金融属性视角的水权价值实现及增值机制研究

Realization and increment mechanism of water right value from perspective of financial attribute

水权是生态权益产品之一,水权交易是治水新思路下优化用水结构、缓解水资源矛盾的重要途径之一,探索水权交易模式创新有利于推动水权由商品属性向金融属性过渡,从而更好发挥市场对水资源配置的决定性作用。从概念界定、市场参与主体、市场运行、交易机制及市场细分等角度,详细论述了水权的金融属性以及水权市场与金融市场的类比性,仔细梳理了近年来我国水权交易平台的发展脉络、分类标准及存在问题,系统总结分析了水权金融市场的构成要素,提出了开发水权期货、水权期权等多元化金融工具助推水权市场进一步完善。最后给出了推动我国水权市场金融创新的政策建议,包括健全法律法规,完善水权制度体系、创新交易方式,建立水市场多元化投融资机制等。

The water right is one of the ecological products.Its transaction is the important way to optimize the structure of water utilization and to alleviate the contradiction of water resources under the new idea of water control.Exploring the innovative mode of the water right transaction is conducive to promoting the transition of the water right from commodity attribute to financial one,so as to better play the decisive role of the market in allocation of water resources.The financial attribute of the water right and the similarities between water right market and financial market are discussed from the perspectives of concept,market participants,market operation,market regulation mechanism,primary market and secondary market.The development context,classification standards and existing problems in the water right transaction platform of China in recent years are analyzed.The components of the financial market of water right are summarizes and analyzed,and it is proposed to design and develop diversified financial instruments including water right futures and water right options to further improve the water right market.Finally,some policy suggestions to promote the financial innovation of China s water right market are put forward,including improving the laws and regulations,promoting the water right system,innovating the transaction mode,and establishing diversified investment and financing mechanism of water right market.