煤炭企业发行碳债券可行性研究——以某大型一体化经营煤企为例

Feasibility Study on Carbon Bonds Issued by Coal Enterprises——based on Large Integrated Management Coal Enterprise as Case

煤市的持续低迷给煤企转型升级发展带来资金压力,筹集低成本资金成为煤企共同夙求,今年国内首单成功发行的碳债券,正是为绿色转型发展的煤企打开了一条全新的融资思路和渠道,研究碳债券的发行机制和复制推广效应成为重要而有意义的事情。通过对碳资产、碳交易市场,以及碳债券浮动利率形成机制、碳交易价格设定机制等关键环节的全面摸底,以某大型国有煤炭企业为例,分析了碳债券发行的成本收益测算、风险评估、发行流程等问题,并据此给出发行建议,对于启发煤企以碳债券为起点,积累碳资产收益转化经验,推动集团实现碳资产经济收益与社会引领示范效益,具有参考意义。

A sustained depression of the coal market caused a fund pressure to the transformation upgrading development of the coal enterprises. To collect a low cost fund became a common requirement of the coal enterprises. A first carbon bonds was successfully issued in China, this would be a complete new financing idea and channel opened for the coal enterprises with a green transformation development and to study the issuing mechanism of the carbon bonds and to copy the promotion effect became an important and significance issue. With a full search on the carbon assets, carbon trading market, floating rate formed mechanism of the carbon bonds, carbon trading pricing mechanism and other key links, based on a large state owned coal enterprise as an example, the paper analyzed the costs and returns account of the carbon bond issued, risk evaluation, issuing process and other problems and thus the proposals were provided on the carbon bond issued. To inspire the coal enterprise with the carbon bond as a starting point, to accumulate the carbon assets profit conversion experiences, to promote the group realize the carbon assets economic profit and social leading demo effect would have reference significances.