我国碳排放权交易市场发展研究

发布时间：2018-02-16 20:05

本文关键词： 碳排放权交易市场 EUETS CDM EUA CER 价格发现　出处：《浙江工商大学》2013年硕士论文　论文类型：学位论文

【摘要】：碳排放权是指温室气体排放的权利,碳排放权交易是人类利用市场机制解决温室气体排放的手段。碳排放权交易市场自兴起到现在不足十年,却表现出了蓬勃的生命和快速的发展,包括美国、欧盟在内的发达国家以及一些发展中国家陆续建立起碳排放权交易市场。我国作为清洁发展机制(CDM)项目市场最大供应国,由于没有建立起完善的碳排放权交易市场,目前在国际碳排放权交易市场中处于不利地位。2009年9月胡锦涛主席在联合国大会上宣布截止到2020年,单位GDP二氧化碳强度相对于2005年的水平减少40%-45%,到2020年非化石能源的使用量增加到一次能源消耗量的15%。这一承诺体现了我国勇于承担全球碳减排责任的勇气和决心,也为发展我国碳排放权交易市场提供了信心和依据。本文以发展与完善我国碳排放权交易市场为目标,首先系统归纳总结了国际碳排放权交易市场的发展经验。目前国外发达国家碳排放权交易市场发展较快,市场体系已较为成熟,主要体现在:其一,产品较为丰富,结构合理。市场主要交易产品有:欧盟配额(EUA)和核证减排量(CER),其中EUA是配额市场欧盟排放交易体系(EU ETS)产生的碳排放权。欧盟根据减排目标,设定区域排放总量,据此分配排放配额给减排主体,对实际排放量超过配额分配量的企业罚款,使得配额成为一种可交易的稀缺资源,欧盟分配的配额被称为EUA。CER是CDM项目市场产生的碳排放权。发达国家通过项目给予发展中国家资金和技术支持来达到项目碳排放量减少的目的,减少的碳排放经联合国相关部门核查后成为CER。EUEUS设立之初交易产品为EUA,随后推出CER产品,近年,EU ETS将航空业纳入减排范围,推出欧盟航空配额EUAA产品,并且EU ETS不断推出各类碳排放权产品衍生品。自愿减排项目市场通过推出多样化的减排标准,丰富市场产品。自愿配额市场逐渐转向强制配额市场,自愿配额市场芝加哥气候交易所(CCX)已于2010年底停止其碳排放权产品CFI的交易,并且自愿减排项目市场发展规模远不及配额市场,市场逐渐向强制配额市场发展。其二,交易者结构不断完善,EU ETS中有不同类型的机构投资者参与市场交易,以印度为代表的CDM项目市场上的机构投资者力量也在不断增强;其三,衍生品市场金融创新速度快,价格发现功能显著。衍生品市场交易产品从远期、期货发展到期权、互换,且发展速度快,衍生品推出迅速。对EUA、CER产品的研究发现碳排放权现货产品价格波动剧烈,交易者对碳排放权衍生品需求强。对EUA、CER期货的实证研究显示EUA期货价格发现功能已显现,期货产品可以为现货产品提供可供参考的价格,交易者可以利用期货市场实现风险管理。其四,政府监管效率高、配额发放逐步适量、分配日趋合理。相比国际市场,我国碳排放权交易市场在发展中存在诸多不足,其一,交易体系不完善,包括市场产品单一,交易产品仅有CDM项目市场产生的中国核证减排量(CCER)、强制配额试点市场产生的深圳配额(SZA)、自愿减排项目市场产生的自愿减排产品(VER);交易者结构单一,市场缺乏机构投资者参与;市场发展不均衡,过度依赖CDM项目市场,自愿项目市场发展缓慢,强制配额市场刚刚起步;其二,衍生品市场尚未起步,碳排放权期货、期权产品缺失;其三,政府管制效率低等问题。结合我国碳排放权交易市场存在的问题以及对国际经验的分析,本文得出我国应从完善现货交易市场、发展期货市场和强化政府监管三方面入手发展我国碳排放权交易市场。完善现货市场应通过丰富自愿减排标准、发展强制配额市场产品,适时推出碳衍生品达到丰富交易产品的目的;积极引入各类型机构投资者、投机者进入市场丰富交易者结构;将强制配额市场作为市场发展重点;连点成线,发展全国性交易所。为提升我国在清洁发展机制项目市场的议价能力,为市场交易者提供风险管理的工具,大力发展期货市场是势在必行的;我国在商品市场上已经积累了发展期货市场的经验,并且碳排放权产品的特性使得其易于推出期货产品,同时国际市场也有可供借鉴的经验。基于此,本文提出我国应积极发展期货市场,并设计了交易产品SZA期货合约,对交易者结构和交易平台设计提出了一些建议。对于政府监管,本文认为应从建立健全法律制度、政府提高监管效率、适量发放初始配额、注意分配方式转变入手。
[Abstract]:Carbon emissions is the greenhouse gas emission rights, carbon emissions trading is the use of market mechanisms to address greenhouse gas emissions. Carbon emissions trading market since the rise is less than ten years, has shown the vigorous life and rapid development, including the United States, the European Union, developed countries and some developing countries gradually establish a carbon emissions trading market. As China's clean development mechanism (CDM) project is the largest market supply country, because there is no perfect carbon emissions trading market, is currently in the international carbon emissions trading market at a disadvantage in September.2009 President Hu Jintao announced at the UN General Assembly by the end of 2020. The unit GDP carbon intensity relative to 2005 levels reduced to 40%-45% usage in 2020 non fossil energy increased to an energy consumption 15%. this is my promise In the global carbon emission reduction responsibility to take courage and determination, but also provides confidence and basis for the development of China's carbon emissions trading market. With the development and improvement of China's carbon emissions trading market as the goal, firstly we summarize the international carbon emissions trading market development experience. At present, the developed countries carbon emissions trading market rapid development, the market system has been relatively mature, mainly reflected in: first, the product is rich, the structure is reasonable. The main products are: EU quota trading market (EUA) and CERs (CER), where EUA is the market quota of EU emissions trading system (EU ETS) to produce carbon emissions according to the EU emission reduction targets set emission region, allocate emissions quotas to reduction of the main body, actual emissions exceed the quota allocation of enterprise fines, making the quota into a transaction of scarce resources, Europe The Au quota distribution is called the EUA.CER CDM project is the market of carbon emissions. The developed countries provide funding and technical support to developing countries to achieve the project to reduce carbon emissions through the project, to reduce carbon emissions by the United Nations and the relevant departments to verify after becoming CER.EUEUS set up at the beginning of the trading product for EUA, then launch CER products in recent years, EU ETS will be included in the reduction range of the aviation industry, the EU launched air quota EUAA products, and EU ETS has introduced various carbon emissions reduction projects. The voluntary derivatives market through the introduction of a variety of emission standards, rich market products. The market is gradually turning to voluntary quotas quotas market, Voluntary Quotas market of Chicago Climate Exchange (CCX) has ceased its carbon emissions are CFI at the end of 2010 of the transaction, and the voluntary emission reduction project market development scale is far less than the quota market, the market gradually To the development of compulsory quota market. Secondly, traders structure improvement, EU ETS in different types of institutional investors to participate in market transactions, with India as the representative of the CDM project on the market power of institutional investors is increasing; thirdly, the financial derivatives market innovation speed, the price discovery function of products from the derivatives market transactions significantly. The long-term development, futures options, swaps and derivatives, development speed, launch quickly. For EUA, CER product research found price fluctuations of carbon emission spot traders on carbon emissions drastically, derivatives of EUA. Strong demand, empirical research shows that EUA CER futures futures price discovery function has emerged, futures the product can provide the reference price for the stock products, traders can realize the risk management of the futures market. Fourth, the high efficiency of government regulation, the quota payment amount gradually, the distribution date More reasonable. Compared to the international market, China's carbon emissions trading market has many deficiencies, in the development of a trading system is not perfect, including market transactions only a single product, product CDM project market China CERs (CCER), a mandatory pilot market quota quota of Shenzhen (SZA), have voluntarily emission reduction project market voluntary emission reduction products (VER); the structure of a single market traders, the lack of participation of institutional investors; market development is not balanced, over reliance on voluntary project CDM project market, the slow development of the market, the market has just started mandatory quotas; second, the derivatives market has not yet started, carbon emissions futures and options products lack; third, government regulation according to the existing problems. The low efficiency of China's carbon emissions trading market problems and analysis of the international experience, this paper draws the conclusion that our country should perfect the spot market, futures market development Field and strengthen government supervision in three aspects of the development of China's carbon emissions trading market. Improve the spot market through rich voluntary emission standards, the development of compulsory quota market products, the timely introduction of carbon derivatives to enrich trading products; actively introduce various types of institutional investors, speculators into the market traders rich structure; will force the market quota as the market focus of development; even point into line, the development of national exchanges. In order to enhance the bargaining power of China's CDM projects in the market, to provide risk management tools for the market traders, vigorously develop the futures market is imperative; our country has accumulated experience in the development of the futures market in the commodity market, and the characteristics of carbon the emissions of products makes it easy to launch futures products, at the same time, the international market also has the experience for reference. Based on this, this paper proposed that our country should accumulate The development of the futures market, and the design of SZA products trading futures contracts, some suggestions on the trader structure and trading platform is proposed. For government regulation, this paper thinks that we should establish and perfect the legal system, enhance the efficiency of the government supervision, the amount of payment of the initial quota allocation, pay attention to change to start.

【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;X196

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