碳排放权交易市场机制设计的实验经济学研究

当今社会各国越来越重视控制碳排放的问题,目前发达国家已经建立起了碳排放权交易市场机制,而我国尚未建立全国统一的碳排放权交易市场,由于我国市场经济体制的复杂性,实施碳排放权交易过程中存在诸多问题需要研究。不同的市场结构、初始分配方法、交易拍卖方式等都将影响碳排放权交易市场的市场效率和稳定性。本文通过实验经济学和参数检验的方法对以上问题进行了初步的探索,并对我国碳排放权交易市场机制的建立提出了相关建议。     

碳排放权期货市场流动性特征分析及启示

碳排放权期货品种已成为世界期货市场研究和发展的重要战略品种。根据碳排放权期货市场的发展现状,本文选取欧洲气候交易所的交易品种作为研究对象,分阶段、分品种对其交易品种的流动性特征进行了分析。通过总结碳排放权市场流动性特征变化,得出碳排放权期货市场的发展经验,为今后我国碳排放权期货市场的建立奠定基础。     

借鉴国外经验构建我国碳期货市场运行机制

<正>在中国碳期货市场运行机制的发展中,应该结合先进国家的经验,制定一套适合中国实际的、对经济发展起到促进作用的碳期货市场法律体系,将碳排放权交易放在法律法规的框架下,保证碳期货市场交易的公平性。如今,全球气候变暖已经成为一个重大的国际问题,引起了各国的高度重视。应对全球气候变暖,最重要的就是减少二氧化碳的释放量。作为一种市场化的方式,碳排放权交易已经被证实是目前最高效的节能减排方式,因此,近年来,碳排放权交易市场快速成长起来。在可以预期的将来,世界上主要国家和区域的经济发展和竞争都会以“低碳经济”为中心,因此,建立起自己的标准,才能更好地进行产业结构的优化和升级。     

碳排放权交易市场体系研究述评

随着“低碳”成为经济发展的新趋势,碳减排、碳排放权交易也成为了研究的热点。然而碳排放权交易市场是一个复杂的体系,涵盖了碳排放权的初始分配、碳定价、政府监管、信息技术、法律完善等诸多环节,同时还要考虑它与经济发展的内在关系,对相关研究的梳理,有助于为我国碳排放权交易市场体系理论研究的发展和国内碳排放权交易市场的建立、完善提供参考。     

欧美排放权交易市场体系的比较分析

从欧美排放权交易市场体系的发展状况入手，分别对市场交易体系的市场结构、所涵盖的气体和行业、初始配额的分配、承诺期的长短、跨期借入和储存配额、监管惩戒措施等多个方面加以比较分析，为我国碳排放权交易市场体系的建立、完善提供参考。     

对海南建立碳排放权交易市场的思考

当前,碳排放权交易已经成为全球控制碳排放的重要方式,其市场规模不断扩大,有望超越石油成为全球第一大商品.低碳是海南经济社会发展的比较优势,在海南建立碳排放权交易市场,不仅可以进一步优化配置海南稀缺的环境资源、提升产业结构,而且可以将海南的低碳优势转化为资金,进一步促进海南国际旅游岛的建设.     

我国碳排放权交易的风险研究

我国碳排放权交易市场建设起步晚、发展水平较低,面临着诸多的问题和风险。本文着重探讨了全国碳排放权交易体系建设启动以来,我国碳市场发展过程中面临的亟待应对的风险:政策风险、法律风险、市场风险、信用风险、操作风险、技术风险等,并且提出了相应的解决对策:完善碳金融政策体系,健全碳排放权交易法律法规;加强碳市场建设,防范和化解市场风险;完善碳排放权交易的监督检查。以期能够为我国碳市场建设提供一定的借鉴与启示。     

发展碳期货市场应对气候变化

当前全国统一碳排放权交易市场正在建设中,借鉴国际碳期货发展经验,可加快推进碳期货等衍生品的相关筹备工作,积极助力国家应对气候变化挑战。一是充分发挥碳市场的减排效用。建立碳排放权交易市场,采用总量控制和交易的方式来进行节能减排,是减缓气候变暖的有效手段。     

我国碳交易市场发展的制约因素及路径选择

面对日益增大的减排压力,中国作为发展中减排大国,建立碳交易市场势在必行。目前,中国发展碳交易市场存在金融参与不足,减排区域分割特性明显,在国际碳交易市场中缺乏定价权,中介服务能力欠缺和制度不规范等制约因素。借鉴发达国家碳交易市场的发展经验,本文提出了如下发展中国碳交易市场的路径:首先,设定碳排放权限额,确保碳排放权的非公共物品化;其次,依托现有排污权交易市场开展碳排放权交易,建立碳排权现货与期货市场;第三,明确政府定位,完善碳交易市场监督与管理。     

碳排放权会计核算和信息披露问题研究 ——基于《碳排放权交易有关会计处理暂行规定》

随着全国碳排放权交易市场的正式开启,我国碳交易市场日益活跃,碳交易规模和流动性大大增强,目前执行的《碳排放权交易有关会计处理暂行规定》在理论建构和实务规范上暴露出明显的不足,如何进一步完善我国碳排放权会计核算成为值得思考的问题.本文在梳理国际碳排放权会计核算理论与实践的基础上,紧密结合我国碳排放权交易市场现状,对碳排放...     

Price impact of block trades: the curious case of downstairs trading in the EU emissions futures market

Using high-frequency data from the European Climate Exchange (ECX), we examine the determinants of price impact of €21 billion worth of block trades during 2008–2011 in the European carbon market. We find that wider bid-ask spreads and volatility are characterised by a smaller price impact. Larger levels of price impact are more likely to occur during the middle of the trading day, specifically the four-hour period between 11 a.m. and 3 p.m., than during the first or final hours. Purchase block trades induce a relatively smaller price impact on price run-up, while sell block trades exhibit a larger price impact on price run-up. We conclude that block trades on the ECX induce less price impact than in equity or conventional futures markets, and that a significant proportion of the effects contradict findings on block trades in those markets; thus, we provide the first evidence of the curious bent to block trading in the European Union emissions trading scheme.     

全球金融危机对全球应对气候变化进程的影响

美国次贷危机进一步加深,并推动全球经济衰退。本文分析了该危机对全球应对气候变化进程造成的影响,随后对基于排放交易体系和碳市场对未来全球应对气候变化进行了展望,最后,提出了我国的思考,主要是:正确认识金融危机的短期性与应对气候变化的长期性;正确认识金融危机对我国应对气候变化进程带来的挑战与机遇;迅速抓住机遇,有步骤推进我国低碳经济转型;探索适合我国特色的低碳经济促进型的金融体系。     

市场激励型环境规制可以推动企业技术创新吗？——基于中国碳排放权交易机制的自然实验

提高环境标准以推进企业低碳环保转型是供给侧结构性改革的重要内容。在众多环境规制的政策工具中,以市场激励为导向的排放权交易机制在西方国家得到了较为广泛的认可与应用,但是否同样适用于尚处在转轨期的新型中国市场还有待进一步检验。本文基于中国2013年开始试点实施的碳排放权交易机制,考察了市场激励型的环境规制对中国企业技术创新的影响。研究发现:碳排放权交易机制的实施显著推动了企业的技术创新,且当碳市场的流动性程度越高,该市场激励型环境规制对企业技术创新的推动作用更加明显。但企业成本转嫁能力会在一定程度上削弱该环境规制的积极影响,当企业所承受的产品市场竞争程度更低、企业对客户和供应商的议价能力更高时,碳排放权交易机制对企业技术创新的推动作用相对降低。综上,本文的研究不仅从市场激励的角度丰富了环境规制与企业技术创新的相关文献,同时也为中国碳排放权交易实施的政策效果提供了微观证据,研究结论可为后续在全国范围内统一推进碳排放权交易市场建设提供政策参考。     

Does the market value greenhouse gas emissions? Evidence from multi-country firm data

Despite increasing global attention on corporate carbon emissions, few studies have examined the value relevance of carbon emission information in the international context. This paper examines whether carbon emission information voluntarily disclosed by a firm affects its market value. After controlling for a firm's likelihood to provide voluntary carbon disclosures, we find that the level of carbon emissions is negatively related to firm value. This negative impact is more prominent for firms in countries that have a national carbon emission trading scheme and stringent environmental regulations. Furthermore, corporate governance is found to reduce the negative value effect of carbon emissions, indicating that shareholders have favorable perceptions regarding the carbon management ability of firms with good corporate governance. Cultural contexts such as uncertainty avoidance and long-term orientation also affect the value effect of risks and future liabilities associated with carbon emissions. We find that the value-decreasing effect of carbon emissions is weaker in countries characterized by high uncertainty avoidance and long-term orientations.     

Agent-Based Modeling of Global Carbon Trading and Its Policy Implications for China in the Post-Kyoto Era

Carbon trading is an important component of global responses to climate change. Using agent-based modeling, this study constructs a global carbon trading model (GCTM), and simulates the effectiveness of the trading mechanism. Results show that: (1) quota allocation is the fundamental premise of carbon trading; (2) under the carbon trading mechanism, the cumulative per capita emissions of developed countries are still much higher than those in developing countries; (3) carbon trading could be an important policy choice to meet China’s future emissions targets; and (4) to maximize incomes in the long run, China can set aside part of current quotas and use them in the future.     

Market effects of environmental regulation: coal,railroads, and the 1990 Clean Air Act

Many environmental regulations encourage the use of “clean” inputs. When the suppliers of such an input have market power, environmental regulation will affect not only the quantity of the input used but also its price. We investigate the effect of the Title IV emissions trading program for sulfur dioxide on the market for low‐sulfur coal. We find that the two railroads transporting coal were able to price discriminate on the basis of environmental regulation and geographic location. Delivered prices rose for plants in the trading program relative to other plants, and by more at plants near a low‐sulfur coal source.     

国外碳交易市场的发展及对我国的启示

自《京都议定书》生效以来,全球的碳交易市场经过近十几年的发展已初步形成,并日益成为推动低碳经济发展的重要力量。欧美等发达国家已初步建立了相对完善的碳交易市场,走在了广大发展中国家的前面。我国的碳交易市场尚处于起步阶段,在构建过程中还面临着诸多问题和挑战。本文介绍了国际碳交易市场的发展特点,着重分析了国外主要碳交易市场的现状和发展,并在此基础上探讨了我国构建碳交易市场的政策建议。     

碳排放交易体系下的排放权交易会计政策研究

碳排放权交易作为减少工业温室气体排放的重要手段已在我国多个行政辖区应用实施。欧盟碳排放交易体系下的现行会计政策,对我国会计实务和准则制订有重要的参考借鉴作用。通过比较研究发现,政府补助法是较理想的碳排放权交易的会计方法,但要限制免费配额后续计量的重估模式和排放负债市价结算法的使用,实现政府补助法在会计方法层面的协调一致性,并择机对制造企业产品碳配额成本核算做出相应规定。     

The evolution of emissions trading in the European Union – The role of policy networks,knowledge and policy entrepreneurs

This paper starts with a recapitulation of how emissions trading became a cornerstone of the European Union’s climate policy. While a whole bouquet of reasons can be identified the major reasons why the EU Commission decided to pursue the establishment of an emissions trading scheme within the EU are: (1) the integration of international emissions trading into the Kyoto Protocol; (2) the failure of the 6th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) and the withdrawal of the United States from the Kyoto Protocol negotiations; and (3) the unsuccessful attempt to introduce an EU-wide CO₂-tax. Other reasons were the fact that emissions trading did not need unanimity in the European Council like the CO₂-tax; the economic efficiency of emissions trading which appealed not only to the Commission but also to industry and Member States; the danger of a fragmented carbon market as the United Kingdom and Denmark had already set up domestic emissions trading schemes that were incompatible; the incentive a European emissions trading scheme would be for the formation of a global carbon market; and the possibility to influence investment strategies of power companies towards a sustainable modernisation of the EU’s power generation infrastructure.Drawing upon these preconditions, this paper analyses the development of the European Union Emissions Trading Scheme (EU ETS). Based on the fact that the EU is embedded in a multi-level policy-making architecture which encourages the emergence of policy networks it is argued that the EU ETS has been shaped by an (informal) issue-specific policy network established by some staff members from DG Environment, including individuals knowledgeable on emissions trading – such as experts from consultancies, environmental NGOs and the business sector. It is argued that within this European policy network on emissions trading the European Emissions Trading Directive – as adopted on 13 October 2003 – has been negotiated and developed. It is concluded that the sharing of knowledge about this relatively new and largely unknown regulatory instrument and about design options for a potential European emissions trading scheme was the key momentum for the establishment and continuity of this policy network and that the ability of managing knowledge generation processes was the main factor to allow for a few staff members from DG Environment to play a dominant role as policy entrepreneurs in developing the European Emissions Trading Directive, even beyond their formal role of proposing the scheme as representatives from the EU Commission.     

Market reactions to a cross-border carbon policy: Evidence from listed Chinese companies

The effects of cross-border carbon policy have attracted increasing attention worldwide. We investigate the reaction of the Chinese stock market to the announcements of 12 legislative events associated with the European Union Carbon Border Adjustment Mechanism (EU CBAM). Our results, based on all industrial companies listed on China's Shenzhen or Shanghai Stock Exchanges, show that Chinese companies that export their products to the EU experience a more negative cumulative abnormal return around EU CBAM events than their counterparts (non-export companies and non-EU export companies). A cross-sectional analysis reveals that negative stock market reactions to the legislative events are greater when companies have greater carbon emissions intensity. Our further analyses show that being listed in both A-share and H-share markets, participating in a carbon emissions trading scheme, and having intensive cross-border collaboration mitigate the adverse market reactions. Our results show that the Chinese market is sensitive to legislative announcements associated with this cross-border carbon policy.