發(fā)布時(shí)間：2018-02-09 11:57

  本文關(guān)鍵詞： 碳排放權(quán) 一級(jí)市場(chǎng) 二級(jí)市場(chǎng) 持有成本定價(jià)模型 定價(jià)權(quán)　出處：《湖南大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著工業(yè)化的發(fā)展，，二氧化碳等溫室氣體排放量倍增，產(chǎn)生了一系列的資源和環(huán)境問(wèn)題。國(guó)際社會(huì)對(duì)碳排放權(quán)交易市場(chǎng)也不斷關(guān)注，二氧化碳排放權(quán)逐漸成為繼石油等大宗商品之后又一新興交易商品。目前，國(guó)際碳排放權(quán)交易市場(chǎng)取得了迅速的發(fā)展，特別是歐盟碳排放交易體系的市場(chǎng)運(yùn)作已經(jīng)比較成熟，已經(jīng)建立了較大規(guī)模的氣候交易所，初步掌握了碳排放交易商品的定價(jià)權(quán)；而我國(guó)雖然擁有非常豐富的碳減排資源和巨大的清潔發(fā)展機(jī)制市場(chǎng)潛力，已經(jīng)成為世界上經(jīng)核證減排量一級(jí)市場(chǎng)的最大供應(yīng)國(guó)，但是中國(guó)卻處在全球CDM產(chǎn)業(yè)價(jià)值鏈的低端，在國(guó)際碳交易市場(chǎng)的參與程度和地位仍然比較低，國(guó)內(nèi)市場(chǎng)價(jià)格遠(yuǎn)低于國(guó)際價(jià)格，在全球碳排放市場(chǎng)上缺乏定價(jià)權(quán)。 基于以上中心論點(diǎn)，本文首先分析了我國(guó)碳排放權(quán)交易市場(chǎng)及定價(jià)的現(xiàn)狀，總結(jié)出CDM項(xiàng)目發(fā)展的特點(diǎn)和問(wèn)題以及碳排放權(quán)交易所的發(fā)展和定價(jià)的情況。其次，考慮到我國(guó)碳排放權(quán)交易發(fā)展的特殊性，分別從一級(jí)市場(chǎng)和二級(jí)市場(chǎng)的角度來(lái)研究我國(guó)碳排放權(quán)商品CER的定價(jià)問(wèn)題。研究得出：我國(guó)碳排放權(quán)交易市場(chǎng)發(fā)展迅速，碳排放交易所初具規(guī)模，但CDM項(xiàng)目類型分布過(guò)于集中，CDM項(xiàng)目地域分布不均，碳交易定價(jià)權(quán)缺失。而根據(jù)一級(jí)市場(chǎng)CER定價(jià)機(jī)制研究得出，我國(guó)一級(jí)市場(chǎng)CER定價(jià)影響因素可以分為需求、供給、政府限價(jià)和國(guó)際市場(chǎng)四大因素。而從二級(jí)市場(chǎng)CER的定價(jià)功能實(shí)證研究得出，在期貨的持有成本定價(jià)模型的理論基礎(chǔ)上，歐盟碳排放交易體系下的歐洲氣候交易所的CER的定價(jià)效率和信息效率都已經(jīng)得以顯現(xiàn)。 最后，根據(jù)前文的分析，提出應(yīng)加速發(fā)展中國(guó)的碳排放權(quán)交易市場(chǎng)，盡早實(shí)現(xiàn)碳排放權(quán)交易商品的定價(jià)權(quán)：必須不斷完善我國(guó)CDM一級(jí)市場(chǎng)的發(fā)展，同時(shí)加快我國(guó)CDM二級(jí)市場(chǎng)的建立。只有我國(guó)CDM一級(jí)市場(chǎng)、二級(jí)市場(chǎng)都得到發(fā)展，才能為我國(guó)爭(zhēng)奪碳排放權(quán)交易定價(jià)權(quán)加快步伐。
[Abstract]:With the development of industrialization, greenhouse gas emissions such as carbon dioxide have been doubled, and a series of resource and environmental problems have arisen. The international community is also paying more and more attention to the carbon emissions trading market. Carbon dioxide emission rights have gradually become another emerging trading commodity after oil and other commodities. At present, the international carbon emissions trading market has made rapid development, especially the market operation of the European Union's carbon emissions trading system has been relatively mature. A large scale climate exchange has been established, and the pricing power of carbon emissions trading commodities has been preliminarily grasped. Although our country has very rich carbon abatement resources and huge market potential of the clean development mechanism, China has become the largest supplier of CERs in the world, but China is at the low end of the global CDM industrial value chain, and its participation and position in the international carbon trading market is still relatively low. Domestic market prices are far below international prices and lack of pricing power in global carbon markets. Based on the above central argument, this paper first analyzes the current situation of carbon emission trading market and pricing in China, summarizes the characteristics and problems of the development of CDM project, and the development and pricing of carbon emission rights exchange. Considering the particularity of the development of carbon emissions trading in China, this paper studies the pricing of carbon emission rights commodity CER from the perspective of primary market and secondary market respectively. The carbon emission exchange is beginning to take shape, but the distribution of CDM project type is too concentrated, the regional distribution of CDM project is uneven, and the pricing power of carbon trading is missing. According to the study of the pricing mechanism of CER in the primary market, The influencing factors of CER pricing in China's primary market can be divided into four factors: demand, supply, government price limit and international market. From the empirical study of the pricing function of CER in the secondary market, it is concluded that, based on the theory of futures holding cost pricing model, The pricing efficiency and information efficiency of the European Climate Exchange's CER under the European Union's carbon emissions trading system have been demonstrated. Finally, according to the above analysis, it is suggested that the development of carbon emission trading market in China should be accelerated, and the pricing power of carbon emission trading commodities should be realized as soon as possible: the development of China's CDM primary market must be continuously improved. At the same time, we should speed up the establishment of the secondary market of CDM in our country. Only when the primary market of CDM and the secondary market of our country are developed, can we quicken the pace of competing for the pricing right of carbon emission trading in China.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F205;F832.5

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