我国排污权初始分配和交易的证券化设想

在总量控制的前提下实行排污权交易首先涉及排污权的初始分配问题,如何对排污权进行初始分配是阻碍排污权交易市场形成的主要障碍.现有的排污权初始分配模式复杂且欠缺合理性和可操作性,不利于形成成本较低的排污权交易市场.排污权证券化设想提出了"认购权证-许可确权-自由交易"的排污权初始分配和交易设计思路,简化了初始分配的手段,增加了排污权分配和交易的合理性和可操作性,同时为建立完善排污权交易市场留下了许多制度设计空间.     

排污权交易的层级市场理论与价格研究

借鉴股票的发行、流通、监管程序,提出排污权交易的层级市场结构理论,并据此对排污权交易进行了系统的研究。研究表明,作为排污权交易一级市场（发行市场）的补充,规范有序的排污权交易二级市场（流通市场）对提高排污权交易的效率是必要的;考虑竞争替代的因素采用双方叫价博弈模型研究二级市场的价格问题;最后分析排污权交易中的政府监督及监管问题,认为中央政府和地方政府的双重代理人特性会使政府监督严重失灵,可替代的选择是引进地方政府代理人竞争,通过“社区监督”以强化“政府监督”。     

嘉兴启动污染物排放权证发放及抵押授信制度

9月28日,主要污染物排放权证发放暨抵押授信签约仪式在浙江嘉兴举行。嘉兴市推行发放主要污染物排放权证及权证抵押授信制度,旨在充分实现排污权价值,加快推进全市排污权交易工作的健康发展,优化公共环境资源配置,推进金融产品创新,拓宽企业融资渠道,促进绿色信贷,开创环保工作的新局面。     

嘉兴启动污染物排放权证发放及抵押授信制度 首批5家签约企业获2200万元人民币授信额度

9月28日,主要污染物排放权证发放暨抵押授信签约仪式在浙江嘉兴举行。嘉兴市推行发放主要污染物排放权证及权证抵押授信制度,旨在充分实现排污权价值,加快推进全市排污权交易工作的健康发展,优化公共环境资源配置,推进金融产品创新,拓宽企业融资渠道,促进绿色信贷,开创环保工作的新局面。     

基于Internet的排污权交易平台分析与设计

利用现代信息技术进行排污权交易平台的开发是河南省排污权交易体系的一个重要组成部分,也是排污权交易发展的必然趋势。排污权交易平台的开发以排污权交易为核心,基于B/S三层体系架构,实现排污权总量控制、申购、交易、跟踪预警、信息管理、平台维护和信息发布等为一体的系统功能,为更好地实现排污权交易提供了系统性的支持平台和有力的实施保障。     

关于国外排污权会计的最新发展进程述评与借鉴

排污权交易作为一项有效的环境经济政策,自设立以来在各国企业问迅速推广.随着交易规模的扩大和制度的健全,尤其是对企业财务影响的加剧,排污权交易的会计处理已成为近几年环境财务会计的热点与难点之一.本文系统研究了排污权交易会计研究的历史进程,介绍了欧盟、美国、日本等各国会计准则委员会及相关机构在排污权会计指南与实务上取得的最新研究进展,以期为我国排污权会计准则体系的构建提供借鉴.     

论备兑权证的推出呼唤做市商制度

备兑权证推出势在必行,同时会引进做市商制度。备兑权证与做市商制度对目前的中国内地权证市场来说都是新兴事物。备兑权证是不同于原有的股本权证的,从各国的成熟权证市场来看,它的推出是必要的,同时我国也具备了推出的条件。做市商制度因其具备价格发现功能、增强流动性和提供新的交易机会等功能,所以能为备兑权证推出控制交易风险,保证市场安全。做市商制度的建立和健全有助于建立一个健康的、良性的备兑权证市场。     

权证投机交易的监管

我国证券市场的股权分置改革重新唤醒了权证这一衍生证券交易品种,权证交易目前在证券交易中已经占有不容忽视的地位,引起了广大投资者乃至全球投资银行的广泛注目,交易量时常挑战股票基金交易总额.然而,权证交易市场的极度投机难以得到有效遏制,权证市场规范性制度、监管机制及市场化调控措施也跟不上权证交易的迅猛发展现状.鉴于此,本文在对权证基本含义、分类探讨的基础上,着重于权证交易风险控制的规范性制度、监管机制、市场风险遏制措施等层面的分析,以期有助于权证交易的规范、公平、公开和健康发展.     

排污权价格形成机制及其优化分析

构建有效的排污权价格形成与运行机制是排污权交易制度建设的关键环节.本文分析了排污权的初始分配机制以及不同市场条件下排污权交易的价格形成机制.在完全竞争市场条件下,排污权的市场价格等于各企业的边际治理成本.经济增长、污染治理技术进步、政府环境目标以及预期因素等将对排污权价格变动产生影响.在不完全竞争条件下,市场势力和交易费用的存在降低了排污权价格机制的效率.文章最后提出了优化排污权价格形成和运行机制的政策建议.     

影响排污权实施效果的关键因素分析

文章介绍了排污权交易的基本概念,分析了实施排污权交易的必要性,总结了我国现存排污权交易的不足,探析了排污交易系统的基本构架和工作程序,在此基础上指出排污初始权的分配是影响排污权交易实施效果的关键因素,并就此进行了分析和讨论,给出了对策建议.     

THE SO2 EMISSIONS TRADING PROGRAM: COST SAVINGS WITHOUT ALLOWANCE TRADES

Title IV of the 1990 amendments to the Clean Air Act initiated a historic experiment in incentive-based environmental regulation by permitting electric generating facilities to trade allowances for emission of sulfur dioxide. To date, relatively little allowance trading has occurred. However, the costs of compliance have been much less than anticipated. The purpose of this paper is to address the apparent paradox—that the allowance trading program may not require (very much) trading in order to be successful. Title IV represented two great steps forward in environmental regulation: (i) a move toward performance standards and (ii) formal allowance trading. The first step has been sufficient to date for improving dynamic efficiency and achieving relative cost-effectiveness.     

Home country bias in international emissions trading: Evidence from the EU ETS

We examine the pattern of allowance trades in the European Union Emissions Trading System (EU ETS) using highly disaggregated trading data and identify a significant and robust home market bias. Our results point to informational transactions costs that increase when trading across national borders. The existing trade pattern in goods and services explains two thirds of the home bias, with the remainder due to other causes. Our finding suggests that firms make use of existing trade networks to overcome search costs in bilateral allowance trade. Since the home bias differs across firms, it follows that marginal abatement costs are not equalized across market participants of the EU ETS.     

Pension and child care policies with endogenous fertility

This paper presents an examination of effects of a child allowance on fertility under a pay-as-you-go pension system. In these analyses, the child allowance is financed by taxation of two kinds: an income tax and a consumption tax. Comparative static analyses show that a child allowance financed by income tax revenues can always raise fertility. Similarly with income tax, a child allowance financed by consumption tax can always raise fertility. Furthermore, our paper presents examination of optimal child allowance and transfer for older people.     

Economic Implications of Alternative Allocation Schemes for Emission Allowances*

For reasons of political feasibility, emission trading systems may have to rely on free initial allocation of emission allowances in order to ameliorate adverse production and employment effects in dirty industries. Against the background of an emerging European‐wide emission trading system, we examine the trade‐off between such compensation and economic efficiency under output‐based and emissions‐based allocation rules. We show that the emissions‐based allocation rule is more costly than the output‐based rule in terms of maintaining output and employment in energy‐intensive industries. When the international allowance price increases, the inferiority of emissions‐based allocation vis‐à‐vis output‐based allocation becomes more pronounced, as emission subsidies drastically restrict efficiency gains from international trade in emission allowances.     

Multinational taxation and international emissions trading

Many studies have shown that the activities of multinational corporations are quite sensitive to differences in income tax rates across countries. In this paper I explore the interaction between multinational taxation and abatement activities under an international emissions permit trading scheme. Four types of plans are considered: (1) a single domestic permit system with international offsets; (2) separate national permit systems without trade; (3) separate national permit systems with limited offsets; and (4) an international permit trading system. For each plan, I model the incentives for the multinational firm to choose abatement activities at home and abroad and to transfer emissions credits between parent and subsidiary. Limits on trading across countries restrict efficiency gains from abatement, as is well known. But if available offset opportunities are limited to actual abatement activities, those activities are also more susceptible to distortions from incentives to shift taxable income. Transfer-pricing rules can limit but not always eliminate these distortions. In a system of unlimited international trading, abatement is efficiently allocated across countries, but tax shifting can still be achieved through intra-firm transfer pricing. From the basis of efficiency for both environmental and tax policies, the best design is an international permit trading system with transparent, enforceable transfer-pricing rules.     

欧盟碳排放权交易体系第三阶段改革对碳价格的影响

欧盟碳排放权交易体系第三阶段改革成效显著,研究其关键改革政策对碳市场的影响,将为我国的碳市场建设提供一定的经验借鉴。本文选取了第三阶段三项主要改革政策——配额总量递减、折量拍卖、市场稳定储备机制作为评估对象,以第三阶段欧盟碳配额期货价格的日度数据为被解释变量,三大改革政策为解释变量,采用时间序列协整模型和向量误差修正模型对各因素的影响作出评估。研究结果表明,各项改革政策都与碳配额期货价格呈正向协整关系,通过改善市场供求失衡状况,有效推动了第三阶段碳价格的提高,对减排企业形成了长效的激励和约束,提高了欧盟碳排放权交易体系的运行效率。因此,我国在建立和完善碳排放权交易体系进程中,要根据本国情况合理设置配额总量和配额分配方式,设置配额柔性调整机制,不断提高市场流动性,促进碳价格的提高,保证碳排放权交易市场的稳定发展。     

The U.S. allowance trading system for sulfur dioxide: An update on market experience

In 1990, the U.S. Congress passed legislation that amended the Clean Air Act to create a new program to mitigate the effects of acid deposition in the U.S. through emission reductions of sulfur dioxide (SO₂) and nitrogen oxides (NO_x) at electric utility plants across the country. The SO₂ reductions, totalling a 40% reduction nationally from 1980 levels or a 10 million ton reduction annually, are achieved largely through an emission trading system, the largest program of its kind designed to date. This trading system has the potential to save up to half of the compliance costs associated with more traditional source-by-source emission limit programs.This paper briefly discusses background on the acid rain issue in the United States, and the principal features of the program, including: a permanent cap on utility emissions of SO₂ beginning in 2010, decision to grant up-front allocation of emission credits to reduce individual approvals of trades, the use of continuous emission monitors and automatic penalties to ensure compliance, and integration of the Acid Rain program requirements with other Clean Air Act programs. The paper also discusses the development of the allowance trading market to date, including the types of compliance options chosen and quantity and type of emissions trading being conducted.The U.S. Government right to retain a non-exclusive, royalty free licence in and to any copyright is acknowledged.     

Creating Markets for Air Pollution Control in Europe and the USA

This paper surveys recent efforts to relax the rigid regulatory frameworks for air pollution control in Europe and the USA. European policies have mainly taken the form of bubbles and compensation or offset schemes. Emission trading has been limited to intra-firm solutions for various reasons: industry structure, absence of real scarcity, and too restrictive trading rules. Bubbles have been granted to homogenous sectors only and can be characterized as direct regulation for a group rather than tradable permit systems. By contrast, the sulphur allowance program in the USA has laid down the foundation for a pollution permit market with few formal restrictions. Problems that arise are mainly related to local environmental and public utility controls. Europe can learn from the USA that regular national permit markets could be installed, preferably for homogenous sectors. In designing the permit system, the differences between the USA and Europe in terms of ecosystem sensitivity, stringency of regulation and differentiation of regional environmental policy have to be taken into account.     

WATERSHED-BASED EFFLUENT TRADING: THE NONPOINT SOURCE CHALLENGE

In 1996 the Environmental Protection Agency released draft guidelines intended to encourage the development of watershed-based effluent trading systems. Effluent trading systems allow dischargers the opportunity to transfer legal and financial requirements for effluent control in order to lower control costs. To assure that equivalent control is being exchanged, accurate measurement (quantification) of effluent load is necessary. Many argue that measurement of nonpoint source load represents a significant challenge for designing and implementing effluent trading systems. A nonpoint source delivers effluent over a diffuse area. This paper argues that the physical properties of nonpoint source discharge may not offer as significant a barrier to trading as often is presumed. Many measurement challenges are not unique to nonpoint sources, and measurement issues are successfully addressed within a number of local and regional water quality programs. Trading system design can stimulate institutional and technical innovations in nonpoint source measurement.