碳债券问题研究—发行及前景展望
|
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。
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.
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。
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.
引文
[1] London Accord项目为金融投资者免费提供关于气候变化的研究报告，希望能够帮助政策制定者和投资者降低投资低碳行业的风险，项目成员是由学术人士、研究所、投资银行、非政府组织组成的。项目的资助者包括：The City of London Corporation, BP plc, the Z/Yen Group, Forum for the Future and Gresham College.
[1] Feed‐in tariff是一种扶持新能源的政策机制，国家与新能源企业签署长期的采购合同，在新能源技术发电成本高于火电时，国家电网支付新能源企业高于火电的电价，用以弥补新能源发电的高成本。
[1] Green bond（绿色债券）与我们提出的碳债券功能相似。
瑞典北欧斯安银行（Skandinaviska Enskilda Banken），瑞典最大的银行。
Climate Bonds Can Fund the Rapid Transition to a Low‐Carbon Economy [EB/OL].http://www.longfinance.net/index.php?option=com_content&view=article&id=218%3Aclimate‐bonds‐can‐fund‐the‐rapid‐transition‐to‐a‐low‐carbon‐economy&catid=34%3Areports&Itemid=157
[1]世界银行发行过的绿色债券汇总参见http://treasury.worldbank.org/cmd/htm/WorldBankGreenBonds.html
[2]欧洲投资银行是欧洲经济共同体成员国合资经营的金融机构。
[1]参见http://www.triodos.co.uk/en/personal/service/search/?q=bond
[2]参见http://climatebonds.net/2009/12/triodos‐debuts‐new‐climate‐change‐bonds/
[3] Agrosuper公司是智利的一家大型食品公司http://www.agrosuper.com/usa/en/mision‐vision.php
[1]北京神雾热能技术有限公司是一家为全球化石能源（煤炭、石油、天然气及其衍生物）消耗市场提供节能减排技术及解决方案的高新技术企业。参见www.shenwu.com.cn
[1]2005年10月，国际金融公司成为第一家获准在中国发行熊猫债券的国际金融机构，汇丰银行负责发行工作。
[1] NAMA行动是巴厘路线图和哥本哈根协议的组成部分，是为了明确在碳减排活动中各国应负的“共同但有区别的责任”。具体内容参见Dr. Xiang GAO. Program NAMAs and Its MRV[OL].国家发展和改革委员会能源研究所.http://www.climateanddevelopment.org/ap‐net/docs/19th_seminar/1‐2_China_Mr.GaoXiang.pdf
[1]碳国债的具体概念和内涵是由本文作者的导师李昱教授在归纳国内外现阶段碳债券理论研究状况后，提出的新概念。
[1]谢怀筑，于李娜.碳金融:应对气候变化的金融创新[J].中国社会科学院研究生院学报，2010（01）：29-40.
[2]斯特恩报告[EB/OL].中国环境与发展国际合作委员会网站.http://www.china.com.cn/tech/zhuanti/wyh/2008-02/26/content_10795149.htm
[3]国务院关于印发“十二五”节能减排综合性工作方案的通知[EB/OL].中华人民共和国中央政府门户网站.[2011-09-07].http://www.gov.cn/zwgk/2011-09/07/content_1941731.htm
[4]节能减排指标已分解到各地[EB/OL].人民日报.[2011-09-18].http://paper.people.com.cn/rmrb/html/2011-09/18/nw.D110000renmrb_20110918_2-03.htm
[5]王俊，王刚贞.碳金融的发展与我国商业银行碳金融业务模式研究[J].金融论坛，2010（09）：73-77.
[6]杨娇.领跑新兴产业“马拉松”[J].国企，2010（03）.
[7]杨艺华.5万亿元：新兴能源十年之约[J].国企，2010（09）：66.
[8]鄢德春.中国碳市场建设——融合碳期货和碳基金的行动体系[M].北京：经济科学出版社，2010.
[9]汤敏.一个防止气候变暖的成本代际分配机制[J].江苏企业管理，2009（12）.
[10] Michael Mainelli, Jan-Peter Onstwedder, Kevin Parker, WilliamFischer. Index-linked Carbon Bonds–Gilty Green Government [EB/OL].Z/Yen Group Limited.[2009-04],www.zyen.com/Knowledge/Articles/index-linked_carbon_bonds_gilty_green_government.htm
[11] Climate Bonds Can Fund the Rapid Transition to a Low-Carbon Economy[EB/OL].http://www.longfinance.net/index.php?option=com_content&view=article&id=218%3Aclimate-bonds-can-fund-the-rapid-transition-to-a-low-carbon-economy&catid=34%3Areports&Itemid=157
[12]111TH CONGRESS1ST SESSION H.R.1698，To establish the Green Bank toassist in the financing of qualified clean energy projects andqualified energy efficiency projects.[EB/OL]http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1698ih.txt.pdf
[13] Green Bonds: A Public Policy Proposal. http://www.greenbonds.ca/
[14] Fiona Harvey. Trade off[EB/OL].[2008-09-15].http://www.ft.com/cms/s/0/3add4666-7b0e-11dd-b1e2-000077b07658.html#axzz1Ja8Rsh24
[15] Green bond fact sheet [EB/OL]. Worldbank.http://treasury.worldbank.org/cmd/pdf/WorldBank_GreenBondFactsheet.pdf
[16] Heike Reichelt. Green Bonds: A Model to Mobilise Private Capital toFund Climate Change Mitigation and Adaptation Projects[EB/OL]. TheEuroMoney Environmental Finance Handbook2009/10,1-7.http://treasury.worldbank.org/cmd/pdf/Euromoney_2010_Handbook_Environmental_FinanceforGBPage.pdf.
[17] World Bank and SEB partner with Scandinavian Institutional Investorsto Finance "Green" Projects [EB/OL].[2008-11-06].http://treasury.worldbank.org/cmd/htm/GreenBond.html
[18] Chile finance: Agrosuper sells US$25m in "carbon bonds"[EB/OL]. TheEconomist Intelligence Unit.http://proquest.umi.com/pqdweb?did=710928691&sid=3&Fmt=3&clientId=26486&RQT=309&VName=PQ
[19] WB: Financial Support is Key for Latin America's Low-Carbon GrowthPlans[EB/OL].[2009-12-14].http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/LACEXT/0,,contentMDK:22418928~pagePK:146736~piPK:146830~theSitePK:258554,00.html
[20] Standard&Poor’s to roll out carbon project ratings this summer[EB/OL].[2011-02-11].http://www.carbon-financeonline.com/index.cfm?section=lead&action=view&id=13524&return=search
[21] IFC Issues its first Renminbi Bond in Hong Kong, Supporting CleanTechnology Project in China [EB/OL].[2011-01-25]. Hong Kong SAR.http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=714A4071B5FFC59D85257823004F0729
[22]李昱，邓宇.国际碳债券发展现状及展望[J].银行家，2011（06）：93-95.
[23] Green NAMA Bonds: Summary Note [EB/OL].[2011-11-04].http://www.ieta.org/index.php?option=com_content&view=article&id=423:green-nama-bonds-summary-note&catid=24:position-papers&Itemid=91
[24] Pilot Green NAMA bond could be issued this year [EB/OL].[2011-03-15].http://www.carbon-financeonline.com/index.cfm
[25]谭建生.发行碳债券：支撑低碳经济金融创新的重大选择[N].经济参考报，2009-12-24.
[26]杨隽.基于低碳经济的碳金融对策探究[J].科技创业月刊，2010(05)：15-16.
[27]刘辉.关于建立低碳经济健康发展金融支撑体系[EB/OL].民建中央网站，[2010-03-31].http://www.cndca.org.cn/performDuties/participation/suggestion/201003/t20100331_54126.html
[28]黄巫琳.BOT模式中项目公司道德风险模型研究[D].中国优秀硕士学位论文全文数据库,2009(07).
[29]张维迎.公有制经济中的委托人—代理人关系:理论分析和政策含义[J].经济研究,1995(4)：10-20.
[30]谷祺,刘淑莲.财务危机:企业投资行为分析与对策[J].会计研究,1999(10)：28-31.
[31]刘铮，陈波.清洁发展机制的局限性和系统风险提示[J].广东社会科学,2009(06)：50-56.
[32]郇志坚，李青.碳金融:原理、功能与风险[J].金融发展评论，2010（08）：102-122.
[33]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.
[34]郝旭阳，杜晓伟.国债发行设计方案隐含诸多问题[J].金融理论与实践，2007（08）：85.
[35]马晨.债券市场创新——中国经济发展的推动器[M].山东：山东科学技术出版社，2005：171.
[36]中央国债登记结算有限责任公司债券研究会.债券市场前沿问题研究[M].北京：中国市场出版社，2007：417.
[1] Feed‐in tariff是一种扶持新能源的政策机制，国家与新能源企业签署长期的采购合同，在新能源技术发电成本高于火电时，国家电网支付新能源企业高于火电的电价，用以弥补新能源发电的高成本。
[1] Green bond（绿色债券）与我们提出的碳债券功能相似。
瑞典北欧斯安银行（Skandinaviska Enskilda Banken），瑞典最大的银行。
Climate Bonds Can Fund the Rapid Transition to a Low‐Carbon Economy [EB/OL].http://www.longfinance.net/index.php?option=com_content&view=article&id=218%3Aclimate‐bonds‐can‐fund‐the‐rapid‐transition‐to‐a‐low‐carbon‐economy&catid=34%3Areports&Itemid=157
[1]世界银行发行过的绿色债券汇总参见http://treasury.worldbank.org/cmd/htm/WorldBankGreenBonds.html
[2]欧洲投资银行是欧洲经济共同体成员国合资经营的金融机构。
[1]参见http://www.triodos.co.uk/en/personal/service/search/?q=bond
[2]参见http://climatebonds.net/2009/12/triodos‐debuts‐new‐climate‐change‐bonds/
[3] Agrosuper公司是智利的一家大型食品公司http://www.agrosuper.com/usa/en/mision‐vision.php
[1]北京神雾热能技术有限公司是一家为全球化石能源（煤炭、石油、天然气及其衍生物）消耗市场提供节能减排技术及解决方案的高新技术企业。参见www.shenwu.com.cn
[1]2005年10月，国际金融公司成为第一家获准在中国发行熊猫债券的国际金融机构，汇丰银行负责发行工作。
[1] NAMA行动是巴厘路线图和哥本哈根协议的组成部分，是为了明确在碳减排活动中各国应负的“共同但有区别的责任”。具体内容参见Dr. Xiang GAO. Program NAMAs and Its MRV[OL].国家发展和改革委员会能源研究所.http://www.climateanddevelopment.org/ap‐net/docs/19th_seminar/1‐2_China_Mr.GaoXiang.pdf
[1]碳国债的具体概念和内涵是由本文作者的导师李昱教授在归纳国内外现阶段碳债券理论研究状况后，提出的新概念。
[1]谢怀筑，于李娜.碳金融:应对气候变化的金融创新[J].中国社会科学院研究生院学报，2010（01）：29-40.
[2]斯特恩报告[EB/OL].中国环境与发展国际合作委员会网站.http://www.china.com.cn/tech/zhuanti/wyh/2008-02/26/content_10795149.htm
[3]国务院关于印发“十二五”节能减排综合性工作方案的通知[EB/OL].中华人民共和国中央政府门户网站.[2011-09-07].http://www.gov.cn/zwgk/2011-09/07/content_1941731.htm
[4]节能减排指标已分解到各地[EB/OL].人民日报.[2011-09-18].http://paper.people.com.cn/rmrb/html/2011-09/18/nw.D110000renmrb_20110918_2-03.htm
[5]王俊，王刚贞.碳金融的发展与我国商业银行碳金融业务模式研究[J].金融论坛，2010（09）：73-77.
[6]杨娇.领跑新兴产业“马拉松”[J].国企，2010（03）.
[7]杨艺华.5万亿元：新兴能源十年之约[J].国企，2010（09）：66.
[8]鄢德春.中国碳市场建设——融合碳期货和碳基金的行动体系[M].北京：经济科学出版社，2010.
[9]汤敏.一个防止气候变暖的成本代际分配机制[J].江苏企业管理，2009（12）.
[10] Michael Mainelli, Jan-Peter Onstwedder, Kevin Parker, WilliamFischer. Index-linked Carbon Bonds–Gilty Green Government [EB/OL].Z/Yen Group Limited.[2009-04],www.zyen.com/Knowledge/Articles/index-linked_carbon_bonds_gilty_green_government.htm
[11] Climate Bonds Can Fund the Rapid Transition to a Low-Carbon Economy[EB/OL].http://www.longfinance.net/index.php?option=com_content&view=article&id=218%3Aclimate-bonds-can-fund-the-rapid-transition-to-a-low-carbon-economy&catid=34%3Areports&Itemid=157
[12]111TH CONGRESS1ST SESSION H.R.1698，To establish the Green Bank toassist in the financing of qualified clean energy projects andqualified energy efficiency projects.[EB/OL]http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1698ih.txt.pdf
[13] Green Bonds: A Public Policy Proposal. http://www.greenbonds.ca/
[14] Fiona Harvey. Trade off[EB/OL].[2008-09-15].http://www.ft.com/cms/s/0/3add4666-7b0e-11dd-b1e2-000077b07658.html#axzz1Ja8Rsh24
[15] Green bond fact sheet [EB/OL]. Worldbank.http://treasury.worldbank.org/cmd/pdf/WorldBank_GreenBondFactsheet.pdf
[16] Heike Reichelt. Green Bonds: A Model to Mobilise Private Capital toFund Climate Change Mitigation and Adaptation Projects[EB/OL]. TheEuroMoney Environmental Finance Handbook2009/10,1-7.http://treasury.worldbank.org/cmd/pdf/Euromoney_2010_Handbook_Environmental_FinanceforGBPage.pdf.
[17] World Bank and SEB partner with Scandinavian Institutional Investorsto Finance "Green" Projects [EB/OL].[2008-11-06].http://treasury.worldbank.org/cmd/htm/GreenBond.html
[18] Chile finance: Agrosuper sells US$25m in "carbon bonds"[EB/OL]. TheEconomist Intelligence Unit.http://proquest.umi.com/pqdweb?did=710928691&sid=3&Fmt=3&clientId=26486&RQT=309&VName=PQ
[19] WB: Financial Support is Key for Latin America's Low-Carbon GrowthPlans[EB/OL].[2009-12-14].http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/LACEXT/0,,contentMDK:22418928~pagePK:146736~piPK:146830~theSitePK:258554,00.html
[20] Standard&Poor’s to roll out carbon project ratings this summer[EB/OL].[2011-02-11].http://www.carbon-financeonline.com/index.cfm?section=lead&action=view&id=13524&return=search
[21] IFC Issues its first Renminbi Bond in Hong Kong, Supporting CleanTechnology Project in China [EB/OL].[2011-01-25]. Hong Kong SAR.http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=714A4071B5FFC59D85257823004F0729
[22]李昱，邓宇.国际碳债券发展现状及展望[J].银行家，2011（06）：93-95.
[23] Green NAMA Bonds: Summary Note [EB/OL].[2011-11-04].http://www.ieta.org/index.php?option=com_content&view=article&id=423:green-nama-bonds-summary-note&catid=24:position-papers&Itemid=91
[24] Pilot Green NAMA bond could be issued this year [EB/OL].[2011-03-15].http://www.carbon-financeonline.com/index.cfm
[25]谭建生.发行碳债券：支撑低碳经济金融创新的重大选择[N].经济参考报，2009-12-24.
[26]杨隽.基于低碳经济的碳金融对策探究[J].科技创业月刊，2010(05)：15-16.
[27]刘辉.关于建立低碳经济健康发展金融支撑体系[EB/OL].民建中央网站，[2010-03-31].http://www.cndca.org.cn/performDuties/participation/suggestion/201003/t20100331_54126.html
[28]黄巫琳.BOT模式中项目公司道德风险模型研究[D].中国优秀硕士学位论文全文数据库,2009(07).
[29]张维迎.公有制经济中的委托人—代理人关系:理论分析和政策含义[J].经济研究,1995(4)：10-20.
[30]谷祺,刘淑莲.财务危机:企业投资行为分析与对策[J].会计研究,1999(10)：28-31.
[31]刘铮，陈波.清洁发展机制的局限性和系统风险提示[J].广东社会科学,2009(06)：50-56.
[32]郇志坚，李青.碳金融:原理、功能与风险[J].金融发展评论，2010（08）：102-122.
[33]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.
[34]郝旭阳，杜晓伟.国债发行设计方案隐含诸多问题[J].金融理论与实践，2007（08）：85.
[35]马晨.债券市场创新——中国经济发展的推动器[M].山东：山东科学技术出版社，2005：171.
[36]中央国债登记结算有限责任公司债券研究会.债券市场前沿问题研究[M].北京：中国市场出版社，2007：417.