我国碳资产证券化的发展模式、制约因素与突破方向

Development Model,Constraints and Breakthrough Direction of Carbon Asset Securitization in China

碳资产证券化通过结构化设计进行信用增级后发行证券实现融资,可以有效盘活碳资产,拓宽融资渠道,是重要的碳金融产品创新。然而,目前学术界尚未对碳资产证券化进行统一的概念界定,业界也没有形成适合碳资产证券化的运行体系和发展模式,难以进行碳资产证券化的有效推广。基于此,本研究首次对碳资产证券化的概念内涵进行界定,基于碳资产属性和运行机理创新提出碳排放权资产证券化、碳汇预期收益权资产证券化、基于碳汇预期收益权应收账款资产证券化和基于碳资产质押贷款资产证券化四种发展模式,从模式结构和内在逻辑等方面进行比较分析,同时针对碳资产证券化发展过程中面临的制约因素,从健全碳市场交易机制、优化碳交易市场环境、提高碳交易活跃度、完善碳资产定价机制、打造碳金融综合服务体系等方面提出策略建议,为促进碳资产证券化业务发展提供理论支撑和决策参考。

Carbon asset securitization,through structured design for credit enhancement followed by the issu-ance of securities to achieve financing,can effectively mobilize carbon assets and broaden financing channels,con-stituting a significant innovation among carbon finance products.However,there is currently no unified definition of carbon asset securitization in academia,and development patterns of which also are not yet formed,making it difficult to effectively promote the practice.Motivated by this,this study defines the conceptual connotations of car-bon asset securitization,and based on the innovation of carbon asset attributes and operational mechanisms,four development models are proposed:carbon emission rights asset securitization,carbon sink expected revenue rights asset securitization,accounts receivable asset securitization based on carbon sink expected revenue rights,and as-set securitization based on carbon asset pledged loans,comparative analysis of which is also conducted from the perspectives of model structure and inherent logic.Additionally,strategies are proposed to address the current con-straints,including the establishment of carbon market trading mechanisms,optimization of carbon trading market environments,enhancement of carbon trading activity,improvement of carbon asset pricing mechanisms,and the building of a comprehensive carbon finance service system,aimed to provide theoretical support and decision-making references for promoting the development of carbon asset securitization business.