从资源分配的角度来看,对绿色债券的平衡价格估计
1School of Management and Economics, University of Electronic Science and Technology of China, No.2006, Xiyuan Ave, West Hi-Tech Zone, Chengdu, 611731, Sichuan, China.
Environmental science and pollution research international
|November 18, 2023
概括
绿色债券具有积极的外部性,但它们的定价需要改进,以实现最佳的资源配置. 这项研究使用碳影子价格来寻找平衡的绿色债券价格,揭示了中国.
科学领域:
- 环境经济学环境经济学
- 金融市场 金融市场
- 可持续金融 可持续金融
背景情况:
- 绿色债券具有显著的积极外部性,但目前的市场机制导致资源分配效率低于最佳,低于帕雷托效率.
- 实现绿色债券的平衡价格对于最佳的公共资源分配和最大化社会福利至关重要.
研究的目的:
- 确定绿色债券达到平衡价格的方法.
- 通过使用碳影子价格 (CSP) 来估计绿色债券的平衡价格.
- 评估中国碳排放交易市场在实现绿色债券平衡方面的有效性.
主要方法:
- 采用优化启动方法,估计中国省级 (2007-2020年) 偏差校正的碳影价 (CSP).
- 开发了一个新的定价框架,将碳交易价格与估计的CSP结合起来,以确定绿色债券的平衡价格.
主要成果:
- 该研究成功估计了省级的偏差校正碳影价.
- 建立了一个框架来计算绿色债券的平衡价格.
- 数字模拟表明,目前的碳交易机制本身不足以实现绿色债券平衡价格.
结论:
- 绿色债券需要一个定价机制,以考虑它们的积极外部性,特别是通过碳影子价格.
- 进一步发展和加强中国的碳排放交易市场是必要的,以促进实现绿色债券的平衡价格.
- 优化绿色债券定价对于有效的资源配置和增强社会福利至关重要.
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