欧盟碳期货市场经验对中国碳期货市场建设启示
The enlightenment of the EU carbon market experience to the construction of China's carbon market
张金良 1魏子琳 1董馨月1
作者信息
- 1. 华北电力大学经济管理学院,北京 102206
- 折叠
摘要
欧盟碳期货市场于2005年正式启动,经过19年的发展,已成为世界上运行时间最长、交易最活跃、机制最健全的碳期货市场.目前,中国碳市场流动性不足、金融化程度不够,碳期货、碳期权等碳金融衍生品的短缺是重要原因之一.因此,借鉴欧盟碳期货市场的经验,并结合中国碳衍生品实践,建设中国碳期货市场是增强我国碳市场金融属性和价格发现功能的有效手段之一.首先梳理了欧盟碳期货市场的发展历程,分析了其遇到的问题与解决措施.其次,介绍了中国碳衍生品市场实践.最后,立足于中国实践,结合欧盟碳期货市场经验,提出我国碳期货市场建设建议.
Abstract
The EU carbon futures market was officially inaugurated in 2005.Over the course of 19 years,it has evolved into the world's longest-running,most actively traded,and most robust carbon futures market.In contrast,China's carbon market currently suffers from illiquidity and a lack of financialization,with the paucity of carbon financial derivatives such as carbon futures and carbon options being a significant contributing factor.Consequently,by leveraging the experience of the EU carbon futures market and integrating it with China's carbon derivatives practices,the development of China's carbon futures market emerges as a potent strategy to enhance the financial attributes and price discovery functions of China's carbon market.This paper commences with a comprehensive review of the development trajectory of the EU carbon futures market,scrutinizing the challenges encountered and the remedial measures adopted.It proceeds to elucidate the current practices within China's carbon derivatives market.Finally,drawing on the insights garnered from both China's practices and the EU's experience,the paper proffers recommendations for the construction of China's carbon futures market.
关键词
欧盟碳市场/碳期货/碳价格/碳衍生品/市场经验Key words
EU carbon market/carbon emissions futures/carbon price/carbon derivatives/market experience引用本文复制引用
出版年
2024
NETL
NSTL
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