【作者】 邓宇；

【导师】 李昱；

【作者基本信息】 吉林大学 ， 金融学， 2012， 硕士

【摘要】 根据《联合国气候变化框架公约》和《京都议定书》，世界各国要在发展经济的同时，承担起保护自然环境和全球气候的责任，中国也不例外，因此发展低碳经济就成为我国的必然选择。而要发展低碳经济，就必须有大量的资金支持，仅仅依靠企业自身的资本积累和企业的外源性融资显然无法满足如此大量的资金需求。碳债券是为了支持低碳经济的发展而发行的债券，是碳金融机制中重要的一个分支。通过发行碳债券来满足低碳经济发展的资金需求已经得到了国际上很多国家的政府、企业和一些组织的认同，并已经在碳债券的理论研究、思路设计、实践运作等方面取得了一定的成果。本文归纳研究了国际上碳债券的理论研究和实践现状，对碳债券的具体概念进行了深入的讨论。针对我国的具体国情，通过对我国发行碳债券的可行性分析，本文认为财政发行碳国债是一个可行的方式。碳国债是一种特殊的国债，是政府为了支持低碳经济的发展而向投资者发行的具有约定条件并承诺到期还本的债务凭证。本文创新性的提出了碳国债的具体概念，并对我国发行碳国债的债券要素设计和发行方式进行了讨论和研究。碳国债的主要作用是为兴建新兴能源企业或更新改造老的高能耗企业提供资金支持，碳国债发行融通的资金可以为低碳减排企业提供必要的资金支持，解决了开发新能源、升级改造旧设备所必需的资金。由于碳国债发行主体是国家，使用主体是节能减排企业，由国家信用为债券本息收益做担保，所以一旦低碳企业盈利能力不强、无力支付债券本息，这会对国家的财政造成巨大的压力。所以有必要分析我国发行碳债券的风险和解决对策。由于碳国债募集资金的所有权和使用权的分离，出现了委托人与代理人之间的道德风险问题；低碳企业的运营风险和低碳行业的发展前景也是需要考虑的重点问题。最后本文针对碳国债运行中的道德风险和企业运营风险等问题提出了对策建议，提出了完善碳债券的设想，并对我国发行碳债券进行了前景展望。更多还原

【Abstract】 Under the United Nations Framework Convention on Climate Change and theKyoto Protocol, the world should bear the responsibility of protecting the naturalenvironment and the global climate as well as developing the economy, and China isno exception, so developing low-carbon economy will be the inevitable choice ofChina. There must be a lot of financial support to develop a low-carbon economy, relysolely on enterprises’ own capital and external financing is obviously unable to meetthe needs of such a large amount of capital.Carbon bond is a kind of bond issued to support low-carbon economicdevelopment, which is an important branch in carbon finance mechanism. By issuingcarbon bond to meet the financial needs of low-carbon economic development hasbeen supported by the governments, enterprises and organizations of many countriesin the world, and the bond theory, designation and practice of carbon bond haveachieved some success. Author makes a detailed research on the situation of theoryand practice of the international carbon bond, and gives a much more detailed conceptof carbon bond. For the specific national conditions of our country, through thefeasibility analysis of issuing carbon bonds in China, this article considers thatgovernment issuing carbon bond is a viable way.Carbon government bond is a special kind of bond, which is a proof ofrepayment issued and guaranteed by the government to support the low carboneconomic development. This thesis gives a specific concept of carbon governmentbond with innovation and made a research on the issuance of carbon governmentbond. Carbon government bond is mainly used for supporting the construction of newenergy enterprises or modification of the old energy-intensive enterprises. The fundthat Carbon government bond raised can provide the necessary financial support tocarbon emission reduction business, to the development of new energy enterprises and to upgrading old equipment.As carbon bond is issued by the government, while carbon emission reductionenterprises use the money, the government is obliged to ensure the interests ofbondholders, once the carbon emission reduction enterprises’ profitability is notstrong enough to pay the principal and interest of the bonds, which would result intremendous pressure on the state’s finance. So it is needed to analyze thecountermeasures of risk of Chinese carbon bond issuance. The moral hazard ofPrincipal-Agent appears because of separation of the ownership and usage of themoney that carbon bond raised, low-carbon enterprise operational risk and the risk oflow-carbon industry are key issues to be considered as well.Finally this article gives the countermeasures of enterprise operational risk andmoral hazard issues of carbon bond, proposes ideas about improving carbon bond andprospect on carbon bond issuance in China.更多还原