我国清洁发展机制项目融资方式研究
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摘要
为了解决全球气候变暖问题,发达国家于1997年签订了《京都议定书》,并于2005年2月16日正式生效,其中规定了缔约国的义务,量化了排放指标。清洁发展机制(CDM)就是《京都议定书》中的一个充满活力的国际合作机制,它一方面为发达国家降低其履行在《京都议定书》下的温室气体减排义务的总成本,同时,为发展中国家尤其是经济欠发达地区引进国外资金和技术,推广可持续发展起到积极的促进作用。我国在2012年也将面临承担减排任务,通过CDM项目融资可以解决企业的资金困难、风险过大等问题,能够促进项目的成功实施,对发展中国家经济发展有着重要作用。
本文的研究是以清洁发展机制和融资理论为基础,从理论和例证的角度,探讨了清洁发展机制的融资方式。本文的第一章主要阐明了研究背景和研究意义,并对国内外研究成果进行综述。第二章主要对清洁发展机制相关理论基础进行综述,包括可持续发展理论、环境经济学理论、融资结构理论和清洁发展机制的基准线方法学。第三章主要分析了我国CDM项目的发展现状,并对世界上普遍通用的融资方式进行了讲述。第四章对CDM项目特有的成本进行了分析,在此基础上进一步提出了适合我国国情的CDM项目的融资方式;在案例分析中,首先论述了我们CDM风电项目发展现状,然后使用净现值法对甘肃大唐玉门49.3MW风电场项目进行融资效果评价,通过计算分析,找出最优方案。第五章找出目前CDM项目融资过程中应注意的主要问题,并提出对策建议。
In order to solve the global climate warming, the "Kyoto Protocol" was signed by developed countries in 1997 and took effect on February 16th,2005 , which prescribes commitment and quantified emission limitation of the Parties. The Clean Development Mechanism(CDM) is a flexible international cooperation mechanisms, which reduces the total cost of the developed countries for the developed countries to reduce their obligations in the "Kyoto Protocol" of greenhouse gas emission and play an active role in promoting sustainable development and the introduction of foreign capital and technology of the developing countries, especially in economically underdeveloped areas. In 2012, China will also face reduce the burden of greenhouse gas emissions,the financing of CDM projects can resolve financial difficulties of enterprise, reduce operational risk of capital, contribute to the successful implementation of the project.so, it plays an important role in the economic development of developing countries.
Based on the theory of finance and Clean Development Mechanism, this thesis tries to find methods to solve problems in the investment and financing mechanism of Clean Development Mechanism. In the first chapter,the article sets out the research background and significance, and elaborated on the domestic and foreign research results. The second chapter, the relevant theoretical basis of the clean development mechanism are reviewed, including the theory of sustainable development, environmental economics, financing structure theory and the Clean Development Mechanism baseline methodology.The 3 chapter introduces the development status of China's CDM projects, and analyzes common means of the world generally financing method.Chapter 4 analyzes the CDM project-specific cost, and further put forward an financing way of CDM projects that appropriate China's national conditions.In the case study, we first discussed the status of CDM wind power project development, and then do financing evaluation for Gansu Datang 49.3MW wind farm projects Yumen using the net now Value, through calculation and analysis, to identify the optimal program. Chapter 5 finds out the current main issues of CDM project financing that should be noted,and put forward countermeasures and suggestions.
本文的研究是以清洁发展机制和融资理论为基础,从理论和例证的角度,探讨了清洁发展机制的融资方式。本文的第一章主要阐明了研究背景和研究意义,并对国内外研究成果进行综述。第二章主要对清洁发展机制相关理论基础进行综述,包括可持续发展理论、环境经济学理论、融资结构理论和清洁发展机制的基准线方法学。第三章主要分析了我国CDM项目的发展现状,并对世界上普遍通用的融资方式进行了讲述。第四章对CDM项目特有的成本进行了分析,在此基础上进一步提出了适合我国国情的CDM项目的融资方式;在案例分析中,首先论述了我们CDM风电项目发展现状,然后使用净现值法对甘肃大唐玉门49.3MW风电场项目进行融资效果评价,通过计算分析,找出最优方案。第五章找出目前CDM项目融资过程中应注意的主要问题,并提出对策建议。
In order to solve the global climate warming, the "Kyoto Protocol" was signed by developed countries in 1997 and took effect on February 16th,2005 , which prescribes commitment and quantified emission limitation of the Parties. The Clean Development Mechanism(CDM) is a flexible international cooperation mechanisms, which reduces the total cost of the developed countries for the developed countries to reduce their obligations in the "Kyoto Protocol" of greenhouse gas emission and play an active role in promoting sustainable development and the introduction of foreign capital and technology of the developing countries, especially in economically underdeveloped areas. In 2012, China will also face reduce the burden of greenhouse gas emissions,the financing of CDM projects can resolve financial difficulties of enterprise, reduce operational risk of capital, contribute to the successful implementation of the project.so, it plays an important role in the economic development of developing countries.
Based on the theory of finance and Clean Development Mechanism, this thesis tries to find methods to solve problems in the investment and financing mechanism of Clean Development Mechanism. In the first chapter,the article sets out the research background and significance, and elaborated on the domestic and foreign research results. The second chapter, the relevant theoretical basis of the clean development mechanism are reviewed, including the theory of sustainable development, environmental economics, financing structure theory and the Clean Development Mechanism baseline methodology.The 3 chapter introduces the development status of China's CDM projects, and analyzes common means of the world generally financing method.Chapter 4 analyzes the CDM project-specific cost, and further put forward an financing way of CDM projects that appropriate China's national conditions.In the case study, we first discussed the status of CDM wind power project development, and then do financing evaluation for Gansu Datang 49.3MW wind farm projects Yumen using the net now Value, through calculation and analysis, to identify the optimal program. Chapter 5 finds out the current main issues of CDM project financing that should be noted,and put forward countermeasures and suggestions.
引文
[1]南极研究科学委员会.南极气候变化与环境[R].2009.
[2] International Energy Agency.Key World Energy Statistics[R].2005.
[3]李红霞,刘磊,何玉荣.黑龙江省推进CDM项目路径与对策[J].应用能源技术,2008,(9):8-12.
[4] Yazhen Gong,Gary Bull,Kathy Baylis.Participation in the world's first clean development mechanism forest project:Therole of property rights,social capital and contractual rules[J].Ecological Economics,2010,(6):1292-1302.
[5]李红霞,张杰,苏影惠.黑龙江省CDM项目推进领域及相应对策探讨[J].科技与管理,2009,(1):1-3.
[6]潘家华.中国社科院可持续发展研究中心研究简报[R].2003.
[7]中国社科院可持续发展论坛(第三期)会议纪要[R].2002.
[8]陈文颖,吴宗鑫.碳排放权分配与碳排放权交易[J].清华大学学报(自然科学版),1998,(12):15-23.
[9]徐玉高,郭元,吴宗鑫.碳权分配:全球碳排放权交易及参与激励[J].数量经济技术经济研究,1997,(3):101-103.
[10]黄海英,胡冬雯,陈长虹.上海开发风电项目的机遇分析[J].上海环境科学,2006,(25):194-218.
[11]叶东.CDM的融资渠道[J].中国科技投资,2007,(6):24-27.
[12]胡迟.清洁发展机制中的融资模式探讨[J].中国科技投资,2009,(7):45-47.
[13]郑照宁,潘韬,刘德顺.清洁发展机制的项目融资方式[J].商业研究,2005,(2):116-118.
[14] Cathrine Hagem.The clean development mechanism versus international permit trading:The effect on technological change,Resource and Energy Economics,2009,(31):1–12.
[15] Frank Jotzo,Olivia.Tanujayal.Hot Air vs CDM:Limiting supply to make Kyoto work without the United States[C].working paper for Pelagi Institute,2001.
[16] Jurgl Grutte,Rolf Kappel,Peter Staubl.Simulating the Market for Greenhouse Gas Emission Reductions:TheCERTModel[R].2002.
[17]陈英姿.循环经济的国际比较及经验借鉴[C].中国环境科学出版社,2004.
[18] Y1 Hizen,Tl sajiol.Designing GHG emission trading Institutions in KyotoProtocol : An Experimental Approach[J] . Environmental Modelling & Software,2001,(16):533–543.
[19] Kostantinos D Patlitzianas,Argyris Gkagiannas,John Psarra.清洁发展机制项目的融资方案[J].能源与环境,2004,(1):46-49.
[20]张帆.环境与自然资源经济学[M].上海:上海人民出版社,1998.
[21]沈满洪.环境经济手段研究[M].北京:中国环境科学出版社,2001.
[22]赵时亮.代际外部性与不可持续发展的根源[J].中国人口·资源与环境, 2003,(4):1-4.
[23]马中.环境与资源经济学概论[M].北京:高等教育出版社,1999.
[24] Modigliani.F and M.H.Miller.The cost of capital,corporation finance,and the theory of investment[J].The American Economic Review,1958,(3):261-297.
[25] F . Modigliani and M . Hmiller , Taxes and the cost of capital : A Correction[J].American Economic Review,1963,(53):443-453.
[26] Jensen.M.C and WH.Meekling,Theory of the firm:Managerial Behavior, Agency Costs and Ownership Structure . Joumal of Finaneial Economics[J].Journal of Financial Economics,1976,(4):305-360.
[27] Fama.E.F,Ageney Problems and the Theory of the Firm[J].Journal of Political Eeonomy,1980,(88):288-307.
[28]沈艺峰.融资结构理论史[M].北京:经济科学出版社,1999.
[29]文淑惠,钱玥.国际CDM融资渠道及云南省CDM潜在领域融资潜力分析[J].生态经济,2007,(11):50-53.
[30]郑照宁,潘韬,刘德顺.清洁发展机制的项目融资方式[J].商业研究, 2005,(02):116-118.
[31]齐海云,臧留洋,张灿.国内外CDM项目开展现状对比分析及建议[J].节能与环保,2007,(2):28-30.
[32]赵丹丹,胡国松.中国CDM前景广阔[J].中国石油石化,2008,(21):8-50.
[33] [美]波特内.环境保护的公共政策[M].北京:三联书店.1993.
[34]林而达.与《议定书》和生物碳基金有关的碳循环科学与政策问题[J].造林绿化与气候变化,2003,(12):14-16.
[35]邬朝晖.清洁发展机制(CDM)项目的开发和实施[J].上海节能,2007,(4):9-11.
[36]崔成.清洁发展机制项目的经济风险与对策[J].能源与环境,2005,(2):27-28.
[37]卢五一,郭军.清洁发展机制:国际融资机遇[J].中国科技投资,2006,(07):20-23.
[38]陈刚.中国清洁发展机制项目中的融资问题[J].中国与世界,2007,(3):59-68.
[39]任淮秀.项目融资[M].北京:中国人民大学出版社,2004.
[40]中国能源部门清洁发展机制机遇项目组.小型清洁发展机制项目开发手册[Z].中国环境科学出版社,2005.
[41] M.H.Miller.Debt and Txes[J].Journal of Finance,1977,(32):261-275.
[42]姜谦.2010-2015年中国风力发电行业投资分析及前景预测报告[R].2010.
[43]崔成.清洁发展机制中项目基准线[J].能源研究所,2002,(9):29-31.
[44] Project design document for Gansu Datang Yumen 49MW Wind Power Project[Z].CDM–Executive Board.2007.
[2] International Energy Agency.Key World Energy Statistics[R].2005.
[3]李红霞,刘磊,何玉荣.黑龙江省推进CDM项目路径与对策[J].应用能源技术,2008,(9):8-12.
[4] Yazhen Gong,Gary Bull,Kathy Baylis.Participation in the world's first clean development mechanism forest project:Therole of property rights,social capital and contractual rules[J].Ecological Economics,2010,(6):1292-1302.
[5]李红霞,张杰,苏影惠.黑龙江省CDM项目推进领域及相应对策探讨[J].科技与管理,2009,(1):1-3.
[6]潘家华.中国社科院可持续发展研究中心研究简报[R].2003.
[7]中国社科院可持续发展论坛(第三期)会议纪要[R].2002.
[8]陈文颖,吴宗鑫.碳排放权分配与碳排放权交易[J].清华大学学报(自然科学版),1998,(12):15-23.
[9]徐玉高,郭元,吴宗鑫.碳权分配:全球碳排放权交易及参与激励[J].数量经济技术经济研究,1997,(3):101-103.
[10]黄海英,胡冬雯,陈长虹.上海开发风电项目的机遇分析[J].上海环境科学,2006,(25):194-218.
[11]叶东.CDM的融资渠道[J].中国科技投资,2007,(6):24-27.
[12]胡迟.清洁发展机制中的融资模式探讨[J].中国科技投资,2009,(7):45-47.
[13]郑照宁,潘韬,刘德顺.清洁发展机制的项目融资方式[J].商业研究,2005,(2):116-118.
[14] Cathrine Hagem.The clean development mechanism versus international permit trading:The effect on technological change,Resource and Energy Economics,2009,(31):1–12.
[15] Frank Jotzo,Olivia.Tanujayal.Hot Air vs CDM:Limiting supply to make Kyoto work without the United States[C].working paper for Pelagi Institute,2001.
[16] Jurgl Grutte,Rolf Kappel,Peter Staubl.Simulating the Market for Greenhouse Gas Emission Reductions:TheCERTModel[R].2002.
[17]陈英姿.循环经济的国际比较及经验借鉴[C].中国环境科学出版社,2004.
[18] Y1 Hizen,Tl sajiol.Designing GHG emission trading Institutions in KyotoProtocol : An Experimental Approach[J] . Environmental Modelling & Software,2001,(16):533–543.
[19] Kostantinos D Patlitzianas,Argyris Gkagiannas,John Psarra.清洁发展机制项目的融资方案[J].能源与环境,2004,(1):46-49.
[20]张帆.环境与自然资源经济学[M].上海:上海人民出版社,1998.
[21]沈满洪.环境经济手段研究[M].北京:中国环境科学出版社,2001.
[22]赵时亮.代际外部性与不可持续发展的根源[J].中国人口·资源与环境, 2003,(4):1-4.
[23]马中.环境与资源经济学概论[M].北京:高等教育出版社,1999.
[24] Modigliani.F and M.H.Miller.The cost of capital,corporation finance,and the theory of investment[J].The American Economic Review,1958,(3):261-297.
[25] F . Modigliani and M . Hmiller , Taxes and the cost of capital : A Correction[J].American Economic Review,1963,(53):443-453.
[26] Jensen.M.C and WH.Meekling,Theory of the firm:Managerial Behavior, Agency Costs and Ownership Structure . Joumal of Finaneial Economics[J].Journal of Financial Economics,1976,(4):305-360.
[27] Fama.E.F,Ageney Problems and the Theory of the Firm[J].Journal of Political Eeonomy,1980,(88):288-307.
[28]沈艺峰.融资结构理论史[M].北京:经济科学出版社,1999.
[29]文淑惠,钱玥.国际CDM融资渠道及云南省CDM潜在领域融资潜力分析[J].生态经济,2007,(11):50-53.
[30]郑照宁,潘韬,刘德顺.清洁发展机制的项目融资方式[J].商业研究, 2005,(02):116-118.
[31]齐海云,臧留洋,张灿.国内外CDM项目开展现状对比分析及建议[J].节能与环保,2007,(2):28-30.
[32]赵丹丹,胡国松.中国CDM前景广阔[J].中国石油石化,2008,(21):8-50.
[33] [美]波特内.环境保护的公共政策[M].北京:三联书店.1993.
[34]林而达.与《议定书》和生物碳基金有关的碳循环科学与政策问题[J].造林绿化与气候变化,2003,(12):14-16.
[35]邬朝晖.清洁发展机制(CDM)项目的开发和实施[J].上海节能,2007,(4):9-11.
[36]崔成.清洁发展机制项目的经济风险与对策[J].能源与环境,2005,(2):27-28.
[37]卢五一,郭军.清洁发展机制:国际融资机遇[J].中国科技投资,2006,(07):20-23.
[38]陈刚.中国清洁发展机制项目中的融资问题[J].中国与世界,2007,(3):59-68.
[39]任淮秀.项目融资[M].北京:中国人民大学出版社,2004.
[40]中国能源部门清洁发展机制机遇项目组.小型清洁发展机制项目开发手册[Z].中国环境科学出版社,2005.
[41] M.H.Miller.Debt and Txes[J].Journal of Finance,1977,(32):261-275.
[42]姜谦.2010-2015年中国风力发电行业投资分析及前景预测报告[R].2010.
[43]崔成.清洁发展机制中项目基准线[J].能源研究所,2002,(9):29-31.
[44] Project design document for Gansu Datang Yumen 49MW Wind Power Project[Z].CDM–Executive Board.2007.