我国低碳经济融资机制研究

论文题目：（中文） 我国低碳经济融资机制研究 （外文） RESEARCH ON FINACING MECHANISM OF LOW CARBON ECONOMY IN CHINA 所在院、系、所 ： 经济学院经济学系 专专业、名、称 ： 政治经济学 指专导专教专师 姓专名、职专称 ： 邱海平 教授 论 文 主 题 词 ： 低碳经济；融资机制；融资创新 学专习专期专限 ： 2009 年 9月至 2011年 6月 论 文 提 交 时 间 ： 2011 年 5月 15日 前言改革开放三十年来我国经济快速发展，已成为世界第二大经济体，经济地位不断提升，工业化和城市化仍处在快速发展中。但也面临着一系列挑战：可持续发展能力不强，资源环境压力巨大，需要应对气候变化的新挑战；产业结构不合理，自主创新能力不足，尤其是金融危机之后，以出口驱动型为主的经济体系承担了较大压力，面临诸多不确定因素。中国在大幅增强综合国力和提高人民生活水平的同时，能源需求量和温室气体排放量在不断上升，可持续发展面临严峻的挑战。我国庞大的经济规模，巨大的能源需求，无法完全通过国内供应解决，对国际能源市场的高度依赖使中国面临严重的能源安全问题。2009 年底，我国政府郑重宣布，到 2020 年，中国单位国内生产总值的二氧化碳排放量将在 2005 年的基础上下降 40-45%，发展低碳经济不仅是有效应对气候问题，提高国际影响力的重要举措，同时也是我国转变发展方式，提高经济发展质量的必由之路。低碳经济的核心是低碳技术创新。中国要从现有高碳经济发展模式转为低碳经济模式，面临两个约束条件，即资金和技术，技术问题在很大程度上依赖于是否能筹措足够的资金用于研发低碳技术和发展低碳经济。因此研究低碳经济融资机制是发展低碳经济的首要议题。在后金融危机时代，低碳产业已经成为世界经济发展的新趋势。低碳经济作为一种新的发展模式和发展理念与传统经济有诸多不同，尤其是低碳经济融资机制问题。基于此理念，本文运用多种分析方法，收集详实的数据，力求对国内外低碳融资机制的现状和发展作一个全面阐述，并为我国低碳经济融资机制提出政策建议。本文第一章是导论部分。首先介绍了本文的选题意义和选题背景，着重从全球碳排放状况和发展低碳经济的意义出发，提出我国发展低碳经济的必要性和完善融资机制的重要性。其次介绍了融资和融资机制的理论内涵，并梳理了国内外相关研究文献。再次，介绍了本文的研究方法。第二章是低碳经济与融资理论基础部分。首先阐述了低碳经济的内涵与实质，并提出了发展低碳经济的领域和范畴，着重从低碳经济的特征和发展趋势来解析当今全球低碳经济发展的必要性。其次结合低碳经济的特征，介绍了与低碳经济融资相关的三个基础理论，即技术创新和金融支持理论，公共物品和环境外部性理论以及科斯定理，本文认为发展低碳经济，核心是技术创新和制度创新，因此低碳经济融资问题既是运用制度创新克服市场失灵下的外部性问题，又是合理运用金融因素支持技术创新问题。第三章、第四章、第五章是文章的主体部分。第三章分析了我国低碳经济发展中资金流向问题，即低碳融资所获取的资金应该投入低碳产业的什么领域。为探求低碳经济的投资绩效，运用计量方法分析了碳强度和能源效率、可再生能源消费量及人均 GDP 的关系，指出应投资于能效改造和可再生能源研发领域才能抵免低碳经济发展初期对人均 GDP 的负面效果。同时文章认为产业结构变动也是碳强度变动的重要原因，应投资于有助于第二产业能效提高的领域。第四章主要分析了国际低碳经济融资的特点，首先阐述了低碳经济融资的特点。其次围绕低碳经济与金融创新的关系，重点阐述了新兴的低碳融资机制，主要从三个方面进行阐述：碳排放权交易与低碳融资；商业银行的绿色信贷和碳交易与低碳融资；碳基金与低碳融资。同时也介绍了碳税和风投等低碳融资新渠道。最后，以英国为例，阐述了低碳经济融资机制的国际典型经验。第五章主要阐述我国低碳经济的融资现状并与国际低碳融资经验进行比较。首先阐述中国低碳经济发展的现实性与必要性，其次指出中国实现低碳经济融资需求巨大。笔者从财税政策，碳交易，商业银行等方面详细阐述了我国低碳融资的现状及存在的问题和不足。指出我国低碳经济融资主要是供给主导型融资，相对于国外需求追随型的融资特点而言，更依赖财政投入和银行系统，市场性不足。第六章在第五章对比分析的基础之上，提出了我国低碳经济融资多元化的政策建议：首先政府要做好角色定位，在低碳经济发展初期，要成为低碳融资市场的培育者和引导者，积极出台有利于低碳融资的财税政策，要研究并逐步开展构建碳交易平台的试点工作。其次要充分发挥银行支持低碳融资的金融作用。采用 PPP 机制和合同能源管理等创新融资机制，大力发展促进低碳融资的基金，合理运用外资，培育有利于低碳融资的资本市场，充分发挥市场机制在低碳融资中的基础性作用。本文的创新指出主要体现在以下几个方面：一、运用计量模型实证分析碳强度的影响因素，指出提高低碳经济投资效果的重点投资领域。二、系统梳理了国内外低碳经济融资机制的主要内容和特点，进行了简单比较，并分析了我国低碳融资机制的不足。三、提出建立我国低碳经济多元化融资机制的构想，并从政府和市场两个维度提出政策建议。关键词：低碳经济；融资机制；融资创新AbstractSince reform and opening-up, China has already become the worlds second largest economy, the industrialization and urbanization are still accelerating. But we are facing a series of challenges: the capability of sustainable development is not strong; the problem of resources and environment on climate change is still not solved. After financial crisis, the economy which was dependent on extremely export faced many uncertain factors. Energy demand was increasing fastly as well as greenhouse gas emissions. The huge energy demand makes us so dependent on international energy market and we cant guarantee energy security. The Chinese government committed to quantified emissions reduction targets to the world on the Meeting in Copenhagen, greenhouse gas emissions per unit of gross domestic product can be reduced by 40%-45% compared to 2005. The low carbon economy is not only a solution to the problem of climatic change, but also the only way to accelerate transformation of the mode of economic development.The core of low carbon economy is technology innovation. Capital and technology are the two constraint condition which hinders transformation from high carbon economy to low carbon economy. The financing mechanism of low carbon economy is a primary factor because the we should raise a lot of money in technology innovation. Financial crisis after era, the low carbon economy is the new trend over the world. As a new development model, low carbon economy is far different from tranditional economy in financing mechanism. The author tried to make a comprehensive statement in current situation and development in financing mechanism of low carbon economy domestic and overseas and give some policy suggestion on this subject.Chapter 1: The first chapter is an introduction section. Firstly the paper introduced The background and significance of the subject, emphasizing the necessity of developing a low carbon economy and improving the financing mechanisms. Secondly, financing mechanisms are introduced theoretically, and a reviews of related research at home and abroad was given. The methods used in this paper were summarized.Chapter 2: A introduction of low carbon economy and financing theory, including Technology innovation and financial support theory, public goods and environmental externality theory and the Coase Theorem.Chapter 3、4and 5 are the main part of the paper. Chapter 3 analysed the effectiveness of investment in low carbon economy, using econometric model to conclude that investment should be put in the field of energy-efficient technologies and renewable energy.Chapter 4:A analysis of financial innovation in the development of low carbon economy abroad. The author introduced this from three aspects: Carbon emission trading、system of green lending of commercial banks and some kinds of funds. Carbon tax and venture capital were also introduced. Britain was illustrated to describe financing mechanism of low carbon development in some developed countries. Chapter 5: A analysis of financial system in china. Low carbon economy development was so dependent on fiscal stimulus and commercial bank.CDM mechanism didnt help much in low carbon economy. Comparing to international experience, the author analyzed shortages of financing mechanism in development of low carbon economy in china. The financing mechanism is Supply-dominant model in china while it is Demad-dominant in developed countries.Chapter 6: Basing on analysis above, The author gave policy recommendations that we should form the multiplication of the investment main body and the multiplication of financing pattern system and give full play to the market mechanism in low carbon financing.Key Words: Low carbon economy; Financing mechanism; Financing innovation目 录第 1 章 导论 11.1 研究背景和意义 .11.1.1 研究背景 .11.1.2 研究意义 .31.2 国内外低碳经济和碳融资的研究现状 .41.2.1 融资机制和低碳融资机制 .41.2.3 国内研究现状 .6第 2 章 低碳经济及融资理论基础 82.1 低碳经济简介 .82.1.1 低碳经济的内涵与实质 .82.1.2 低碳经济的范畴 .9第 3 章 低碳经济发展与融资机制的实证分析 133.1 碳强度影响因素与低碳投资绩效 .133.2 实证分析 .143.3 实证结论 .173.4 产业结构变动因素 .18第 4 章 国际低碳经济融资经验 194.1