全球碳交易市場下金融創新之研究

本研究主要研究目的是通過碳金融機制引入碳市場模型中，將模型的時間範圍由一期擴展到多期，建立了一種跨期的碳排放權交易制度，對傳統的當其強度減排的碳市場交易模型進行了擴展。針對碳排放選擇權的不同類型設計了兩種碳排放選擇權交易─碳排放看漲選擇權交易模型和碳排放看跌選擇權交易模型，從而達到有效降低碳排放強度，實現跨期的強度指標流動的目的。模型的結果表明，通過選取選擇權工具來擴展我國的碳交易市場模型，使交易成本得到下降，碳排放強度也獲得了下降，實現了碳排放強度在不同時間的流動。可以為廠商和碳市場的發展帶來以下影響：(1)碳排放選擇權機制的引入使廠商有效地規避了碳排放權交易的風險。(2)碳排放選擇權機制的引入使廠商的收益和成本發生了變化。(3)碳排放選擇權機制的引入增加了碳交易市場的靈活性和可操作性。(4)碳排放選擇權機制的引入使碳排放強度實現了在不同時間的交易和流動。本研究建議:(1)規範企業的碳融資行為，加強風險管理。(2)創新市場交易品種和金融產品。(3)推進與碳交易相關的金融服務業的發展。

關鍵字

碳金融；金融創新；選擇權

並列摘要

Through the carbon finance mechanisms introduced in the carbon market model in this paper, the model’s time frame was extended from one phase into multiple phases to establish a cross-phase carbon emission trading system, thus expanding the trading model of the traditional market with intensity reduction. Targeting the different carbon emission options, two types of carbon emission operations were designed, i.e. the “carbon emission call option” trading model and the “carbon emission put option” trading model, thereby achieving effective low-carbon emission intensities and the aim of cross-phase intensity indicator flow. The model results show that, through the selection of the option tools to expand Taiwan’s carbon trading market model, the trading costs were decreased and the carbon emission intensities were reduced, thus achieving the flow of carbon emission intensities in different time frames.