排污权交易的层级市场理论与价格研究

The Differential Market and Price Research of the Exchange of Permits of Pollution

借鉴股票的发行、流通、监管程序,提出排污权交易的层级市场结构理论,并据此对排污权交易进行了系统的研究。研究表明,作为排污权交易一级市场(发行市场)的补充,规范有序的排污权交易二级市场(流通市场)对提高排污权交易的效率是必要的;考虑竞争替代的因素采用双方叫价博弈模型研究二级市场的价格问题;最后分析排污权交易中的政府监督及监管问题,认为中央政府和地方政府的双重代理人特性会使政府监督严重失灵,可替代的选择是引进地方政府代理人竞争,通过"社区监督"以强化"政府监督"。

The research establishes a differential market theory of exchange of permits of pollution according to the issue, circulation and regulation of stock, under the direction of the theory, The research argues the regular second market is essential to the efficiency improvement of exchange of permits of pollution, then, studies the pricing problem of second market through controlling competition substitute. Finally, the paper argues the competition of local govermnents and the community supervision are the efficient ways to diminish the ＂non - vision of right＂ and can reduce the uncertainty of the expected income of the exchange of permits of pollution when the research analyses the question of government regulation and supervision.