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“发展绿色金融,设立绿色发展基金”被写入“十三五”规划,成为国家战略布局的重要部分。但是,现行的金融监管机制能否适配碳排放权交易市场的结构并施之以有效监控等仍存疑问。因此,本文分别从初级、次级两级市场角度分析了碳金融危机形成机理,从基础资产实际质量空虚、碳衍生品证券化链条太长、过度创新使碳衍生品体系头重脚轻、过度投机使风险层层累积和分业监管导致监管漏洞五个方面分析了碳金融危机形成原因,由此分析中国核证自愿减排量(CCERs)及其衍生品领域发生碳金融危机的可能性,并从敦促投资者以CCERs项目实际碳减排能力为依据评估基础资产、以投资和消费者保护为导向强化CCERs金融创新风险监管、实行动态监管机制以使CCERs衍生品的监管制度与时俱进和在CCERs市场实行综合监管模式以提高监管能力四个方面提出危机化解的监管制度改进建议。
The development of green finance and the establishment of a green development fund has been written into the “13th Five-Year Plan,” and has become an important part of the country’s strategic layout. However, whether the current financial regulatory regime can adapt to the structure of the carbon emissions trading market and provide effective monitoring is still in doubt. Therefore, this paper analyzes the formation mechanism of carbon financial crisis from the perspective of the primary and secondary markets, from the actual quality of the underlying assets, the chain of the carbon derivatives securitization is too long, excessive innovation makes the carbon derivative system top-heavy, over-speculation makes the risk Cumulative Cumulative Risk and Regulatory Vulnerability Analysis of Five Causes of Carbon Financial Crisis, Analysis of Possible CERs and Their Derivatives Carbon Financial Crisis in China, Investors evaluate basic assets based on actual carbon emission reduction capacity of CCERs, strengthen supervision of financial innovation risks of CCERs with investment and consumer protection as guidance, implement dynamic regulatory mechanisms to keep CCERs derivatives regulatory regime up-to-date with CCERs The market practice of comprehensive supervision mode to improve the regulatory capacity of the crisis resolution of the regulatory system proposed four improvements.