【作者】 李阳；

【导师】 杜莉；

【作者基本信息】 吉林大学 ， 金融学， 2013， 博士

【摘要】 二十一世纪是追求全面可持续发展的新时代。当今社会，全球气候变暖的问题已经取得了人们前所未有的关注，关于如何发展低碳经济已引起了全社会的广泛重视，《联合国气候变化框架条约》和《京都议定书》等协议的颁布表明全世界已经开始将对环境问题的关注付诸于实际行动。中国目前仍然以粗放型的经济增长方式为主，传统能源在中国发展经济过程中占据能源消耗的80%以上，高耗能、高放排、高污染、低效率的情况使中国经济的可持续发展面临严峻的挑战。因此，换一种视角审视中国的经济运行方式，探索适合中国低碳经济的推进架构已迫在眉睫。从国际来看，气候变化的长期挑战与金融危机的短期挑战是人类发展面临的重要问题，前者要求世界经济发展模式向低碳转型；后者要求对失衡的国际金融体系进行改革，而碳金融体系是应对以上两大挑战的最佳结合点。经济决定金融，低碳经济发展所导致的产业结构、经济结构调整，以及经济发展模式、消费模式乃至生活模式的变革，必然会导致国际金融业发生结构性革命，由传统金融走向碳金融，以适应低碳经济的发展。本文试图站在兼顾历史与现实的全新视角上，对低碳经济下的金融业制度与机制进行理论与实证分析，探寻低碳金融发展的规律性，探讨金融创新与低碳经济的互动机理。第一部分：碳金融支撑低碳经济发展的理论研究本部分在对国内外学术界关于低碳经济学理论、金融支撑理论、环境资源价值理论、制度经济学理论、公共管理理论等经济学理论进行梳理的基础上，进行深入研究，充分借鉴其有用价值，为研究中国碳金融的机制设计与制度安排奠定理论基础。第二部分：国内外碳金融发展的经验与启示本部分选取发达国家中的美国、日本、欧盟，以及发展中国家碳金融发展较快国家的代表—印度和中国，作为考察对象，清晰梳理这些国家碳金融发展的现状，进而总结其先进经验并进行充分借鉴，以从中获得启示。第三部分：碳金融体系运行的机制设计碳金融体系的运行机制主要包含银行业、保险业、证券业、碳交易市场四个方面。关于银行业，本部分深入研究了碳金融在商业银行中的实践以及发展动态，对碳信贷原则下中国银行业的运行机制进行设计。关于保险业，本文认为其本身就是一个低碳产业，碳保险是保险业提供的低碳产品，其运行机制包括内部机制、外部机制和发展评价指标体系。关于证券业，本部分在通过与发达国家证券业资本市场结构进行对比分析的基础之上，提出中国碳金融体系中证券业资本市场的各个层次应如何重塑以支持低碳经济的发展。关于碳交易市场运行机制，本部分通过研究碳交易市场的交易项目、对象与基本特征，结合中国碳金融市场的实际现状，从市场交易机制、碳金融衍生产品等层面为碳金融体系中的碳交易市场运行机制的设计提供建议。第四部分：碳金融体系运行的制度安排本部分具体讨论了货币制度安排和金融监管变革两方面内容。通过比较分析各种货币政策工具对经济发展的不同传导机理，在结合当前碳金融发展需要的基础上，研究了中国支持低碳经济发展的金融政策选择。同时，运用制度经济学理论，分析了不同的金融监管体制，探索适合中国碳金融监管的模式。第五部分：碳金融体系运行的经济效应分析本部分采用实证分析的方法研究了碳金融体系实施的产业结构调整效应、经济协同效应，并进一步分析了碳金融实施对经济主体行为目标选择的影响。第六部分：碳金融实施的配套政策研究本部分采用规范分析的方法研究了支持碳金融发展的相关财政政策与产业政策，为碳金融配套政策的制定提供科学依据和数据支持。更多还原

【Abstract】 The twenty-first century is a new era pursuing comprehensive sustainabledevelopment. At present， global warming has already received unprecedentedattention from people， and how to develop low-carbon economy has drawn wideattention from the whole society. The issuing of such protocols as the United NationsFramework Convention on Climate Change and Kyoto Protocol has shown that thewhole world has already started to take practical actions against the environmentalproblems. Currently， extensive economic growth pattern still holds a dominantposition in China， and the traditional energy still takes up more than80%of energyconsumption during the economic development process. Owning to the high energyconsumption， abundant emission， severe pollution and low efficiency，sustainable economic development in China is confronted by severe challenges.Therefore， it is quite urgent to look at China’s economic operation mode in anotherperspective and to explore a progressive framework applicable for the low-carboneconomy. Seen from the international perspective， long-term challenges fromclimate changes and short-term challenges from financial crisis are the mostsignificant problems confronted by human development. The former requires theworld economy to develop towards low-carbon mode， while the later requires thereform of imbalanced international financial system， and carbon financial systemshould be the optimal joint point of the above mentioned two great challenges. It isthe economy that determines the adjustment of industrial structure and economic structure， as well as the reform of economic development mode and consumptionmode in the finance and low-carbon economic development， which will certainlygive rise to structural revolution in the international finance industry. Meanwhile， itwill develop towards the carbon finance from the original traditional finance to adaptto the development of low-carbon economy.In this paper， theoretical and empirical analysis has been carried out for thefinancial system and mechanism in low-carbon economy from a brand newperspective， which combines history and reality， aiming at seeking for the rules oflow-carbon financial development， and discussing the interactive mechanism offinancial innovation and low-carbon economy.Part One: theoretical study on the support of carbon finance on thelow-carbon economic development.In this part， further studies will be conducted to fully take advantage of theuseful values based the combination of economic theories， including thelow-carbon economics theory， financial support theory， environment resourcevalue theory， institutional economics theory， public management theory， etc.which will lay a theoretical foundation for studying the mechanism design andinstitutional arrangement for low carbon finance in China.Part Two: experience and inspiration from domestic and foreign carbonfinancial development.In this part， developed countries like America， Japan and Europe Union， aswell as developing countries， whose carbon finance develops rapidly， like Indiaand China， are taken as the study object to learn about current development statusof carbon financial development in China clearly， and then advanced experience isconcluded for reference. Meanwhile， inspirations are achieved.Part Three: operating mechanism design of carbon finance.The operating mechanism of carbon finance mainly includes four aspects， namely banking industry， insurance industry， bond industry and financial market.As for the banking industry， practices of green credit and the development trend ofthe carbon credit products are further studied in this part， and the operatingmechanism of banking industry under the principle of carbon credit and loan isdesigned. As for the insurance industry， it is considered as a low-carbon industry，and the carbon insurance is a low-carbon product provided by insurance industry. Itsoperating mechanism mainly includes the internal mechanism， external mechanismand the development evaluation index system. As for the carbon bond， the existingmoral risk in the carbon bond development is analyzed on the basis of summarizingthe domestic and foreign carbon bond practice， and suggestions are proposed forthe supporting functions of carbon bond to carbon finance. As for the financialmarket operating mechanism， suggestions are provided for the design of financialmarket operating mechanism under the carbon financial framework from suchaspects as the market exchange mechanism， carbon financial products， carbonfinancial pricing and carbon currency.Part Four: institutional arrangement of carbon financial operation.In this part， the currency institutional arrangement and financial supervisionreform are specifically discussed. The financial policy choice supporting thelow-carbon development is studied through comparatively analyzing the domesticand foreign currency policies in promoting carbon financial development. Theinstitutional economic theory is applied for analyzing different financial supervisionsystem and exploring a mode applicable for China’s carbon financial supervision.Part Five: economic effect analysis of the implementation of carbonfinancial system.In this part，the economic structural adjustment effect and cooperative effect ofthe carbon financial system implementation are studied with empirical analysis.Meanwhile， the influence from the implementation of carbon financial system on the target selection of economic subject is further analyzed.Part Six: study on the supporting policies concerning the implementationof carbon finance.In this part， related financial policy and industrial policy supporting thefinancial development are studied with the normative analysis method， whichprovides scientific basis and data support for making supporting policy of carbonfinance.更多还原