碳中和债券的产品创新研究  

Research on Product Innovation of Carbon Neutral Bonds

作　　者：吕泰亨 李嘉琪 Lv Taiheng;Li Jiaqi(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073

出　　处：《中南财经政法大学研究生论丛》2022年第5期37-45,共9页Journal of the Postgraduates of Zhongnan University of Economics and Law

基　　金：中南财经政法大学中央高校基本科研业务费专项资金资助:绿色投资者持股与企业投资效率-来自中国A股上市公司的证据(项目编号:202210558)。

摘　　要：绿色债券的创新可以畅通绿色融资渠道,为经济绿色转型提供新道路。但碳中和债券发展时间较短,适用情况较少,碳中和债券研究受限,原因有三点:第一,碳中和债券涉及品种少,覆盖领域窄,发行主体单一;第二,环节复杂,市场规则和相关机制不明确不统一;第三,碳中和债券缺乏与碳排放市场的联动。本文利用可持续发展挂钩债券和碳中和浮息债券从债券条款、增信措施方面创新碳中和债券的品种研究,就募集资金用途提出要重点关注垃圾焚烧项目与碳汇林项目。将债券的浮息利率与企业是否能达成碳市场履约责任而设置的惩罚机制和企业在碳市场履约过程形成碳收益的奖励机制相挂钩,为丰富碳中和债券品种,完善绿色债券政策相关法律法规提供借鉴。The innovation of green bonds can open the green financing channels and provide a new way for the transition of green economy.However,the development time of carbon neutral bonds is relatively short,and the application is less.The research on carbon neutral bonds is limited for three reasons.First,carbon neutral bonds involve few varieties and cover a narrow field,issued by a single subject.Second,the link is complex,and the market rules and related mechanisms are not clear and unified.Third,carbon neutral debt lacks linkage with carbon emission market.In this paper,sustainable development linked bonds and carbon neutral floating bonds are used to innovate the research of carbon neutral bonds from the aspects of bond terms and credit enhancement measures.And the use of raised funds should be focused on waste incineration projects and carbon sequestration forest projects.It is necessary to link the floating interest rates of bonds with the punishment mechanisms set up for the enterprises to achieve the carbon market implementation responsibility and the reward mechanisms form carbon revenue in the process of carbon market implementation,so as to provide references for enriching carbon neutral bond varieties and improving the relevant laws and regulations of green bond policy.

关 键 词：碳中和债券 浮息债 可持续发展挂钩债券 

分 类 号：F832[经济管理—金融学]