商业银行碳金融风险研究
摘要
随着低碳时代的到来,碳金融成为全球金融业发展的重要趋势,并助推传统经济的升级和转型。碳金融是由低碳经济投融资活动衍生而来的新的金融活动,它服务于限制温室气体排放等技术和项目的直接融资、碳权交易和银行贷款等金融活动。中国碳排放交易市场是全球金融市场上的一个巨大的空间。随着嗅觉灵敏的国外投行和从事碳交易风险投资基金悄然进入中国内地,我国政府已明确提出到2012年万元GDP能耗指标必须降到2.1吨。我国的商业银行应抓住机遇、面对挑战,在践行银行社会责任的同时积极努力参与碳金融业务。在中国,90%企业的生产、项目的发展和新的项目的建设,金融支持都是由银行的信贷来承担的。银行的倾向性直接左右产业发展方向,并最终影响经济发展格局。金融机构将资金投向低碳经济,就可以带动这个行业技术创新,乃至制度变革,正像当年推动IT产业发展壮大一样。因此,商业银行碳金融业务的发展,无论是对商业银行本身,还是对我国当前急需解决的经济转型、产业升级,都有着非常重要的作用,加强商银行碳金融业务及其风险的研究有着非常重要的现实意义。
本文的总体思路是以商业银行碳金融业务种类及风险起因为基础,通过实证分析与案例分析相结合的方式对我国商业银行开展碳金融业务面临的风险进行研究。同时,运用资本资产定价模型,对碳金融市场的系统风险进行论证。最后从内部管理和外部环境两个方面提出风险防范策略,对碳金融相关风险进行防范。
首先,本文从碳金融的定义入手,简要介绍碳金融的产生和碳金融市场体系,即项目市场和配额市场,目前的碳金融业务也主要是基于这两个市场展开。然后介绍国外商业银行开展碳金融的业务种类以及我国商业银行的业务。我国商业银行碳金融业务主要是基于CDM项目产生的一些服务和绿色贷款等业务,与国外银行相比差距很大,也可看出我国银行可借鉴开展的业务很多。在研究商业银行开展碳金融业务的风险及应对方法时,主要探讨我国商业银行开展碳金融业务风险的起因及主要面临哪些风险。针对系统性风险,本文运用资本资产定价模型进行简要的分析。最后,提出风险防范策略,即我国商业银行内部风险管理长效机制的构建和良好外部环境的营造。
碳金融业务在国外市场上比较活跃,而在我国却只是刚刚起步,很多业务并没有开展起来而比较单一,因此对它的研究大多只停留在探索和设想阶段,数据无法获取,对风险的研究也只能进行定性的分析,定量分析的并不多。由于笔者学识水平有限,本文还存在一些不足之处,实际操作上有待进一步研究和完善等。
With the arrival of the era of low-carbon, carbon finance has become an important trends in the global financial industry, and boost the traditional economic updating and transformation. Carbon finance is a new financial activities that derived from the investment and financing activities of the low-carbon, which services to some technical that limit greenhouse gas emissions and project financing, carbon trading,bank loans and other financial activities.China's carbon emissions trading market is a huge space of the world's financial markets.With the foreign investment banks with sensitive of smell and venture capital funds in the carbon trading quietly enter China, our government has made it clear to the thousand yuan GDP energy consumption targets must be reduced to 2.1 tons in 2012.China's commercial banks should seize the opportunity and face the challenges,when practice the bank's social responsibility should to actively participate in carbon finance business. In China, the bank's credit take financial support to 90% of production and project development, construction of new projects.the bank's tendency directly affect the industrial development, and ultimately affect the economic development pattern.if Financial institutions invest the funds to low-carbon economy will drive innovation in this industry, as well as institutional change, As the year to promote the development and growth of the IT industry.Thus,the development of commercial banks carbon finance business,both for commercial banks,or the need to solve our current economic restructuring,indusitrial uppgrading,have a very important role.strengthening the commercial banking business of carbon finance and risk research has a very important practical significance.
The general idea of this paper is that on the basis of commercial bank's carbon finance business lines and risk, to evaluate all risks which China's commercial banks to develop carbon finance business by the methods of empirical and case analysis.At the same time, the use of capital asset pricing model to demonstrate and research the system risk of the carbon finance market.
First, this paper start from the definition of carbon finance,briefly described the generation of carbon finance and carbon finance market system,whic is The project market and quota-free market, the current carbon finance business is mainly based on these two markets.Then introduced foreign commercial banks to develop carbon finance business lines as well as China's commercial banking business, that is is based on some of the services generated by CDM projects and green loans and other services, the gap is still very large, but also see that China's banks to carry out the business can draw a lot.Make us to commercial Banks carbon financial business advantages and difficulties be clear at a glance. For systemic risk, this paper USES the capital asset pricing model to brief analysis.Finally tht proposed risk prevention strategies, That China's commercial banks' internal risk management and long-term mechanisms to create a favorable external environment.
Carbon finance business in foreign markets is more active, but in China has only just started,many business had not carried out and a single comparison, Therefore the research of this mostly only stay in exploration and imagine stage, unable to access the data,the study also to risk can only carry on the analysis of the qualitative and quantitative analysis is not much. Due to the restriction of thewriter's knowledge level, this paper is still much to be desired. Actual operation needs further research and improvement.
本文的总体思路是以商业银行碳金融业务种类及风险起因为基础,通过实证分析与案例分析相结合的方式对我国商业银行开展碳金融业务面临的风险进行研究。同时,运用资本资产定价模型,对碳金融市场的系统风险进行论证。最后从内部管理和外部环境两个方面提出风险防范策略,对碳金融相关风险进行防范。
首先,本文从碳金融的定义入手,简要介绍碳金融的产生和碳金融市场体系,即项目市场和配额市场,目前的碳金融业务也主要是基于这两个市场展开。然后介绍国外商业银行开展碳金融的业务种类以及我国商业银行的业务。我国商业银行碳金融业务主要是基于CDM项目产生的一些服务和绿色贷款等业务,与国外银行相比差距很大,也可看出我国银行可借鉴开展的业务很多。在研究商业银行开展碳金融业务的风险及应对方法时,主要探讨我国商业银行开展碳金融业务风险的起因及主要面临哪些风险。针对系统性风险,本文运用资本资产定价模型进行简要的分析。最后,提出风险防范策略,即我国商业银行内部风险管理长效机制的构建和良好外部环境的营造。
碳金融业务在国外市场上比较活跃,而在我国却只是刚刚起步,很多业务并没有开展起来而比较单一,因此对它的研究大多只停留在探索和设想阶段,数据无法获取,对风险的研究也只能进行定性的分析,定量分析的并不多。由于笔者学识水平有限,本文还存在一些不足之处,实际操作上有待进一步研究和完善等。
With the arrival of the era of low-carbon, carbon finance has become an important trends in the global financial industry, and boost the traditional economic updating and transformation. Carbon finance is a new financial activities that derived from the investment and financing activities of the low-carbon, which services to some technical that limit greenhouse gas emissions and project financing, carbon trading,bank loans and other financial activities.China's carbon emissions trading market is a huge space of the world's financial markets.With the foreign investment banks with sensitive of smell and venture capital funds in the carbon trading quietly enter China, our government has made it clear to the thousand yuan GDP energy consumption targets must be reduced to 2.1 tons in 2012.China's commercial banks should seize the opportunity and face the challenges,when practice the bank's social responsibility should to actively participate in carbon finance business. In China, the bank's credit take financial support to 90% of production and project development, construction of new projects.the bank's tendency directly affect the industrial development, and ultimately affect the economic development pattern.if Financial institutions invest the funds to low-carbon economy will drive innovation in this industry, as well as institutional change, As the year to promote the development and growth of the IT industry.Thus,the development of commercial banks carbon finance business,both for commercial banks,or the need to solve our current economic restructuring,indusitrial uppgrading,have a very important role.strengthening the commercial banking business of carbon finance and risk research has a very important practical significance.
The general idea of this paper is that on the basis of commercial bank's carbon finance business lines and risk, to evaluate all risks which China's commercial banks to develop carbon finance business by the methods of empirical and case analysis.At the same time, the use of capital asset pricing model to demonstrate and research the system risk of the carbon finance market.
First, this paper start from the definition of carbon finance,briefly described the generation of carbon finance and carbon finance market system,whic is The project market and quota-free market, the current carbon finance business is mainly based on these two markets.Then introduced foreign commercial banks to develop carbon finance business lines as well as China's commercial banking business, that is is based on some of the services generated by CDM projects and green loans and other services, the gap is still very large, but also see that China's banks to carry out the business can draw a lot.Make us to commercial Banks carbon financial business advantages and difficulties be clear at a glance. For systemic risk, this paper USES the capital asset pricing model to brief analysis.Finally tht proposed risk prevention strategies, That China's commercial banks' internal risk management and long-term mechanisms to create a favorable external environment.
Carbon finance business in foreign markets is more active, but in China has only just started,many business had not carried out and a single comparison, Therefore the research of this mostly only stay in exploration and imagine stage, unable to access the data,the study also to risk can only carry on the analysis of the qualitative and quantitative analysis is not much. Due to the restriction of thewriter's knowledge level, this paper is still much to be desired. Actual operation needs further research and improvement.
引文
[1]陈游.碳金融—我国商业银行的机遇与挑战[J].财经科学,2009,(11)：8-15.
[2]蔡宁伟.碳金融发展及其对商业银行的启示[J].金融论坛,2010,(11)：61-68
[3]董玉华.碳金融对商业银行的启示[J].环境经济,2009,(3)：23-26
[4]段伟力.商业银行参与”低碳金融”的swot分析及其发展策略[J].企业导报,2010,(4)：137-138
[5]郭清马.商业银行参与碳金融业务的策略研究[J].西南金融.2010,(6)：65-67
[6]贡峻、陈磊.低碳经济下商业银行碳金融业务的创新[J].湖南财政经济学院学报2011,(27)73-78
[7]黄霖.碳金融：商业银行的相遇与挑战[J].现代金融,2010,(6)：37-38
[8]李东卫.我国”碳金融”发展的制约因素及路径选择[J].金融理论与教学2010,(2)：7-10
[9]李明、卢爱珍.碳金融给我国商业银行带来的机遇与挑战[J].新疆财经,2010,(4)：72-73.
[10]李敏、黄黎华中国银行业发展碳金融业务的模式研究[J].现代商业,2010,(6)：18-19
[11]刘庆、刘彤.中国碳金融体系建构问题研究[J].金融经济(理论版),2010,(8)：53-55
[12]刘佳.我国商业银行开展”碳金融”业务探研[J].金融经济,2010,(8)：117-118
[13]刘英、张征、王震.国际碳金融及衍生品市场发展与启示[J].绿色金融,2010,(10)：38-43
[14]农卫东、郭岚、张祥建.碳金融时代中国商业银行的策略选择[J].经济师,2011,(3)：186-187
[15]邵伟.论我国碳银行业务的经营管理[J].金融教学与研究,2010,(2)：22-58
[16]司徒秋、玲徐烨.商业银行参与碳金融市场问题的思考[J].财经与管理,2010,(3)：214-215.
[17]史晓琳.构建我国商业银行碳金融内部风险管理长效机制[J].金融论坛,2010,(6)：21-35
[18]魏一鸣、王恺、凤振华等.碳金融与碳市场—方法与实证[M].第1版.科学出版社，2010.110-116.
[19]翁清云.国内外商业银行碳金融实践的经验借鉴[J].东北财经大学学报,2011,(2)：27-31
[20]翁清云、刘丽巍.我国商业银行碳金融实践的现状评价与发展对策[J].金融论坛征文增刊,2010：4-11.
[21]吴俊、林冬冬.国外碳金融业务发展新趋向及其启示[J].商业研究,2010,(8)：123-126
[22]武魏巍.后金融危机时代我国商业银行碳金融发展策略[J].金融论坛征文增刊,2010：82-85.
[23]徐杨.国有商业银行在我国”碳金融”发展中的作用[J].现代商业,2010,(9)：26-27
[24]杨涛.碳交易为我国商业银行带来的机遇和挑战[J].西北大学学报,2010,40(3)：117-121.
[25于李娜、刘欣然、谢怀筑等.国际碳金融交易的现状、趋势与对策研究[J].上海金融,2010,(12)：84-87
[26]王遥.碳金融—全球布局与中国视野[M].第1版.中国经济出版社.2010.61-84.
[27]张友先.碳金融发展趋势及我国银行业的战略选择[J].金融前沿,2011(1)：62-67
[28曾梦琦.国际碳交易市场发展及其对我国的启示[J].金融市场2011,(1)：62-65
[29]曾刚、万志宏.国际碳金融市场：现状、问题与前景[J].国际金融研究.2009,(10),19-25
[30]周茂清.碳金融发展前景及我国商业银行的应对之策[J].农村金融研究,2010,(9)：12-16
[31]拉巴特·怀特、罗德尼R·怀特.碳金融—减排良方法还是金融陷阱[M].第1版.石油工业出版社,2010.125-132
[32]Cirps、Ist、Helio等.中国清洁发展机制(CDM)项目商销指南[R].2007,(9)：12-43
[33]Kossoya, Ambrosi P. State and Trends of the Carbon Market 2010[R] Washing ton D. C:WorldBank,2010.
[34]The World Bank.State and Trends ofthe Carbon Market 2009 [R].2009.5
[35]Chevallier.J.,2009. Carbon Futures and Macroeconomic Risk Factors:A View from the EU ETS [J]. Energy Economics, (31):614-625.
[36]Dutschke.M., Schlamadinger.B., Wong.J. L. P., Rumberg, M.,2004. Value and Risks of Expiring Carbon Credits from CDM Afforestation and Reforestation [R]. HWWA Discussion Paper,290.
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[41]Chevallier J.,Carbon Futures,Macroeconomic Risk Factors:A View From the EU ETS[J].Energy Economics,2009,31(4):614-625.
[2]蔡宁伟.碳金融发展及其对商业银行的启示[J].金融论坛,2010,(11)：61-68
[3]董玉华.碳金融对商业银行的启示[J].环境经济,2009,(3)：23-26
[4]段伟力.商业银行参与”低碳金融”的swot分析及其发展策略[J].企业导报,2010,(4)：137-138
[5]郭清马.商业银行参与碳金融业务的策略研究[J].西南金融.2010,(6)：65-67
[6]贡峻、陈磊.低碳经济下商业银行碳金融业务的创新[J].湖南财政经济学院学报2011,(27)73-78
[7]黄霖.碳金融：商业银行的相遇与挑战[J].现代金融,2010,(6)：37-38
[8]李东卫.我国”碳金融”发展的制约因素及路径选择[J].金融理论与教学2010,(2)：7-10
[9]李明、卢爱珍.碳金融给我国商业银行带来的机遇与挑战[J].新疆财经,2010,(4)：72-73.
[10]李敏、黄黎华中国银行业发展碳金融业务的模式研究[J].现代商业,2010,(6)：18-19
[11]刘庆、刘彤.中国碳金融体系建构问题研究[J].金融经济(理论版),2010,(8)：53-55
[12]刘佳.我国商业银行开展”碳金融”业务探研[J].金融经济,2010,(8)：117-118
[13]刘英、张征、王震.国际碳金融及衍生品市场发展与启示[J].绿色金融,2010,(10)：38-43
[14]农卫东、郭岚、张祥建.碳金融时代中国商业银行的策略选择[J].经济师,2011,(3)：186-187
[15]邵伟.论我国碳银行业务的经营管理[J].金融教学与研究,2010,(2)：22-58
[16]司徒秋、玲徐烨.商业银行参与碳金融市场问题的思考[J].财经与管理,2010,(3)：214-215.
[17]史晓琳.构建我国商业银行碳金融内部风险管理长效机制[J].金融论坛,2010,(6)：21-35
[18]魏一鸣、王恺、凤振华等.碳金融与碳市场—方法与实证[M].第1版.科学出版社，2010.110-116.
[19]翁清云.国内外商业银行碳金融实践的经验借鉴[J].东北财经大学学报,2011,(2)：27-31
[20]翁清云、刘丽巍.我国商业银行碳金融实践的现状评价与发展对策[J].金融论坛征文增刊,2010：4-11.
[21]吴俊、林冬冬.国外碳金融业务发展新趋向及其启示[J].商业研究,2010,(8)：123-126
[22]武魏巍.后金融危机时代我国商业银行碳金融发展策略[J].金融论坛征文增刊,2010：82-85.
[23]徐杨.国有商业银行在我国”碳金融”发展中的作用[J].现代商业,2010,(9)：26-27
[24]杨涛.碳交易为我国商业银行带来的机遇和挑战[J].西北大学学报,2010,40(3)：117-121.
[25于李娜、刘欣然、谢怀筑等.国际碳金融交易的现状、趋势与对策研究[J].上海金融,2010,(12)：84-87
[26]王遥.碳金融—全球布局与中国视野[M].第1版.中国经济出版社.2010.61-84.
[27]张友先.碳金融发展趋势及我国银行业的战略选择[J].金融前沿,2011(1)：62-67
[28曾梦琦.国际碳交易市场发展及其对我国的启示[J].金融市场2011,(1)：62-65
[29]曾刚、万志宏.国际碳金融市场：现状、问题与前景[J].国际金融研究.2009,(10),19-25
[30]周茂清.碳金融发展前景及我国商业银行的应对之策[J].农村金融研究,2010,(9)：12-16
[31]拉巴特·怀特、罗德尼R·怀特.碳金融—减排良方法还是金融陷阱[M].第1版.石油工业出版社,2010.125-132
[32]Cirps、Ist、Helio等.中国清洁发展机制(CDM)项目商销指南[R].2007,(9)：12-43
[33]Kossoya, Ambrosi P. State and Trends of the Carbon Market 2010[R] Washing ton D. C:WorldBank,2010.
[34]The World Bank.State and Trends ofthe Carbon Market 2009 [R].2009.5
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