我国碳交易定价适用方法的研究

发布时间：2018-05-05 13:02

本文选题：碳排放权 + 定价　；参考：《西安理工大学》2017年硕士论文

【摘要】：经济发展带来了气候变暖问题,如今世界各国已经注意到了气候变暖的严重性,并采取了一系列措施。我国近几年发展迅速,但是存在着不合理的能源结构、环保意识不强等问题,造成了二氧化碳排放量居世界之首。因为我国的人口在发展中国家中属于比较多的国家,排放的二氧化碳也比较多,加之我国是一个很有责任心的大国,所以我国也会对社会环境负责,减少二氧化碳的排放量,建立低碳城市。为了减少并合理的利用二氧化碳,我国准备建立一个全国性的碳市场。在建立碳市场的过程中,碳定价是首要解决的问题,也是很关键的一部分,关系到我国在碳排放权方面的定价权和我国的国际地位。本文首先对我国碳排放权的定义及属性进行探讨,指出碳排放权在我国会计准则中已经被定义为碳资产且具有商品的属性,并分析我国碳排放权定价的现状及存在的问题。在此基础上,通过比较分析现有碳排放权定价的方法:影子价格、边际减排成本法和实物期权定价法,并从企业角度出发,提出了收支平衡定价法。分析了每种定价方法的特点及优缺点,结合我国碳交易市场的发展阶段,以某风电项目为例,将收支平衡定价方法应用于碳排放权现货的定价;以深圳碳交易所的交易数据为基础,模拟使用实物期权定价方法计算出碳排放权衍生产品的价格。得出以下结论:(1)收支平衡定价法可以作为碳交易市场中期碳排放权现货的定价方法,一方面能够为企业制定碳排放权价格提供价格参考,另一方面能够方便企业分析价格变化的影响因素,及时调整价格;(2)B-S期权定价方法可以作为碳交易市场后期碳排放权衍生产品定价方法,比二叉树和蒙特卡罗定价方法使用起来更加简便。最后,针对我国碳排放权定价的现状及存在的问题,从企业和国家的角度提出了一些建设性的建议:转变碳排放权成本的管理方法和观念、正确评估碳排放权的期望收益率、完善碳交易市场定价机制的法律制度、构建以风险控制为核心的碳交易市场定价监管机制以及建立稳定碳交易市场价格的综合调控机制。
[Abstract]:Economic development has brought about the problem of global warming. Nowadays, countries all over the world have noticed the seriousness of climate warming and taken a series of measures. China has developed rapidly in recent years, but there are some problems such as unreasonable energy structure and weak consciousness of environmental protection, which leads to the highest carbon dioxide emissions in the world. Because the population of our country is relatively large among developing countries, and the emissions of carbon dioxide are also relatively large, plus China is a very responsible big country, so our country will also be responsible for the social environment and reduce the emissions of carbon dioxide. Establish low-carbon cities. In order to reduce and reasonable use of carbon dioxide, China is going to establish a national carbon market. In the process of establishing carbon market, carbon pricing is the first problem to be solved, and it is also a key part, which is related to the pricing power of carbon emission rights and the international status of our country. This paper first discusses the definition and attributes of carbon emission rights in China, points out that carbon emission rights have been defined as carbon assets and have commodity attributes in China's accounting standards, and analyzes the current situation and existing problems of carbon emission rights pricing in China. On this basis, the paper compares and analyzes the existing pricing methods of carbon emission rights, such as shadow price, marginal emission reduction cost method and real option pricing method, and puts forward the pricing method of balance of payments from the perspective of enterprises. This paper analyzes the characteristics, advantages and disadvantages of each pricing method, taking a wind power project as an example, applies the balance-of-payments pricing method to the spot pricing of carbon emission rights combined with the development stage of China's carbon trading market. Based on the trading data of Shenzhen carbon Exchange, the real option pricing method is used to calculate the price of carbon emission derivative products. Draw the following conclusion: 1) the balance-of-payments pricing method can be used as a pricing method for carbon emission rights spot in the medium term of the carbon trading market. On the one hand, it can provide a price reference for enterprises to set the carbon emission rights price. On the other hand, it is convenient for enterprises to analyze the influencing factors of price change and adjust the price in time. The option pricing method can be used as the pricing method of carbon emission derivative products in the later stage of carbon trading market. It is easier to use than binary trees and Monte Carlo pricing methods. Finally, in view of the current situation and existing problems of carbon emission right pricing in China, this paper puts forward some constructive suggestions from the perspective of enterprises and countries: to change the management method and concept of carbon emission right cost, and to correctly evaluate the expected rate of return of carbon emission right. We should perfect the legal system of the pricing mechanism of carbon trading market, construct the pricing supervision mechanism of carbon trading market with risk control as the core, and establish a comprehensive regulation mechanism to stabilize the price of carbon trading market.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：X196;F832.5

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