碳金融危机形成的机理及监管制度改进研究

发布时间：2018-05-02 13:11

本文选题：碳金融危机 + 形成机理　；参考：《宏观经济研究》2017年11期

【摘要】："发展绿色金融,设立绿色发展基金"被写入"十三五"规划,成为国家战略布局的重要部分。但是,现行的金融监管机制能否适配碳排放权交易市场的结构并施之以有效监控等仍存疑问。因此,本文分别从初级、次级两级市场角度分析了碳金融危机形成机理,从基础资产实际质量空虚、碳衍生品证券化链条太长、过度创新使碳衍生品体系头重脚轻、过度投机使风险层层累积和分业监管导致监管漏洞五个方面分析了碳金融危机形成原因,由此分析中国核证自愿减排量(CCERs)及其衍生品领域发生碳金融危机的可能性,并从敦促投资者以CCERs项目实际碳减排能力为依据评估基础资产、以投资和消费者保护为导向强化CCERs金融创新风险监管、实行动态监管机制以使CCERs衍生品的监管制度与时俱进和在CCERs市场实行综合监管模式以提高监管能力四个方面提出危机化解的监管制度改进建议。
[Abstract]:"developing green finance and setting up green development fund" has been written into the "Thirteenth five-year Plan" and become an important part of the national strategic layout. However, whether the current financial regulatory mechanism can adapt to the structure of the carbon emissions trading market and effectively monitor, etc. Therefore, this paper analyzes the formation mechanism of the carbon financial crisis from the perspective of the primary and secondary markets respectively. From the emptiness of the actual quality of the basic assets, the long chain of carbon derivatives securitization, excessive innovation makes the carbon derivatives system top-heavy. Excessive speculation makes the risk accumulate layer by layer and separate supervision leads to regulatory loophole. It analyzes the causes of the carbon financial crisis in five aspects, and analyzes the possibility of a carbon financial crisis in the field of China's certified voluntary emission reduction (CCERs) and its derivatives. And from urging investors to evaluate basic assets on the basis of the actual carbon abatement capacity of CCERs projects, and to strengthen CCERs financial innovation risk supervision based on investment and consumer protection. In order to make the supervision system of CCERs derivatives keep pace with the times and implement the comprehensive supervision mode in CCERs market to improve the ability of supervision, the paper puts forward some suggestions on how to improve the supervision system in order to resolve the crisis.
【作者单位】：黄淮学院经济与管理学院;
【基金】：河南省政府决策研究招标课题“进一步完善河南公共文化服务体系的财政政策研究”(编号:2016BC325) 河南省本科教学质量与教学改革工程“会计学专业综合改革试点” 黄淮学院本科教学质量与教学改革工程项目“经济管理实验教学示范中心”;黄淮学院ERP协同创新中心项目的阶段性成果
【分类号】：F832.5;X196

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