排污权证券化的运作机制设计与风险防范之探讨

The Operation Mechanism Design and Risk Prevention Investigation of the Securitization of Emission Rights

在政府环境主管部门的监管下的排污权交易市场为排污企业提供了融资渠道,排污权证券化将成为排污权交易市场中一种新型的融资技术。由于排污权证券化在我国正处探索阶段,其排污权证券化运作机制设计与风险防范成为研究要点,依据资产证券化原理,我国排污权证券化运作机制应以排污权基础资产集合、多边风险隔离、证券信用增级和现金流"体外循环"为设计思路。而排污权证券化风险防范应以强制性信息披露制度与现代企业法人治理结构为核心内容。

Under the supervision of environmental protection administration,the market of emission trading provides financing channels for polluters.The securitization of emission rights will become a new financing technique in the market of emission trading.Since the securitization of emission rights was under an exploratory stage in China,the construction of operation mechanism and risk prevention has become the key point of the study.According to the theory of securitization,we should take underlying asset collection of emission rights,isolation of multilateral risk,securities credit enhancement and the'extracorporeal circulation'of cash flow as design ideas of the operation mechanism design of emission rights' securitization.Meanwhile,the risk-prevention actions should take mandatory information disclosure requirements and modern corporate governance as its core content.