为环境权益定价 为低碳发展赋能——访北京环境交易所副总裁周丞

碧空如洗,云光粼粼——九月以来,北京的天空仿佛水洗,美得真实。这是北京长期以来治理大气的成果显现,包含了全社会的努力,其中也有北京环境交易所（以下简称＂北京环交所＂）的一份力量。业务布局最全面、业务范围最广泛、资本实力最强、碳交易最活跃……10年的时间,北京环交所已发展成为国内目前最具影响力的环境权益交易机构。＂这10年来,本着为环境权益定价、为低碳发展赋能的宗旨,环交所为服务国家战略和北京绿色发展做出了贡献,也为全国碳市场建设积累了宝贵的经验。＂     

创新环境权益交易,推动绿色产业发展

在2018(第九届)清洁发展国际融资论坛上,北京产权交易所总裁、北京环境交易所董事长朱戈先生表示,近年来,节能环保及绿色发展项目已经成为北京产权交易所(简称:北交所)业务开拓的重点之一,作为北交所旗下专注于绿色发展的专业子平台,北京环境交易所(简称:环交所)在帮助环保企业突破融资瓶颈、服务低碳     

创新融资机制,推动低碳转型

CDM机制不但通过项目和融资合作为发展中国家带来了可持续发展资金,而且使应对气候变化的概念深入人心,财政部中国清洁发展机制基金管理中心副主任陈欢指出：2007年成立的中国清洁发展机制基金,是中国首次建立的国家层面专门应对气候变化的基金。此举是国家财政通过创新性融资方式、支持应对气候变化事业的全新实践,将对贯彻落实的＂十...     

低碳经济时代下融资决策的创新

低碳经济是以“三低”,即低能耗、低污染、低排放为基本特征的经济发展模式,体现的是提高能源利用效率和创建清洁能源结构促进经济的发展理念,核心是技术创新、制度创新和发展观的改变。融资是企业资金的来源渠道,是后续一切投资活动、经营活动等的基础,成功筹集到资金,企业才能顺利开展各个项目,为企业实现利润目标。尤其是在低碳经济这个大背景下,对于企业财务融资的决策的研究,就凸显的更为重要。     

低碳经济时代下融资决策的创新

低碳经济是以“三低”,即低能耗、低污染、低排放为基本特征的经济发展模式,体现的是提高能源利用效率和创建清洁能源结构促进经济的发展理念,核心是技术创新、制度创新和发展观的改变。融资是企业资金的来源渠道,是后续一切投资活动、经营活动等的基础,成功筹集到资金,企业才能顺利开展各个项目,为企业实现利润目标。尤其是在低碳经济这个大背景下,对于企业财务融资的决策的研究,就凸显的更为重要。     

土地流转和基于土地的用益物权担保融资创新:湖北实证研究

本文从研究我国土地流转法律和实践出发,以湖北为例,对农村金融市场基于土地的用益物权包括耕地、水面和林地的承包经营权抵质押问题进行了实证研究,分析了制约抵质押创新的因素所在,并提出了相关政策建议。     

DEG:为中国民营企业发展提供融资支持

什么样的企业能够获得德国投资与开发有限公司(DEG)的长期贷款和股权投资?中国民营企业在与国际金融机构合作时应该注意哪些问题?带着读者关心的若干问题,本刊记者采访了DEG副总裁兼中国首席代表卢培旭先生和投资经理顾青先生。卢培旭先生会说一口流利的中国话,这让记者着实感到了DEG对中国民营企业投资的深入     

扶贫融资机制创新:村级互助金的发展探索

村级互助金作为我国农村融资与扶贫机制创新的重要路径,在2006年试点后范围不断扩大.然而,考察村级互助金在筹资、监管、借贷、控险等方面的制度构建,目前依然存在筹资渠道狭窄、村级互助金载体组织法律地位不明、目标瞄准机制偏移与监管滞后等难题.从村级互助金的可持续发展需要出发,今后需要加大政策扶持力度,拓宽融资渠道;明确村级互助金性质与组织法律地位,围绕中低收入农尸构建瞄准机制;强化风险防范与监督机制.     

为中小企业融资:八仙过海

银行一诺"千金" 国外的经验表明,传统的银行贷款仍是中小企业(特别是小企业)的最重要的外源性融资渠道.除了定期贷款外,透支和授信贷款(或贷款承诺)也是传统的银行贷款的重要的组成部分.美、英等国的情况表明金融机构持有的对中小企业的债权约有一半左右是透支或授信贷款.     

低碳金融:商业银行支持新能源产业发展的路径创新

新能源产业属于新兴产业,具有科技含量高、市场潜力大、增长速度快、产业带动强的特点。加快推进新能源产业发展,对于我国积极调整能源结构、加快转变能源增长方式,有效应对全球气候变化,具有十分重要的战略意义。日前我国公布的《"十二五"国家战略性新兴产业发展规划》,明确提出了"积极推进技术基本成熟、开发潜力大的     

The pricing discount for limited liquidity: evidence from SWX Swiss Exchange and the Nasdaq

We investigate the pricing discount for limited liquidity. Unlike previous studies that have examined the relation between historical returns and liquidity, ours looks directly at current stock prices. This approach requires less data and yields up-to-date information about limited liquidity discounts. We analyze data from the Swiss exchange and the Nasdaq during 1995–2001, and find a statistically and economically significant price–liquidity relation in both markets. We test the robustness of that relation with a procedure that does not rely on specific distributional assumptions. Our findings are unaffected. According to the evidence, the median discount can reach 30%.     

Financial constraints and asset pricing: comprehensive evidence from London Stock Exchange

This study provides comprehensive evidence on the pricing of financial constraints (FC) risk on London Stock Exchange during the period 1988–2013. Utilizing a large number of proxies for FC, we find that investors are not compensated with higher premia for holding shares of financially constrained firms. To the contrary, in most of the cases, the most constrained firms significantly underperform, both statistically and economically, the least constrained ones. Focussing on the Whited–Wu index to construct a zero-cost FC factor that goes long the most constrained firms and sells short the least constrained ones, we find that this factor carries a significantly negative premium and it is priced in the cross-section over and above the commonly used risk factors.     

Exchange risk and universal returns: A test of international arbitrage pricing theory

According to the international arbitrage pricing theory (IAPT) posited by Solnik (1983), currency movements affect assets' factor loadings and associated risk premiums. Based on a novel universal return decomposition, we propose an empirical model to test this proposition and perform tests using U.S. stock returns in the period 1975–2008. Our results confirm that currency movements significantly affect the market betas of a large proportion of stocks. Further cross-sectional tests indicate that currency movements affecting the market factor are significantly priced in stock returns. Based on these and other findings, we conclude that Solnik's IAPT is supported. An important implication of our findings is that exchange rate risk can broadly affect stock returns through both factor loading and residual factor channels.     

Exchange risk and universal returns: A test of international arbitrage pricing theory

According to the international arbitrage pricing theory (IAPT) posited by Solnik (1983), currency movements affect assets' factor loadings and associated risk premiums. Based on a novel universal return decomposition, we propose an empirical model to test this proposition and perform tests using U.S. stock returns in the period 1975–2008. Our results confirm that currency movements significantly affect the market betas of a large proportion of stocks. Further cross-sectional tests indicate that currency movements affecting the market factor are significantly priced in stock returns. Based on these and other findings, we conclude that Solnik's IAPT is supported. An important implication of our findings is that exchange rate risk can broadly affect stock returns through both factor loading and residual factor channels.     

Exchange rate expectations and the pricing of Chinese cross-listed stocks

I show that the price discounts of Chinese cross-listed stocks (American Depositary Receipts (ADRs) and H-shares) to their underlying A-shares indicate the expected yuan/US dollar exchange rate. The forecasting models reveal that ADR and H-share discounts predict exchange rate changes more accurately than the random walk and forward exchange rates, particularly at long forecast horizons. Using panel estimations, I find that ADR and H-share investors form their exchange rate expectations according to standard exchange rate theories such as the Harrod-Balassa-Samuelson effect, the risk of competitive devaluations, relative purchasing power parity, uncovered interest rate parity, and the risk of currency crisis.     

Control/ownership structure,creditor rights protection,and the cost of debt financing: International evidence

We explore the effect of governance on bond yield-spreads and ratings in a multinational sample of firms. We find strong evidence that ultimate ownership (i.e., the voting/cash-flow rights wedge) and family control have a positive and significant effect on bond yield-spreads, and a negative and significant effect on bond ratings. Control in the hands of widely held financial firms has a positive effect on bond ratings only, while State control has no effect on either bond yield-spreads or ratings. We also find that a higher protection of debtholders’ rights generally reduces bond yield-spreads and increases bond ratings. Our results additionally show that, for both bondholders and rating agencies, the enforcement of debt laws is crucially important. Finally, we document a negative effect of debt covenants on debt costs when there is a high expropriation risk and poor creditor rights protection.     

Exchange rate fluctuations, financing constraints, hedging, and exports: Evidence from firm level data

This paper examines whether exchange rate fluctuations are significantly related to the export quantities of firms. We build a simultaneous structural model with external financing costs, and estimate the model on 14 separate Japanese four-digit level industries. We find that export volumes at the firm level are significantly affected by exchange rate fluctuations. We find higher elasticities of exports with respect to exchange rates than in previous work. Our results cast some doubt on the prevailing wisdom that exchange rates have no effect on trade. Finally, we find in our data that financing constraints play an important role in affecting the sensitivity of exports to exchange rate fluctuations. Firms that are less financially constrained tend to have lower exchange rate elasticities, which is consistent with our model.     

Tests of the efficiency of the U.S. rights offering market: An option pricing approach

The efficiency of the U.S. market for stock purchase rights is empirically analyzed in an options framework, in which prices of rights, given the prices of underlying stock, are examined with regard to the possibilities of actually earning above-normal profits, considering the risk taken. Two neutral hedging tests for market efficiency, along with a simple buy-and-exercise trading strategy, are applied to daily traded rights data. Results from ex-post hedging tests suggest that the trading strategy based on the rights valuation model is able to differentiate between overpriced and underpriced rights so as to generate substantial book profits. The positive ex-ante hedge return, found to exist empirically, is completely eliminated once transaction costs are introduced, lending support for the efficient U.S. rights offering market on an after-transaction cost basis.     

Making things the same: Gases,emission rights and the politics of carbon markets

This paper analyses the development of carbon markets: markets in permits to emit greenhouse gases or in credits earned by not emitting them. It describes briefly how such markets have come into being, and discusses in more detail two aspects of the efforts to ‘make things the same’ in carbon markets: how different gases are made commensurable, and how accountants have struggled to find a standard treatment of ‘emission rights’. The paper concludes by discussing the attitude that should be taken to carbon markets (for example by environmentalists) and the possibility of developing a ‘politics of market design’ oriented to making such markets more effective tools of abatement.