本文選題：碳債券　切入點(diǎn)：碳國債　出處：《吉林大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：根據(jù)《聯(lián)合國氣候變化框架公約》和《京都議定書》，世界各國要在發(fā)展經(jīng)濟(jì)的同時，承擔(dān)起保護(hù)自然環(huán)境和全球氣候的責(zé)任，中國也不例外，因此發(fā)展低碳經(jīng)濟(jì)就成為我國的必然選擇。而要發(fā)展低碳經(jīng)濟(jì)，就必須有大量的資金支持，僅僅依靠企業(yè)自身的資本積累和企業(yè)的外源性融資顯然無法滿足如此大量的資金需求。 碳債券是為了支持低碳經(jīng)濟(jì)的發(fā)展而發(fā)行的債券，是碳金融機(jī)制中重要的一個分支。通過發(fā)行碳債券來滿足低碳經(jīng)濟(jì)發(fā)展的資金需求已經(jīng)得到了國際上很多國家的政府、企業(yè)和一些組織的認(rèn)同，并已經(jīng)在碳債券的理論研究、思路設(shè)計、實(shí)踐運(yùn)作等方面取得了一定的成果。本文歸納研究了國際上碳債券的理論研究和實(shí)踐現(xiàn)狀，對碳債券的具體概念進(jìn)行了深入的討論。針對我國的具體國情，，通過對我國發(fā)行碳債券的可行性分析，本文認(rèn)為財政發(fā)行碳國債是一個可行的方式。 碳國債是一種特殊的國債，是政府為了支持低碳經(jīng)濟(jì)的發(fā)展而向投資者發(fā)行的具有約定條件并承諾到期還本的債務(wù)憑證。本文創(chuàng)新性的提出了碳國債的具體概念，并對我國發(fā)行碳國債的債券要素設(shè)計和發(fā)行方式進(jìn)行了討論和研究。碳國債的主要作用是為興建新興能源企業(yè)或更新改造老的高能耗企業(yè)提供資金支持，碳國債發(fā)行融通的資金可以為低碳減排企業(yè)提供必要的資金支持，解決了開發(fā)新能源、升級改造舊設(shè)備所必需的資金。 由于碳國債發(fā)行主體是國家，使用主體是節(jié)能減排企業(yè)，由國家信用為債券本息收益做擔(dān)保，所以一旦低碳企業(yè)盈利能力不強(qiáng)、無力支付債券本息，這會對國家的財政造成巨大的壓力。所以有必要分析我國發(fā)行碳債券的風(fēng)險和解決對策。由于碳國債募集資金的所有權(quán)和使用權(quán)的分離，出現(xiàn)了委托人與代理人之間的道德風(fēng)險問題；低碳企業(yè)的運(yùn)營風(fēng)險和低碳行業(yè)的發(fā)展前景也是需要考慮的重點(diǎn)問題。 最后本文針對碳國債運(yùn)行中的道德風(fēng)險和企業(yè)運(yùn)營風(fēng)險等問題提出了對策建議，提出了完善碳債券的設(shè)想，并對我國發(fā)行碳債券進(jìn)行了前景展望。
[Abstract]:According to the United Nations Framework Convention on Climate change and the Kyoto Protocol, while developing their economies, all countries in the world must shoulder the responsibility of protecting the natural environment and the global climate, and China is no exception. Therefore, developing a low-carbon economy is an inevitable choice for our country. To develop a low-carbon economy, we must have a large amount of financial support. It is obvious that relying on the capital accumulation and exogenous financing of enterprises can not meet such a large amount of capital demand. Carbon bonds are bonds issued to support the development of a low-carbon economy, and are an important branch of the carbon finance mechanism. Many governments in the world have already issued carbon bonds to meet the financial needs of the development of the low-carbon economy. Enterprises and some organizations have already made some achievements in the theoretical research, train of thought design and practical operation of carbon bonds. This paper summarizes and studies the current situation of the theoretical research and practice of carbon bonds in the world. Based on the analysis of the feasibility of issuing carbon bonds in China, this paper holds that the financial issuance of carbon bonds is a feasible way. Carbon bond is a special kind of national debt, which is issued by the government to investors in order to support the development of low-carbon economy. The main function of carbon bonds is to provide financial support for the construction of new energy enterprises or the renewal and transformation of old high-energy enterprises. The financing of the carbon bond issue can provide the necessary financial support for low-carbon emission reduction enterprises, solve the need to develop new energy sources and upgrade old equipment. Because the main body of issuing carbon national debt is the state, the main body of the use is the enterprise of energy saving and emission reduction, and the state credit guarantees the principal and interest income of the bond, so once the low carbon enterprise is not profitable, it is unable to pay the principal and interest of the bond. This will put great pressure on the country's finances. So it is necessary to analyze the risks of issuing carbon bonds in our country and to solve them. Because of the separation of ownership and right of use of the funds raised by carbon bonds, The moral hazard between principal and agent appears, and the operating risk of low-carbon enterprises and the development prospect of low-carbon industry are also the key issues to be considered. Finally, this paper puts forward some countermeasures and suggestions on the problems of moral hazard and enterprise operation risk in the operation of carbon bonds, puts forward the assumption of perfecting carbon bonds, and looks forward to the prospect of issuing carbon bonds in China.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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