我国碳资产债券发展模式研究  

Research on the development mode of carbon asset bonds in China

作　　者：孙铄铄 秦涛[1] 潘焕学[1] 宋肖肖 郭春艳 SUN Shuoshuo;QIN Tao;PAN Huanxue;SONG Xiaoxiao;GUO Chunyan(School of Economics and Management,Beijing Forestry University,Beijing 100083)

机构地区：[1]北京林业大学经济管理学院,北京100083

出　　处：《林业经济》2024年第10期42-57,共16页Forestry Economics

基　　金：北京林业大学教学改革项目“碳金融专业人才培养模式与课程体系设计”(BJFU2022JYZD011);北京林业大学习近平生态文明思想研究专项计划“生态文明建设背景下碳金融发展模式与产品体系”(2021STWM23);北京林业大学“双一流”建设项目“生态产品价值实现机制与碳金融支撑体系”(2022XKJS0305)。

摘　　要：碳资产债券作为碳金融的重要组成部分,在实现国家“双碳”目标及推动低碳项目融资过程中发挥着至关重要的作用。通过多案例研究方法,文章选取多个成功发行碳资产债券的典型案例,系统剖析当前碳资产债券发行模式的运行规律。通过归纳分析,文章提出“碳排放权债券”“碳减排量预期收益权债券”和“碳资产担保债券”三种代表性的碳资产债券发行模式,并从发行主体与规模、发行期限与利率、担保方式、挂钩碳资产量等多个债券发行要素进行比较分析,提炼出每种模式的特征属性与运作流程,旨在为更多发行主体通过碳资产发行债券提供可推广、可复制的成功经验。研究发现:目前我国碳资产债券的发展面临着碳市场交易活跃度不足、碳资产价格波动较大、信息披露规则不够明确、风险管理体系尚不完善等多重制约因素和现实困境。文章基于碳排放权交易理论和优序融资理论,并结合实践成功经验,首次提出碳资产债券发行的三种模式,为健全碳市场交易机制、推动碳资产债券高质量发展提供理论支撑和实践指导。基于此,文章提出政策启示:提高碳市场交易活跃度、加大碳资产开发力度、完善碳资产定价机制、细化信息披露规则、健全风险管理体系等。Carbon asset bonds,as an important component of carbon finance,play a crucial role in achieving the national"dual carbon"goals and promoting the financing of low-carbon projects.By using a multi-case study approach,this paper selected several typical cases of successful carbon asset bond issuance,and systematically analyzed the operational patterns of current carbon asset bond issuance model.Through inductive analysis,this paper proposed three representative carbon asset bond issuance models:"carbon emission rights bonds","carbon emission reduction expected return rights bonds",and"carbon asset-backed bonds".It compared and analyzed multiple bond issuance elements,including the issuer and scale,issuance duration and interest rates,collateral methods,and carbon asset linkage,to distill the characteristics and operational processes of each model which aimed to provide replicable and scalable successful experiences for more issuers of carbon asset bonds.The study found that the development of carbon asset bonds in China currently faced multiple constraints and practical difficulties,including insufficient market activity in carbon trading,large fluctuations in carbon asset prices,unclear information disclosure rules,and an underdeveloped risk management system.Based on the theory of carbon emission rights trading and the theory of preferential financing,and drawing on successful practical experiences,this paper first proposed three models for the issuance of carbon asset bonds,which provided theoretical support and practical guidance for improving the carbon market trading mechanism and promoting the high-quality development of carbon asset bonds.Based on this,the paper put forward policy implications:enhancing market activity in carbon trading,increasing the development of carbon assets,improving the carbon asset pricing mechanism,refining information disclosure rules,and perfecting the risk management system.

关 键 词：碳资产债券 发展模式 低碳项目 

分 类 号：X196[环境科学与工程—环境科学] F832.51[经济管理—金融学]