我国碳资产价格影响因素分析

发布时间：2018-06-16 20:18

本文选题：碳资产 + 碳价格　；参考：《安徽工业大学》2015年硕士论文

【摘要】：如今,环境污染越来越严重,各国正在积极应对气候变化带来的影响。在《京都议定书》签订之后,欧洲国家率先进行碳资产的交易,试图通过建立碳交易市场,使企业参与到碳交易中,达到减排的作用。在此背景下,便有了碳资产的出现。碳资产是指企业过去交易行为或项目产生的,经国际或国家官方机构核证认可,由企业拥有或控制的,具有流动性和交易属性的,可用于排放温室气体的排放权或减排量额度。本文旨在揭示影响碳资产价格的因素。我国在2014年已经全面启动七个碳交易试点。本文以各交易试点已有的交易数据为基础,结合相关的政策法规,对数据进行了一定的处理,然后进行横向与纵向的分析,并对比了欧洲成熟的碳交易市场。最后归纳了影响碳资产价格的因素:配额的发放、减排力度、CCER项目、减排成本、信息公开程度、履约期及处罚程度。本文还介绍了稳定碳资产价格的重要性,对于如何稳定碳资产价格提供了一些建议。如调整碳排放量配额、建立跨期存储借贷机制、建立抵消信用机制、保证信息传递的及时性与透明度。最后得到本文的结论,即配额的发放要结合企业的实际排放量,配额发放的越多,往往会导致碳价的下跌,相反,配额发放的越少,会导致碳价的暴涨。减排力度越大会提高碳价,相反则会降低碳价。碳抵消项目越多,其有效性越低,往往会降低碳价,反之则提升碳价。信息的公开程度会影响碳价的稳定程度,在信息公开程度欠缺的时候,碳价波动幅度较大,这体现在交易市场的初期。越接近履约期,交易量会大幅度的上升,碳价会下降。同时处罚程度越大,企业的违约成本就越高,碳价会上升,反之企业更愿意违约,不去参与碳交易,导致碳价下跌。对影响碳资产价格的因素进行研究,能够揭示碳资产供求关系,便于对我国碳交易市场进行监督管理,使企业制定合理的减排计划,起到优化资源配置的作用。掌握影响碳资产价格的因素,能够防范价格波动带来的风险,提前最好应对措施,防患于未然。同时也能够为以后金融机构开展碳金融业务提供判断依据。
[Abstract]:Today, environmental pollution is becoming more and more serious, countries are actively dealing with the impact of climate change. After the signing of the Kyoto Protocol, European countries took the lead in trading carbon assets, trying to make enterprises participate in carbon trading and achieve the role of emission reduction through the establishment of carbon trading market. In this context, there is the emergence of carbon assets. Carbon assets are those that have been produced by past trading activities or projects certified by international or national official organizations and owned or controlled by enterprises. They have liquidity and trading properties and can be used for greenhouse gas emission rights or emission reduction quotas. The purpose of this paper is to reveal the factors affecting the price of carbon assets. China has launched seven carbon trading pilot projects in 2014. Based on the existing trading data of each trade experiment and combining with the relevant policies and regulations, this paper deals with the data to a certain extent, then analyzes the data horizontally and vertically, and compares the mature carbon trading market in Europe. Finally, the factors influencing the price of carbon assets are summarized: the issuance of quotas, the intensity of emission reduction and CCER project, the cost of emission reduction, the degree of information disclosure, the period of performance and the degree of punishment. This paper also introduces the importance of stabilizing the price of carbon assets, and provides some suggestions on how to stabilize the price of carbon assets. Such as adjusting carbon emission quota, establishing inter-period storage and lending mechanism, establishing offset credit mechanism, ensuring the timeliness and transparency of information transmission. Finally, the conclusion of this paper is that the allocation of quotas should be combined with the actual emissions of enterprises. The more quotas are issued, the lower the carbon price will be. On the contrary, the less quotas will be issued, the higher the carbon price will be. The higher the emissions reduction, the higher the carbon price, on the contrary, the lower the carbon price. The more carbon offsets are, the less effective they are, and the lower the carbon price is, the lower the carbon price is. The degree of disclosure of information will affect the stability of carbon price. When the degree of information disclosure is lacking, the volatility of carbon price is large, which is reflected in the initial stage of trading market. The closer the performance period, the more trading volume will rise and the carbon price will fall. At the same time, the higher the penalty, the higher the cost of default, the higher the carbon price, whereas the more willing to default, not to participate in carbon trading, resulting in a fall in carbon price. The research on the factors affecting the price of carbon assets can reveal the relationship between supply and demand of carbon assets, facilitate the supervision and management of carbon trading market in China, make enterprises make reasonable emission reduction plans, and play the role of optimizing the allocation of resources. Grasp the factors that affect the price of carbon assets, can prevent the risk of price fluctuations, the best early response to prevent trouble. At the same time can also for the future financial institutions to carry out carbon finance business to provide a basis for judgment.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：X196;F832.5

【相似文献】