异质性减排政策下碳资产质押融资演化博弈分析

Evolutionary Game Analysis of Carbon Asset Pledge Financing under Heterogeneous Emission Reduction Policies

中文关键词:  碳税  碳交易  碳资产质押融资  演化博弈

英文关键词:carbon tax  carbon trading  carbon asset pledge financing  evolutionary game

中文摘要:

      政企融协同创新背景下的碳资产质押融资是助力绿色金融发展、实现碳达峰与碳中和的重要举措。然而多方努力下，控排企业与金融机构的融资积极性尚未被完全激发，致使碳资产质押融资业务发展缓慢。本文拟考虑异质性减排政策，构建地方政府、控排企业和金融机构的演化博弈模型，分析碳资产质押融资过程中各方主体的损益关系，并通过数值仿真探究相关参数对政企融协同创新策略的影响。结果表明：①单一碳交易政策下强化推进碳减排政策有利于促进政企融协同创新。②复合碳减排政策对地方政府和控排企业双主体的策略选择影响较大，甚至致弱控排企业向质押策略演化。③地方政府可在单一碳交易政策下降低碳价管制成本和企业超排罚款；在复合碳减排政策下适当加征罚款，最大限度地发挥政策效力并正确引导企业的减排行为。

英文摘要:

      Carbon asset pledge financing under the background of government-enterprise-finance collaborative innovation is an important measure to promote the development of green finance and achieve “carbon peak” & “carbon neutrality”. However, the financing enthusiasm of companies and financial institutions has not been fully stimulated by the efforts of various parties, which results in the slow development of carbon asset pledge financing. This paper intends to conduct an evolutionary game model of local governments, companies and financial institutions considering heterogeneous emission reduction policies, and analyzes the profit and loss relationship of all players in the carbon asset pledge financing process. This paper also explores the impact of relevant parameters on government-enterprise-finance collaborative innovation strategies through numerical simulation. The results show that strengthening the promotion of carbon emission reduction policies under a single carbon trading policy is conducive to promote collaborative innovation of governments, enterprises and financial institutions. The compound carbon emission reduction policy has a greater impact on the strategic choices of local government and enterprises, even weakening companies to evolve into a pledge strategy. The local governments can reduce the cost of carbon controlling price and fines for corporate over emissions under a single policy. They can also impose fines appropriately under the compound carbon emission reduction policy to maximize the effectiveness of the policies and correctly guide the emission reduction behavior of enterprises.