我国碳国债的发行及其运营风险防范

发布时间：2018-05-04 17:08

本文选题：碳国债 + 绿色债券　；参考：《吉林大学》2017年硕士论文

【摘要】：当今世界各国要承担起发展经济和保护自然环境的双重责任,中国作为经济速度增长最快的国家之一,也应肩负起保护全球生态环境的责任。根据《联合国气候变化框架公约》和《京都议定书》,发展低碳经济成为世界各国经济增长的一个重要方式,也是时代发展的必然选择。然而仅仅依靠企业自身的努力发展低碳经济是远远不够的,一是自身资本不足,二是外源性融资不够。所以,需要有国家通过实际行动推动低碳经济的发展,为企业实施减排战略提供所需资金。但是单依靠国家财政款项划拨也会给各国政府造成巨大的财政负担,这时,碳国债应运而生。碳债券作为碳金融机制的重要组成部分,发行目的是为了支持低碳经济发展。已有越来越多的国家政府、企业和组织认识到,发行碳债券是筹集发展低碳经济所需资金的一个有效的方式,而且目前在各国,碳债券的理论和实践上已经取得了一定的研究成果。本文通过对国际上碳债券的理论研究和现实实践的分析,讨论了碳债券的具体概念与运作方式,并以此推出碳国债的概念,对我国发行碳国债进行了可行性与必要性的分析,研究了碳国债的发行及风险管理等相关机制。碳国债是一种特殊的国债,其本质是一种债务凭证,发行前政府与投资者约定条件,并承诺债券到期后还本付息,所筹资金全部用于支持低碳经济的发展,例如开发新能源、研发新技术、升级改造旧设备以及减少排污量等。本文提出了碳国债的概念,并探讨了我国发行碳国债的原因,以及发行碳国债的方式。碳国债的债权人是投资者,债务人是国家,资金的使用者是企业,国家的信用在这个过程中扮演者担保的角色。因此一旦出现企业盈利能力不强或挪用资金的情况,将会对国家的财政施加巨大压力。因此本文分析了我国发行碳国债的过程中易产生的风险因素,据此提出了相关的对策建议。碳国债资金的募集方是政府,而使用方是企业,因此双方易产生的道德风险是最需要注意的问题。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。最后本文根据以上问题提出了完善碳国债的设想,并对我国发行碳债券进行了前景展望。
[Abstract]:Nowadays, all countries in the world should shoulder the dual responsibility of developing economy and protecting natural environment. As one of the countries with the fastest economic growth, China should also shoulder the responsibility of protecting the global ecological environment. According to the United Nations Framework Convention on Climate change and the Kyoto Protocol, the development of low-carbon economy has become an important way of economic growth in the world and an inevitable choice for the development of the times. However, it is far from enough to rely on the efforts of enterprises to develop low-carbon economy, one is the shortage of their own capital, the other is the lack of external financing. Therefore, some countries need to promote the development of low-carbon economy through practical actions, and provide the necessary funds for enterprises to implement emission reduction strategy. But relying solely on national financial transfers can also create a huge financial burden for governments, and carbon bonds emerge as the times require. As an important part of carbon finance mechanism, carbon bonds are issued to support the development of low-carbon economy. A growing number of governments, businesses and organizations have recognized that the issuance of carbon bonds is an effective way to raise funds for the development of a low-carbon economy, and is currently in each country, The theory and practice of carbon bonds have made some research results. Based on the theoretical research and practical analysis of carbon bonds in the world, this paper discusses the concrete concept and operation mode of carbon bonds, and puts forward the concept of carbon bonds, and analyzes the feasibility and necessity of issuing carbon bonds in China. The mechanism of carbon bond issuance and risk management is studied. Carbon debt is a special kind of national debt, which is essentially a debt certificate. The government agrees with investors before issuing, and promises to repay the debt after the bond matures. All the funds raised are used to support the development of a low-carbon economy, such as the development of new energy sources. Develop new technology, upgrade old equipment and reduce sewage discharge. This paper puts forward the concept of carbon treasury bonds and discusses the reasons of issuing carbon bonds in China and the ways of issuing carbon bonds. The creditors of carbon bonds are the investors, the debtors are the state, the users of the funds are the enterprises, and the credit of the state plays the role of guarantee in this process. Therefore, once there is a weak profitability or misappropriation of funds, it will exert great pressure on the state's finances. Therefore, this paper analyzes the risk factors in the process of issuing carbon bonds in China, and puts forward some relevant countermeasures and suggestions. The raising party of carbon bond is the government, and the user is the enterprise, so the moral hazard is the most important problem. The operating risks of low-carbon enterprises and the development prospects of low-carbon industries are also important issues to be considered. Finally, based on the above problems, this paper puts forward the idea 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】：2017
【分类号】：X196;F812.5

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