生态补偿PPP模式的金融创新机制研究
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摘要
生态补偿项目具有较强的公益性,但缺少稳定现金流,在没有政府增信和有效质押融资的情况下难受金融机构青睐,其PPP模式推行举步维艰,而我国生态补偿资金缺口巨大,需要吸收社会资本的广泛参与。如何发挥政府主导和企业主体地位的作用,按照市场原则和可持续发展性,探索一种讲究商业原则、充分发挥市场主体积极性的生态补偿PPP模式的金融创新机制十分必要,可以从以下五个方面进行考虑,即价值挖掘机制、生态补偿增信机制、产融结合机制、风险分担机制及退出机制。
Ecological compensation projects have strong public welfare, it lacks stable cash flow. It is difficult for financial institutions to favor without the government's credit enhancement and effective mortgage financing. Its PPP model is difficult to implement, and China's ecological compensation fund gap is huge, and it needs to absorb social capital. How to give full play to the role of government-led and corporate subject status, and in accordance with market principles and sustainable development,it is necessary to explore a financial mechanism innovation that emphasizes commercial principles and gives full play to the enthusiasm of market participants, that is, the value excavator system, the ecological compensation and credit enhancement mechanism, the integration mechanism of industry and finance, the risk sharing mechanism and the exit mechanism.
Ecological compensation projects have strong public welfare, it lacks stable cash flow. It is difficult for financial institutions to favor without the government's credit enhancement and effective mortgage financing. Its PPP model is difficult to implement, and China's ecological compensation fund gap is huge, and it needs to absorb social capital. How to give full play to the role of government-led and corporate subject status, and in accordance with market principles and sustainable development,it is necessary to explore a financial mechanism innovation that emphasizes commercial principles and gives full play to the enthusiasm of market participants, that is, the value excavator system, the ecological compensation and credit enhancement mechanism, the integration mechanism of industry and finance, the risk sharing mechanism and the exit mechanism.
引文
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[2]袁伟彦,周小柯.生态补偿问题国外研究进展综述[J].中国人口·资源与环境,2014(11):76-82.
[3]Dales J H.Land,water,and ownership[J].Canadian Journal of Economics,1968(4):791-804.
[4]Zakoian J M.Threshold heteroskedastic models[J].Journal of Economic Dynamics and Control,1994(5):931-955.
[5]荆克迪.我国碳交易市场的国际比较与机制研究[M].北京:经济科学出版社,2016.
[6]Jeucken M.Sustainable finance and banking:The financial sector and the future of the planet[M].London:Earthscan Publication Limited,2001.
[7]陈光春.绿色金融发展的融资策略探析[J].当代经济,2005(7):68-69.
[8]赵华林.发展生态金融建设生态文明[J].环境保护,2015(2):23-28.
[9]马晓明,粟辉.中国绿色金融背景下PPP模式的发展及建议[J].现代管理科学,2017(9):3-5.
[10]聂倩.国外生态补偿实践的比较及政策启示[J].生态经济,2014(7):156-160.
[11]董小君.发展“绿色金融”是推进生态文明建设的重要路径[EB/OL].(2017-11-06).http://theory.gmw.cn/2017-11/06/content_26705671htm.
[12]李晓文,张明东.节能减排银行支持的国际经验[J].中国金融,2012(10):68-70.
[13]高亚宁.赤道原则及对我国绿色信贷的启示[J].产权导刊,2010(10):41-43.
[14]张伟.发挥绿色金融在生态产品价值实现中的作用[EB/OL](2018-06-19).http://news.gmw.cn/2018-06/19/content_29331966htm.
[15]杜涛,孙文林.PPP项目资产证券化双轮驱动目前项目资质都较好[EB/OL].(2017-03-19).http://news.hexun.com/2017-03-19/188543936.html.
[16]张末冬.保尔森基金会成立绿色金融中心推动中国绿色金融市场蓬勃发展[EB/OL].(2018-05-10).http://fund.10jqka.com cn/20180510/c604372347.shtml.
[17]徐卫星.银行绿色信贷占比高或可获得相应奖励[EB/OL].(2018-04-10).https://baijiahao.baidu.com/s?id=1597323220194657361&w fr=spider&for=pc.
[18]于华.发展绿色金融与获取投资回报不矛盾[EB/OL].(2018-05-02).https://finance.china.com/news/11173316/20180502/32369611html.
[19]陈琛,顾雪莲,刘艳梅.“生态”与“脱贫”并重的扶贫生态移民实践与思考--以贵州湄潭永兴镇为例[J].生态经济,2018(2):134-139.
[20]张玉梅,李婧,尤卓雅.生态文明制度建设下绿色金融创新机制的探究[J].能源与环境,2014(5):22-24.