环境治理行业排污权证券化路径研究

发布时间：2018-01-11 03:26

本文关键词：环境治理行业排污权证券化路径研究　出处：《北京化工大学》2014年硕士论文　论文类型：学位论文

【摘要】：融资难是在我国的环境治理行业在蓬勃发展的大背景下,长期阻碍环境治理行业发展的难题。排污权交易是通过经济手段实现污染物控制的行政许可,是一种以降低污染物排放量为目的经济活动。通过金融市场价格发现功能,排污权不仅解决行业轻资产融资难的问题,还可以有效推进环境保护和节能减排。随着资产证券化的发展以及其交易结构不断创新,基础资产的范围也在不断扩大。排污权可以通过结构设计产生稳定的现金流,环境治理行业通过真实出售排污权,发行排污权支持证券的方式实现广义上的资产证券化。本文通过实际环境治理公司实践、走访排污企业及排放权交易所,结合相关理论,利用态势分析法分析环境治理企业开展排污权证券化的可行性。并提出在排污权证券化前期准备满足时,环境治理企业可以将获得的排污权从各个项目、区域归集到公司进行统一设计安排,结合投资银行提出的标准,挑选出估值、期限较为优质的排污权。由于排污权可以在未来某一时点,按照不低于政府回购价格约定出让并形成应收账款,所以应将地域相近、估值相仿的排污权组成一个资产池,并交由给信用评级公司评级。获得评级后的资产交付给SPV项目机构,由该机构多次发行资产支持证券,并设计合理的受益凭证存续方式及分配方式。此种模式的风险控制措施除了传统的内部和外部增信外,可以通过受益凭证持有人组成的受益凭证持有人大会进行预先权利安排。未来可以考虑在排污权总量控制、初始分配有偿获得的情况下田环境交易所组建排污存储机构,由信托公司、证券公司组建双特殊目的机构等方式完善排污权证券化的交易结构。
[Abstract]:It is difficult for the industry of environmental governance in our country to hinder the development of environmental governance industry for a long period of time in China ' s environmental governance industry . Emission trading is an administrative license to realize the control of pollutants by means of economic means . It is a kind of economic activity aiming at reducing the emission of pollutants . It can not only solve the problem of financing difficulty of light assets in the industry , but also effectively promote the environmental protection and energy conservation and emission reduction . With the development of asset securitization and the continuous innovation of its trading structure , the scope of the foundation assets is also expanding . Emission right can produce stable cash flow through structural design . According to the practice of the practical environmental management company , the paper makes a visit to the pollution discharge enterprises and the emission rights exchange , and combines the relevant theories to analyze the feasibility of the environmental governance enterprises to carry out the securitization . In the future , it can be considered that under the control of the total amount of sewage discharge and the initial distribution of paid - off , the field environmental exchange shall form a blowdown storage institution , and the trading structure of the sewage right securitization shall be perfected in such a way as to form a dual special purpose mechanism by the trust company and the securities firm .

【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;X324

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