本文關(guān)鍵詞： 碳排放權(quán) 交易市場 EUETS CDM EUA CER 價格發(fā)現(xiàn)　出處：《浙江工商大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：碳排放權(quán)是指溫室氣體排放的權(quán)利,碳排放權(quán)交易是人類利用市場機制解決溫室氣體排放的手段。碳排放權(quán)交易市場自興起到現(xiàn)在不足十年,卻表現(xiàn)出了蓬勃的生命和快速的發(fā)展,包括美國、歐盟在內(nèi)的發(fā)達國家以及一些發(fā)展中國家陸續(xù)建立起碳排放權(quán)交易市場。我國作為清潔發(fā)展機制(CDM)項目市場最大供應(yīng)國,由于沒有建立起完善的碳排放權(quán)交易市場,目前在國際碳排放權(quán)交易市場中處于不利地位。2009年9月胡錦濤主席在聯(lián)合國大會上宣布截止到2020年,單位GDP二氧化碳強度相對于2005年的水平減少40%-45%,到2020年非化石能源的使用量增加到一次能源消耗量的15%。這一承諾體現(xiàn)了我國勇于承擔(dān)全球碳減排責(zé)任的勇氣和決心,也為發(fā)展我國碳排放權(quán)交易市場提供了信心和依據(jù)。本文以發(fā)展與完善我國碳排放權(quán)交易市場為目標(biāo),首先系統(tǒng)歸納總結(jié)了國際碳排放權(quán)交易市場的發(fā)展經(jīng)驗。目前國外發(fā)達國家碳排放權(quán)交易市場發(fā)展較快,市場體系已較為成熟,主要體現(xiàn)在:其一,產(chǎn)品較為豐富,結(jié)構(gòu)合理。市場主要交易產(chǎn)品有:歐盟配額(EUA)和核證減排量(CER),其中EUA是配額市場歐盟排放交易體系(EU ETS)產(chǎn)生的碳排放權(quán)。歐盟根據(jù)減排目標(biāo),設(shè)定區(qū)域排放總量,據(jù)此分配排放配額給減排主體,對實際排放量超過配額分配量的企業(yè)罰款,使得配額成為一種可交易的稀缺資源,歐盟分配的配額被稱為EUA。CER是CDM項目市場產(chǎn)生的碳排放權(quán)。發(fā)達國家通過項目給予發(fā)展中國家資金和技術(shù)支持來達到項目碳排放量減少的目的,減少的碳排放經(jīng)聯(lián)合國相關(guān)部門核查后成為CER。EUEUS設(shè)立之初交易產(chǎn)品為EUA,隨后推出CER產(chǎn)品,近年,EU ETS將航空業(yè)納入減排范圍,推出歐盟航空配額EUAA產(chǎn)品,并且EU ETS不斷推出各類碳排放權(quán)產(chǎn)品衍生品。自愿減排項目市場通過推出多樣化的減排標(biāo)準(zhǔn),豐富市場產(chǎn)品。自愿配額市場逐漸轉(zhuǎn)向強制配額市場,自愿配額市場芝加哥氣候交易所(CCX)已于2010年底停止其碳排放權(quán)產(chǎn)品CFI的交易,并且自愿減排項目市場發(fā)展規(guī)模遠不及配額市場,市場逐漸向強制配額市場發(fā)展。其二,交易者結(jié)構(gòu)不斷完善,EU ETS中有不同類型的機構(gòu)投資者參與市場交易,以印度為代表的CDM項目市場上的機構(gòu)投資者力量也在不斷增強;其三,衍生品市場金融創(chuàng)新速度快,價格發(fā)現(xiàn)功能顯著。衍生品市場交易產(chǎn)品從遠期、期貨發(fā)展到期權(quán)、互換,且發(fā)展速度快,衍生品推出迅速。對EUA、CER產(chǎn)品的研究發(fā)現(xiàn)碳排放權(quán)現(xiàn)貨產(chǎn)品價格波動劇烈,交易者對碳排放權(quán)衍生品需求強。對EUA、CER期貨的實證研究顯示EUA期貨價格發(fā)現(xiàn)功能已顯現(xiàn),期貨產(chǎn)品可以為現(xiàn)貨產(chǎn)品提供可供參考的價格,交易者可以利用期貨市場實現(xiàn)風(fēng)險管理。其四,政府監(jiān)管效率高、配額發(fā)放逐步適量、分配日趨合理。相比國際市場,我國碳排放權(quán)交易市場在發(fā)展中存在諸多不足,其一,交易體系不完善,包括市場產(chǎn)品單一,交易產(chǎn)品僅有CDM項目市場產(chǎn)生的中國核證減排量(CCER)、強制配額試點市場產(chǎn)生的深圳配額(SZA)、自愿減排項目市場產(chǎn)生的自愿減排產(chǎn)品(VER);交易者結(jié)構(gòu)單一,市場缺乏機構(gòu)投資者參與;市場發(fā)展不均衡,過度依賴CDM項目市場,自愿項目市場發(fā)展緩慢,強制配額市場剛剛起步;其二,衍生品市場尚未起步,碳排放權(quán)期貨、期權(quán)產(chǎn)品缺失;其三,政府管制效率低等問題。結(jié)合我國碳排放權(quán)交易市場存在的問題以及對國際經(jīng)驗的分析,本文得出我國應(yīng)從完善現(xiàn)貨交易市場、發(fā)展期貨市場和強化政府監(jiān)管三方面入手發(fā)展我國碳排放權(quán)交易市場。完善現(xiàn)貨市場應(yīng)通過豐富自愿減排標(biāo)準(zhǔn)、發(fā)展強制配額市場產(chǎn)品,適時推出碳衍生品達到豐富交易產(chǎn)品的目的;積極引入各類型機構(gòu)投資者、投機者進入市場豐富交易者結(jié)構(gòu);將強制配額市場作為市場發(fā)展重點;連點成線,發(fā)展全國性交易所。為提升我國在清潔發(fā)展機制項目市場的議價能力,為市場交易者提供風(fēng)險管理的工具,大力發(fā)展期貨市場是勢在必行的;我國在商品市場上已經(jīng)積累了發(fā)展期貨市場的經(jīng)驗,并且碳排放權(quán)產(chǎn)品的特性使得其易于推出期貨產(chǎn)品,同時國際市場也有可供借鑒的經(jīng)驗�；诖�,本文提出我國應(yīng)積極發(fā)展期貨市場,并設(shè)計了交易產(chǎn)品SZA期貨合約,對交易者結(jié)構(gòu)和交易平臺設(shè)計提出了一些建議。對于政府監(jiān)管,本文認為應(yīng)從建立健全法律制度、政府提高監(jiān)管效率、適量發(fā)放初始配額、注意分配方式轉(zhuǎn)變?nèi)胧帧?br/>[Abstract]:Carbon emissions is the greenhouse gas emission rights, carbon emissions trading is the use of market mechanisms to address greenhouse gas emissions. Carbon emissions trading market since the rise is less than ten years, has shown the vigorous life and rapid development, including the United States, the European Union, developed countries and some developing countries gradually establish a carbon emissions trading market. As China's clean development mechanism (CDM) project is the largest market supply country, because there is no perfect carbon emissions trading market, is currently in the international carbon emissions trading market at a disadvantage in September.2009 President Hu Jintao announced at the UN General Assembly by the end of 2020. The unit GDP carbon intensity relative to 2005 levels reduced to 40%-45% usage in 2020 non fossil energy increased to an energy consumption 15%. this is my promise In the global carbon emission reduction responsibility to take courage and determination, but also provides confidence and basis for the development of China's carbon emissions trading market. With the development and improvement of China's carbon emissions trading market as the goal, firstly we summarize the international carbon emissions trading market development experience. At present, the developed countries carbon emissions trading market rapid development, the market system has been relatively mature, mainly reflected in: first, the product is rich, the structure is reasonable. The main products are: EU quota trading market (EUA) and CERs (CER), where EUA is the market quota of EU emissions trading system (EU ETS) to produce carbon emissions according to the EU emission reduction targets set emission region, allocate emissions quotas to reduction of the main body, actual emissions exceed the quota allocation of enterprise fines, making the quota into a transaction of scarce resources, Europe The Au quota distribution is called the EUA.CER CDM project is the market of carbon emissions. The developed countries provide funding and technical support to developing countries to achieve the project to reduce carbon emissions through the project, to reduce carbon emissions by the United Nations and the relevant departments to verify after becoming CER.EUEUS set up at the beginning of the trading product for EUA, then launch CER products in recent years, EU ETS will be included in the reduction range of the aviation industry, the EU launched air quota EUAA products, and EU ETS has introduced various carbon emissions reduction projects. The voluntary derivatives market through the introduction of a variety of emission standards, rich market products. The market is gradually turning to voluntary quotas quotas market, Voluntary Quotas market of Chicago Climate Exchange (CCX) has ceased its carbon emissions are CFI at the end of 2010 of the transaction, and the voluntary emission reduction project market development scale is far less than the quota market, the market gradually To the development of compulsory quota market. Secondly, traders structure improvement, EU ETS in different types of institutional investors to participate in market transactions, with India as the representative of the CDM project on the market power of institutional investors is increasing; thirdly, the financial derivatives market innovation speed, the price discovery function of products from the derivatives market transactions significantly. The long-term development, futures options, swaps and derivatives, development speed, launch quickly. For EUA, CER product research found price fluctuations of carbon emission spot traders on carbon emissions drastically, derivatives of EUA. Strong demand, empirical research shows that EUA CER futures futures price discovery function has emerged, futures the product can provide the reference price for the stock products, traders can realize the risk management of the futures market. Fourth, the high efficiency of government regulation, the quota payment amount gradually, the distribution date More reasonable. Compared to the international market, China's carbon emissions trading market has many deficiencies, in the development of a trading system is not perfect, including market transactions only a single product, product CDM project market China CERs (CCER), a mandatory pilot market quota quota of Shenzhen (SZA), have voluntarily emission reduction project market voluntary emission reduction products (VER); the structure of a single market traders, the lack of participation of institutional investors; market development is not balanced, over reliance on voluntary project CDM project market, the slow development of the market, the market has just started mandatory quotas; second, the derivatives market has not yet started, carbon emissions futures and options products lack; third, government regulation according to the existing problems. The low efficiency of China's carbon emissions trading market problems and analysis of the international experience, this paper draws the conclusion that our country should perfect the spot market, futures market development Field and strengthen government supervision in three aspects of the development of China's carbon emissions trading market. Improve the spot market through rich voluntary emission standards, the development of compulsory quota market products, the timely introduction of carbon derivatives to enrich trading products; actively introduce various types of institutional investors, speculators into the market traders rich structure; will force the market quota as the market focus of development; even point into line, the development of national exchanges. In order to enhance the bargaining power of China's CDM projects in the market, to provide risk management tools for the market traders, vigorously develop the futures market is imperative; our country has accumulated experience in the development of the futures market in the commodity market, and the characteristics of carbon the emissions of products makes it easy to launch futures products, at the same time, the international market also has the experience for reference. Based on this, this paper proposed that our country should accumulate The development of the futures market, and the design of SZA products trading futures contracts, some suggestions on the trader structure and trading platform is proposed. For government regulation, this paper thinks that we should establish and perfect the legal system, enhance the efficiency of the government supervision, the amount of payment of the initial quota allocation, pay attention to change to start.

【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5;X196

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