本文選題：碳基金　切入點(diǎn)：碳市場　出處：《江西財經(jīng)大學(xué)》2012年碩士論文

【摘要】：在氣候變化已成為國際熱點(diǎn)問題的背景下,二氧化碳排放權(quán)成為新興投資商品吸引了大量的資本投資,國際碳市場應(yīng)運(yùn)而生。碳基金作為促進(jìn)碳市場發(fā)展而新衍生出來的金融工具已進(jìn)入投資者的眼球,碳基金是碳交易市場的主體,其對于碳金融市場的健康發(fā)展具有舉足輕重的作用。碳基金主要是通過購買碳減排量以及一些轉(zhuǎn)手交易,不斷提高項(xiàng)目的資金融通能力,從而降低碳貸款或贈款的風(fēng)險。碳市場的買家在獲取碳排放指標(biāo)后,通過沖減本企業(yè)的碳指標(biāo)或上市交易,來履行在《京都議定書》中的減排義務(wù),同時也在碳基金投資項(xiàng)目中獲取巨大收益。由于《京都議定書》在2012年將履約到期,哥本哈根會議沒有就2012年之后溫室氣體排放達(dá)成協(xié)議,導(dǎo)致未來碳金融市場發(fā)展存在較大的不確定性,這給碳基金投資者帶來了風(fēng)險；而且碳基金交易市場中的政府和企業(yè)信息披露不及時、投資過程中的信息不對稱也成為擺在投資者面前的一道難題。碳基金投資者的保護(hù),尤其是中小投資者的保護(hù),已經(jīng)成為中國金融行業(yè)關(guān)注的重點(diǎn)問題,更是碳金融市場健康運(yùn)行的基礎(chǔ)。我們應(yīng)當(dāng)從我國的國情出發(fā),探索適合我國的碳基金投資者保護(hù)法律制度,以建立保護(hù)碳基金投資者的長效機(jī)制,維護(hù)我國碳市場的經(jīng)濟(jì)秩序,促進(jìn)碳市場有序、健康發(fā)展。 本文就碳基金交易過程中投資者保護(hù)問題進(jìn)行詳細(xì)的闡述,從碳基金交易投資者保護(hù)的法律理論出發(fā),分析了碳基金交易過程中的投資者類型以及碳基金管理人和碳基金托管人的法律地位及法律義務(wù),為保護(hù)投資者的利益提供了一個法律的基礎(chǔ)。 同時,本文提出了擺在投資者保護(hù)道路上的主要問題,碳基金交易投資者與碳基金管理人的權(quán)利沖突是最主要的原因,碳基金管理人往往為了使自己的利益最大化,而不惜犧牲投資者的利益,造成投資者的損失。投資者在利益受到損害時,往往由于力量懸殊及訴訟的缺憾而得不到及時的法律救濟(jì),信息的極度不對稱使投資者的弱勢地位更加鞏固。針對這些問題本文提出了解決的辦法和思路,主要是針對限制碳基金管理人的發(fā)起行為、完善投資者的訴訟地位、加強(qiáng)對基金管理人的監(jiān)督以及進(jìn)一步完善碳管理信息披露制度等方面進(jìn)行改進(jìn),為我國碳基金市場的有序發(fā)展以及保護(hù)碳基金投資者的利益添磚加瓦
[Abstract]:Under the background that climate change has become a hot international issue, carbon dioxide emission rights have attracted a large amount of capital investment as a new investment commodity, and the international carbon market has emerged as the times require.As a newly derived financial instrument to promote the development of carbon market, carbon fund is the main body of carbon trading market, which plays an important role in the healthy development of carbon financial market.Carbon funds are designed to reduce the risk of carbon loans or grants by buying carbon abatement and trading deals to improve the ability to finance projects.After acquiring the carbon emission target, the buyers of the carbon market can meet their emission reduction obligations under the Kyoto Protocol by cutting their carbon targets or trading on the market, as well as making huge profits in the carbon fund investment projects.As the Kyoto Protocol expires in 2012, the Copenhagen Conference did not reach an agreement on greenhouse gas emissions after 2012, leading to greater uncertainty about the future development of the carbon financial market, which brings risks to carbon fund investors;Moreover, the information disclosure of government and enterprises in the carbon fund trading market is not timely, and the information asymmetry in the process of investment has become a difficult problem in front of investors.The protection of carbon fund investors, especially the protection of small and medium-sized investors, has become the focus of attention in China's financial industry, but also the basis for the healthy operation of the carbon financial market.We should start from the situation of our country and explore the legal system of the protection of carbon fund investors, so as to establish a long-term mechanism to protect the carbon fund investors, to maintain the economic order of our country's carbon market, and to promote the orderly and healthy development of the carbon market.In this paper, the problem of investor protection in carbon fund trading is discussed in detail, starting from the legal theory of investor protection in carbon fund trading.This paper analyzes the types of investors in the trading process of carbon funds, the legal status and legal obligations of carbon fund managers and custodians of carbon funds, and provides a legal basis for protecting the interests of investors.At the same time, this paper puts forward the main problems on the path of investor protection. The conflict of rights between carbon fund trading investors and carbon fund managers is the main reason. Carbon fund managers often make their own interests maximized.And does not hesitate to sacrifice the investor's benefit, causes the investor's loss.When the interests of investors are damaged, they are often unable to obtain timely legal remedies because of the disparity of power and the lack of litigation. The extremely asymmetric information makes the weak position of investors more consolidated.In view of these problems, this paper puts forward the solutions and ideas, mainly aiming at limiting the initiated behavior of carbon fund managers and perfecting the litigation status of investors.Strengthen the supervision of fund managers and further improve the carbon management information disclosure system, so as to contribute to the orderly development of China's carbon fund market and the protection of the interests of carbon fund investors.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.28;F832.51;F205

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