融入碳减排交易的合同能源管理项目融资模式设计
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摘要
在我国融资问题一直是制约合同能源管理项目发展的关键因素,原有的融资模式以自有资金和第三方金融机构融资为主。随着世界范围内低碳经济时代的到来,国际碳减排交易体系和市场逐渐成熟,国内的碳减排交易也取得了初步的发展,碳排放成为了一种具有经济价值的无形商品。合同能源管理项目大多具有碳减排效果,本文利用合同能源管理项目的碳减排效果和碳排放交易,构建融入碳排放交易的合同能源管理项目融资模式,拓宽合同能源管理的融资渠道,为解决合同能源管理项目的融资问题提供帮助。
在融入碳减排交易的合同能源管理融资模式的设计中,合同能源管理与碳减排交易的结合点至关重要,所以本文首先对合同能源管理的概念和常见的融资模式做了分析,对其在我国发展中遇到的障碍进行了研究。着重分析了融资难问题的原因,认为要解决这一问题,更重要的是要从合同能源管理和项目运作本身挖掘潜力创新融资渠道。之后对目前世界的碳减排交易机制和市场做了分析,着重对欧洲和美国的碳减排交易体系进行了研究,并且对我国的碳减排交易发展现状做了总结。在寻找到上述两方面的结合点后,进行了融入碳减排交易的合同能源管理融资模式的设计,并辅以流程图加以说明。最后利用实物期权理论对此种创新模式中的核心问题即碳排放权的定价问题进行了定量研究。
通过上述过程,最终本文在原有的合同能源管理的节能效益分享型融资模式的基础上,分别在总量控制与配额减排机制和基于项目的CDM减排交易机制下,通过加入碳排放权需求/购买方,构建了三种融入了碳减排交易的合同能源管理融资模式。并认为在这样的模式中对于节能服务公司和业主而言,碳排放权是具有实物期权价值的,可以利用实物期权定价方法,如二叉树期权定价模型对排放权进行估价。
In china financial problem is the main factor which constraints the development of EPC industry for a long time. Owned fund and credit from the finance institutions are two main capital sources in the existing financial model of EPC. Now the world is in the era of low carbon economy. GHG (greenhouse gas) emission trading scheme and related market is being mature gradually and it also achieved initial development in china. Carbon dioxide emission has become a valuable intangible commodity. Most EPC projects also have effect of emission reduction. This thesis wants to use the emission reduction effect of EPC and carbon emission trading to construct a new financing model of EPC which contains emission trading. The aim is that it can broaden the financing channels and help to solve the financial problem of EPC.
First thesis introduces the concept of EPC and the existing common financing model of EPC project and researches main obstacles of EPC’s development in China. The core of them is financing problem. This thesis analyses the reason of it and considers that through exploring the potential of EPC and its operating process to create new financing source is more important. The second part is the research on CO2 emission trading including the legal and trading mechanism of it. This part includes studies on the GHG emission trading scheme of Europe and USA. I summary and analyse the development status of it in China. Through the research above thesis finds the juncture of EPC and GHG emission trading. Base on it I design the EPC financing model which combines the carbon emission trading and use flow chart to illustrate it. In this process I find evaluate the value and price of carbon emissions is very important, so I use real option pricing model to research this issue.
Based on the shared savings structure financing model which is the existing traditional EPC financing model this thesis adds the buyer of carbon emission and then designs the new financing model under the cap-and-trade GHG emission reduction trading mechanism and CDM mechanism respectively. And in this new financing model the emission allowances and emission reductions have their real option value to EMC and owner of EPC project. We can use binomial option pricing model to estimate the price of carbon emission allowances in the financing process according to the actual situation.
在融入碳减排交易的合同能源管理融资模式的设计中,合同能源管理与碳减排交易的结合点至关重要,所以本文首先对合同能源管理的概念和常见的融资模式做了分析,对其在我国发展中遇到的障碍进行了研究。着重分析了融资难问题的原因,认为要解决这一问题,更重要的是要从合同能源管理和项目运作本身挖掘潜力创新融资渠道。之后对目前世界的碳减排交易机制和市场做了分析,着重对欧洲和美国的碳减排交易体系进行了研究,并且对我国的碳减排交易发展现状做了总结。在寻找到上述两方面的结合点后,进行了融入碳减排交易的合同能源管理融资模式的设计,并辅以流程图加以说明。最后利用实物期权理论对此种创新模式中的核心问题即碳排放权的定价问题进行了定量研究。
通过上述过程,最终本文在原有的合同能源管理的节能效益分享型融资模式的基础上,分别在总量控制与配额减排机制和基于项目的CDM减排交易机制下,通过加入碳排放权需求/购买方,构建了三种融入了碳减排交易的合同能源管理融资模式。并认为在这样的模式中对于节能服务公司和业主而言,碳排放权是具有实物期权价值的,可以利用实物期权定价方法,如二叉树期权定价模型对排放权进行估价。
In china financial problem is the main factor which constraints the development of EPC industry for a long time. Owned fund and credit from the finance institutions are two main capital sources in the existing financial model of EPC. Now the world is in the era of low carbon economy. GHG (greenhouse gas) emission trading scheme and related market is being mature gradually and it also achieved initial development in china. Carbon dioxide emission has become a valuable intangible commodity. Most EPC projects also have effect of emission reduction. This thesis wants to use the emission reduction effect of EPC and carbon emission trading to construct a new financing model of EPC which contains emission trading. The aim is that it can broaden the financing channels and help to solve the financial problem of EPC.
First thesis introduces the concept of EPC and the existing common financing model of EPC project and researches main obstacles of EPC’s development in China. The core of them is financing problem. This thesis analyses the reason of it and considers that through exploring the potential of EPC and its operating process to create new financing source is more important. The second part is the research on CO2 emission trading including the legal and trading mechanism of it. This part includes studies on the GHG emission trading scheme of Europe and USA. I summary and analyse the development status of it in China. Through the research above thesis finds the juncture of EPC and GHG emission trading. Base on it I design the EPC financing model which combines the carbon emission trading and use flow chart to illustrate it. In this process I find evaluate the value and price of carbon emissions is very important, so I use real option pricing model to research this issue.
Based on the shared savings structure financing model which is the existing traditional EPC financing model this thesis adds the buyer of carbon emission and then designs the new financing model under the cap-and-trade GHG emission reduction trading mechanism and CDM mechanism respectively. And in this new financing model the emission allowances and emission reductions have their real option value to EMC and owner of EPC project. We can use binomial option pricing model to estimate the price of carbon emission allowances in the financing process according to the actual situation.
引文
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[5]沈龙海.合同能源管理与中国节能服务产业发展[J].电力需求侧管理, 2007年9卷5期: 17-18.
[6]江峰,刘伟民.中国碳交易市场建设的SWOT分析[J].环境保护, 2009年14期: 78-79.
[7]Edward Vine. An international survey of the energy service company(ESCO) industry[J]. Energy Policy, 33(2005), pp. 691-704.
[8]Paolo Bertoldi, Silvia Rezessy, Edward Vine. Energy service companies in European counties: Current status and a strategy to foster their development[J]. Energy Policy, 34(2006), pp. 1818-1832.
[9]Charles A. Goldman, Nicole C. Hopper, Julie G. Osborn. Review of US ESCO industry market trend: an empirical analysis of project data[J]. Energy Policy, 33(2005), pp. 287-405.
[10]S. Onaygil, E. A. Meylani. Energy efficiency consulting companies: an overview of the current situation in the world(in Turkish)[J]. Energy Efficiency Congress, Kocaeli, Turkey, 1-2 June, 2007, pp. 41–54.
[11]Esin Okay, Nesrin Okay, Alp Er S. Konukman, et al. Views on Turkey’s impending ESCO market: Is it promising[J]. Energy Policy, 36(2008), pp. 1821-1825.
[12]Masaaki Bannai, Yasushi Tomita, Yasushi Ishida, et al. Risk hedging against the fuel price fluctuation in energy service business[J]. Energy, 32(2007), pp. 2051-2060.
[13]Steve Sorrell. The economics of energy service contracts[J]. Energy Policy, 35(2007), pp. 507-521.
[14]王树茂. ESCO在中国的引入与发展[C].科学技术部,中美清洁能源技术论坛文集,北京, 2001年8月, 13-16.
[15]曾上游.世行/GEF中国节能促进二期项目EMC融资担保计划[J].上海节能, 2003年第10期: 12-14.
[16]王树茂.合同能源管理在我国的发展和存在的问题[J].中国能源, 2008年30卷2期: 21-23,47.
[17]朱翠萍.担保机制在节能领域中的应用——EMC商业贷款担保计划[J].电力需求侧管理, 2003年5卷6期: 22-24.
[18]孙坚.节能服务企业融资情况分析[J].上海节能, 2008年6期: 19-20.
[19]袁华江.《物权法》时代EMC项目融资方式[J].国际金融, 2009年10期: 34-37.
[20]戴建如.中国合同能源管理融资模式研究[D].硕士论文,中央财经大学, 2005年.
[21]涂柳婧.合同能源管理筹资方式探讨——中国合同能源管理筹资模式设计[D].硕士论文,西南财经大学, 2008年.
[22]刘长毅,合同能源管理的融资模式研究及其在派威公司的应用[D].硕士论文,重庆大学, 2007年.
[23]申晓刚.我国合同能源管理的研究及发展建议[D].硕士论文,华北电力大学, 2008年.
[24]张洋.我国合同能源管理研究[D].硕士论文,北京建筑工程学院, 2008年.
[25]王昕.推进我国节能服务产业发展对策研究[D].硕士论文,中国石油大学, 2009年.
[26]Robin Smale, Murray Hartley, Cameron Hepburn, et al. The impact of CO2 emission trading on firm profits and market prices[J]. Climate Policy, 2006, (6): pp. 29-46.
[27]A. Denny Ellerman. Are cap-and-trade programs more environmentally effective than conventional regulation[J]. Center for Energy and Environmental Policy Research, 2003: pp. 5-8.
[28]Lori A. Bird, Edward Holt, Ghita Carroll. Implications of carbon cap-and-trade for US voluntary renewable energy markets[J]. Energy Policy, 36(2008): pp. 2063-2073.
[29]Neil J. Buckley, Stuart Mestelman, R. Andrew Muller. Baseline-and-Credit Emission Permit Trading: Experimental Evidence Under Variable Output Capacity[J]. 2004 Canadian Experimental and Behavioral Economics Workshop & 2004 Meetings of the Southern Economics Association, Canada, McMaster University, 2005: pp.52-60.
[30]A. M. Gielen, P. R. Koutstaal, Herman R. J. Vollebergh. Comparing Emission Trading with Absolute and Relative Targets. The 2nd CATEP Workshop on the Design and Integration of National Tradable Permit Schemes for Environmental Protection, London, University College London, 2002: pp. 33-37.
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