Environmental Capital,Negative Externality and Carbon Finance Innovation  

作　　者：Tang Yuejun Li Defu 

机构地区：[1]School of Management, Fudan University, Shanghai 200433, China [2]School of Economics and Management, Tongji University, Shanghai 200092, China

出　　处：《Chinese Journal of Population,Resources and Environment》2011年第2期54-64,共11页中国人口·资源与环境（英文版）

基　　金：Soft Science Project of Shanghai Science and Technology Development Fund,"Policy Research on Low Carbon Economy based on Carbon Finance Innovation and Low Carbon Industrial Chain"(Grant No.:10692103400);Project of the National Natural Science Foundation of China,"Research on Governance Strategy of Blockholders"(Grant No.:70802015);General project of Shanghai Philosophy and Social Sciences Planning,"The Main Factors that Influence China's Transformation of Economic Development Pattern in the Context of Dual Transitions"(Grant No.:2008BJL003).

摘　　要：In the context of global climate change,the internalization of negative externality,which is brought about by the traditional mode of economic growth,has become an inevitable choice.In order to achieve the internalization,it is necessary to make innovations on the market mechanism and system,find the value of environmental capital,establish a new mode of economic growth based on environmental capital,and then transform the environmental capital,an exogenous factor of economic growth,into an endogenous factor.Of this,the key of market mechanism and system innovation is the financial innovation that is based on environmental capital and negative externality;the government defines the initial property right of environmental resources and establishes environment energy trading market,so as to guide enterprises to trade environmental resources(represented by carbon emission permit trading) based on the Clean Development Mechanism,and to vigorously develop environmental finance and carbon finance.In the context of global climate change, the internalization of negative externality, which is brought about by the traditional mode of economic growth, has become an inevitable choice. In order to achieve the internalization, it is necessary to make innovations on the market mechanism and system, find the value of environmental capital, establish a new mode of economic growth based on environmental capital, and then transform the environ- mental capital, an exogenous factor of economic growth, into an endogenous factor. Of this, the key of market mechanism and sys- tem innovation is the financial innovation that is based on environmental capital and negative externality; the government defines the initial property right of environmental resources and establishes environment energy trading market, so as to guide enterprises to trade environmental resources （represented by carbon emission permit trading） based on the Clean Development Mechanism, and to vigorously develop environmental finance and carbon finance.

关 键 词：environmental capital negative externality carbon finance financial innovation carbon emission permit trading lowcarbon economy 

分 类 号：F279.241[经济管理—企业管理] X32[经济管理—国民经济]