议定书》在2012年将履约到期,哥本哈根会议没有就2012年之后温室气体排放达成协议,导致未来碳金融市场发展存在较大的不确定性,这给碳基金投资者带来了风险；而且碳基金交易市场中的政府和企业信息披露不及时、投资过程中的信息不对称也成为摆在投资者面前的一道难题。碳基金投资者的保护,尤其是中小投资者的保护,已经成为中国金融行业关注的重点问题,更是碳金融市场健康运行的基础。我们应当从我国的国情出发,探索适合我国的碳基金投资者保护法律制度,以建立保护碳基金投资者的长效机制,维护我国碳市场的经济秩序,促进碳市场有序、健康发展。本文就碳基金交易过程中投资者保护问题进行详细的阐述,从碳基金交易投资者保护的法律理论出发,分析了碳基金交易过程中的投资者类型以及碳基金管理人和碳基金托管人的法律地位及法律义务,为保护投资者的利益提供了一个法律的基础。同时,本文提出了摆在投资者保护道路上的主要问题,碳基金交易投资者与碳基金管理人的权利冲突是最主要的原因,碳基金管理人往往为了使自己的利益最大化,而不惜牺牲投资者的利益,造成投资者的损失。投资者在利益受到损害时,往往由于力量悬殊及诉讼的缺憾而得不到及时的法律救济,信息的极度不对称使投资者的弱势地位更加巩固。针对这些问题本文提出了解决的办法和思路,主要是针对限制碳基金管理人的发起行为、完善投资者的诉讼地位、加强对基金管理人的监督以及进一步完善碳管理信息披露制度等方面进行改进,为我国碳基金市场的有序发展以及保护碳基金投资者的利益添砖加瓦
[Abstract]:Under the background that climate change has become a hot international issue, carbon dioxide emission rights have attracted a large amount of capital investment as a new investment commodity, and the international carbon market has emerged as the times require.As a newly derived financial instrument to promote the development of carbon market, carbon fund is the main body of carbon trading market, which plays an important role in the healthy development of carbon financial market.Carbon funds are designed to reduce the risk of carbon loans or grants by buying carbon abatement and trading deals to improve the ability to finance projects.After acquiring the carbon emission target, the buyers of the carbon market can meet their emission reduction obligations under the Kyoto Protocol by cutting their carbon targets or trading on the market, as well as making huge profits in the carbon fund investment projects.As the Kyoto Protocol expires in 2012, the Copenhagen Conference did not reach an agreement on greenhouse gas emissions after 2012, leading to greater uncertainty about the future development of the carbon financial market, which brings risks to carbon fund investors;Moreover, the information disclosure of government and enterprises in the carbon fund trading market is not timely, and the information asymmetry in the process of investment has become a difficult problem in front of investors.The protection of carbon fund investors, especially the protection of small and medium-sized investors, has become the focus of attention in China's financial industry, but also the basis for the healthy operation of the carbon financial market.We should start from the situation of our country and explore the legal system of the protection of carbon fund investors, so as to establish a long-term mechanism to protect the carbon fund investors, to maintain the economic order of our country's carbon market, and to promote the orderly and healthy development of the carbon market.In this paper, the problem of investor protection in carbon fund trading is discussed in detail, starting from the legal theory of investor protection in carbon fund trading.This paper analyzes the types of investors in the trading process of carbon funds, the legal status and legal obligations of carbon fund managers and custodians of carbon funds, and provides a legal basis for protecting the interests of investors.At the same time, this paper puts forward the main problems on the path of investor protection. The conflict of rights between carbon fund trading investors and carbon fund managers is the main reason. Carbon fund managers often make their own interests maximized.And does not hesitate to sacrifice the investor's benefit, causes the investor's loss.When the interests of investors are damaged, they are often unable to obtain timely legal remedies because of the disparity of power and the lack of litigation. The extremely asymmetric information makes the weak position of investors more consolidated.In view of these problems, this paper puts forward the solutions and ideas, mainly aiming at limiting the initiated behavior of carbon fund managers and perfecting the litigation status of investors.Strengthen the supervision of fund managers and further improve the carbon management information disclosure system, so as to contribute to the orderly development of China's carbon fund market and the protection of the interests of carbon fund investors.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832.51;F205

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