本文關(guān)鍵詞： 碳排放權(quán) 一級市場 二級市場 持有成本定價模型 定價權(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)境問題。國際社會對碳排放權(quán)交易市場也不斷關(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，國際碳排放權(quán)交易市場取得了迅速的發(fā)展，特別是歐盟碳排放交易體系的市場運(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權(quán)；而我國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)制市場潛力，已經(jīng)成為世界上經(jīng)核證減排量一級市場的最大供應(yīng)國，但是中國卻處在全球CDM產(chǎn)業(yè)價值鏈的低端，在國際碳交易市場的參與程度和地位仍然比較低，國內(nèi)市場價格遠(yuǎn)低于國際價格，在全球碳排放市場上缺乏定價權(quán)。 基于以上中心論點(diǎn)，本文首先分析了我國碳排放權(quán)交易市場及定價的現(xiàn)狀，總結(jié)出CDM項(xiàng)目發(fā)展的特點(diǎn)和問題以及碳排放權(quán)交易所的發(fā)展和定價的情況。其次，考慮到我國碳排放權(quán)交易發(fā)展的特殊性，分別從一級市場和二級市場的角度來研究我國碳排放權(quán)商品CER的定價問題。研究得出：我國碳排放權(quán)交易市場發(fā)展迅速，碳排放交易所初具規(guī)模，但CDM項(xiàng)目類型分布過于集中，CDM項(xiàng)目地域分布不均，碳交易定價權(quán)缺失。而根據(jù)一級市場CER定價機(jī)制研究得出，我國一級市場CER定價影響因素可以分為需求、供給、政府限價和國際市場四大因素。而從二級市場CER的定價功能實(shí)證研究得出，在期貨的持有成本定價模型的理論基礎(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)展中國的碳排放權(quán)交易市場，盡早實(shí)現(xiàn)碳排放權(quán)交易商品的定價權(quán)：必須不斷完善我國CDM一級市場的發(fā)展，同時加快我國CDM二級市場的建立。只有我國CDM一級市場、二級市場都得到發(fā)展，才能為我國爭奪碳排放權(quán)交易定價權(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)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F205;F832.5

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