Risk identification and regulatory system design for the carbon market

Currently, the global carbon trading systems are fragmented and belong to different governments or are under the jurisdiction of different regions, resulting in a series of new problems, such as how to link dispersed trading systems, how to compare the emission reduction of various markets and other issues. Since the development of the international carbon market is relatively immature with uncertain life expectancy and volatility during its short history, and there is a lack of quantitative data on the long-term record, the market could provide few risk management tools. Meanwhile, with the launches of China’s regional carbon trading pilots in seven provinces since 2013 and combined with the national voluntary emission trading system, carbon trading will become an important mechanism for China in achieving its emission reduction target. In the first stage, the carbon finance market is at least faced with mechanism design risks, market supply risks and compliance risks. Therefore, to secure the development of the carbon market and for public interest, relevant government departments of China should identify the risks facing the market and should make the basic principles and goals, such as ensuring effective trading and pricing mechanisms to avoid fraud and price manipulation, and balancing transparency and confidentiality of information. Consequently, the governments should develop a comprehensive carbon finance regulatory system covering regulatory legislation, regulatory institutions and their authorities, regulatory scope as well as regulatory objects.     

配额免费分配法下市场结构对碳交易市场运行效率的影响

在产品市场和碳交易市场均为完全竞争的市场结构中,碳交易机制是一种有效的环境政策,但在现实环境下,产品市场和碳交易市场往往都是不完全竞争的。本文采用复杂适应系统仿真的方法,构建基于SWARM的碳交易市场仿真模型,建立碳排放权交易市场仿真系统,研究产品市场和碳交易市场结构对碳交易市场的运行效率的综合影响,同时为了降低产品市场垄断企业对碳交易市场运行效率的影响,本文通过增加碳交易市场配额缺口和增加参与交易的中小控排企业数量两种方式,探寻如何在产品市场不完全竞争的环境中设计合适碳交易机制。研究发现:1产品市场垄断会导致碳交易市场流动性不稳定,出现波动聚集等现象。2在产品市场处于相同结构时,碳交易市场垄断会导致成交量和成交额减少,流动性降低。3不同市场结构对碳交易市场的价格波动没有显著影响。4产品市场的市场结构会影响碳交易市场运行的有效性,完全竞争的产品市场下,碳交易市场的收益波动符合随机游走,而垄断力会改变这一特征。5市场流动性随着碳配额缺口的扩大发生显著变化,成交量和成交额随之显著增加,在产品市场垄断的市场结构中,通过加紧配额供给,可以增加碳交易市场的流动性,改变碳交易市场低迷的交易状况。6鼓励小企业参与市场交易对碳交易市场的流动性没有产生显著影响,但会在一定程度上降低垄断企业在碳交易市场上的支配力,从而改善碳交易市场的有效性。     

《巴黎协定》国家自主贡献下的新市场机制探析

环境产权化理论与生态现代化理论演绎出的碳市场被奉为解决碳排放"负外部性"的有效手段。《京都议定书》开创了"自上而下"模式的国际碳市场,但因未充分尊重缔约方自主和平等参与而成为一个封闭的"碳交易俱乐部"。京都机制的实践不足与碳市场的理论争议引发《巴黎协定》碳市场存废之争。《巴黎协定》的"国家自主贡献"标志着全球气候治理由"强制约束"向"自觉责任"的转向。基于新履约模式,缔约方形成四种新市场机制方案:基线与信用及碳交易机制、基线与信用"自上而下"或"自下而上"机制以及国际碳交易机制。为保障有效减缓并兼顾自主与平等参与,《巴黎协定》建立了"自上而下"基线与信用机制,但采取了与京都机制"项目"基线不同的"部门"基线。新市场机制对信用交易不再特殊限定,尊重缔约方参与和适用的自愿性;且以"部门"的总量约束为准入门槛对所有缔约方统一要求,体现出平等参与的特点;减排单位中植入可持续发展标准从而对新机制实施的总体效益予以"硬约束"。新机制将促进部门内的减排单位统一,为国际碳市场奠定规则基础。但其市场淡化与可持续发展植入亦将影响国家及区域碳市场异质化发展,不利于国际碳市场构建,其背弃配额交易,独采信用交易亦会抑制碳货币形成。中国建立国家碳市场旨在促进能源市场化改革和产业结构调整,将有利于中国履行"碳强度"和"非化石能源比重"的自主承诺,还将扭转经济增长对高碳排放的依赖,为未来中国履行强制减排责任奠定基础。     

中国碳市场波动溢出效应研究

自2013年以来,中国已先后建立了七个区域性碳市场。研究中国碳市场之间的波动溢出效应,有助于发现在碳市场运行初期起价格引导作用的区域市场,为其它地区碳市场的发展和全国碳市场的建立提供建议。本文选择广东、湖北和深圳三个交易量最大的区域碳市场为样本,利用多元GARCH(1,1)-BEKK模型,检验其波动溢出效应。为了消除履约期的影响,本文根据履约期将样本划分为阶段一(2014年7月1日—2015年6月30日)和阶段二(2015年7月1日—2016年7月19日),分阶段进行了检验,并从市场有效性的视角解释了检验结果。波动溢出效应检验结果显示:在阶段一内,广东碳市场对湖北碳市场、湖北碳市场对深圳碳市场、深圳碳市场对广东碳市场分别存在单向的波动溢出效应;在阶段二内,只存在深圳碳市场对广东碳市场的单向波动溢出效应;在整个样本期内,只存在深圳碳市场对广东碳市场的单向波动溢出效应。基于方差比的市场有效性检验结果显示:无论是阶段一、阶段二或整个样本期,三个碳市场均没有达到弱式有效。本文进一步在多重分形检验的基础上,利用多重分形谱宽度,比较了三个碳市场的非有效性程度,结果显示:在阶段一、阶段二和整个样本期,三个碳市场有效性大小关系分别为:湖北广东深圳、深圳湖北广东、广东深圳湖北。可见,三个碳市场早期的波动溢出效应不完全符合市场有效性大小关系,而较晚期的波动溢出效应符合市场有效性大小关系,这证明了中国碳市场在阶段二相比阶段一更为成熟。本文最后对中国碳排放权交易市场的发展提出了政策建议。     

Energy and economic impacts of an international multi-regional carbon market

The establishment of a global multi-regional carbon market is considered to be a cost effective approach to facilitate global emission abatement and has been widely concerned.The ongoing planned linkage between the European Union’s carbon market and a new emission trading system in Australia in 2015 would be an important attempt to the practice of building up an international carbon market across different regions.To understand the abatement effect of such a global carbon market and to study its energy and economic impact on different market participants,this article adopts a global dynamic computable general equilibrium model with a detailed representation of the interactions between energy and economic systems.Our model includes 20 economic sectors and 19 regions,and describes in detail 17 energy technologies.Bundled with fossil fuel consumptions,the emission permits are considered to be essential inputs in each of the production and consumption activities in the economic system to simulate global carbon market policies.Carbon emission permits are endogenously set in the model,and can be traded between sectors and regions.Considering the current development of the global carbon market,this study takes 2020 as the study period.Four scenarios(reference scenario,independent carbon market scenario,Europe Union（EUh-Australia scenario,and China-EU-Australia scenario） are designed to evaluate the impact of the global carbon market involving China,the EU,and Australia.We find that the carbon price in the three countries varies a lot,from $32/tCO₂ in Australia,to $17.5/tCO₂ in the EU,and to $10/tCO₂ in China.Though the relative emission reduction（3%） in China is lower than that in the EU（9%） and Australia（18%）,the absolute emission reduction in China is far greater than that in the EU and Australia.When China is included in the carbon market,which already includes the EU and Australia,the prevailing global carbon price falls from $22 per ton carbon dioxide（CO₂） to $12/tCO₂,due to the relatively lower abatement cost in China.Seventy-one percent of the EU’s and eighty-one percent of Australia’s domestic reduction burden would be transferred to China,increasing 0.03%of the EU’s and 0.06%of Australia’s welfare.The emission constraint improves the energy efficiency of China’s industry sector by 1.4%,reduces coal consumption by3.3%,and increases clean energy by 3.5%.     

Evaluation on the development degree of China’s seven pilot carbon markets

China is preparing to establish a nationwide carbon market in 2017, and in order to facilitate this goal, seven pilot carbon markets have been under study for the past few years. This paper summarizes the operation experience and challenges of the seven pilot carbon markets in China. It has been widely accepted that the essence of a carbon market is to solve environmental problems through market mechanisms, with environmental benefit being the fundamental purpose, market mechanism being the key measure, and policies and regulations being an important guarantee for an orderly carbon market. Therefore, this paper constructs an evaluation index system composed of 34 detailed sub-indexes in three dimensions, such as environmental constraint force, market resource allocation ability, and supporting policies and facility completeness. Through analyzing the operation data from 2013 to 2016, the weights of the sub-indexes are obtained. In addition, the study obtains experts’ opinions from over 10 carbon permits exchanges, consultancy firms and research institutions in China, and conducts a comprehensive evaluation on the development degree of the seven pilot carbon markets. Results show that the pilot carbon markets that include private SMEs as the covered entities for emissions control present relatively higher environmental constraint force. But too many covered entities could increase the difficulty of market performance management, while the pilots that include high energy-consuming state-owned enterprises as the entities for emissions control demonstrate a phenomenon of “high market compliance rate with low trading volume”. The resource allocation capability of China’s carbon market has not been effectively brought into play, and low degree of market participation has become an important constraint factor for market development. Due to the lack of laws and regulations at the national macro-level, the legally binding force of the pilot markets construction is obviously insufficient, and the supporting policies are lacking foresights. Generally, the development of China’s pilot carbon markets is still in such a fragmented state as in the aspects of environment, market and policy development, and the market operation has not yet achieved the purpose of solving environmental problems through market mechanisms. Accordingly, policy recommendations pointed out by this study are that tightening the allowance of free quota and progressively increasing the auction proportion, improving legal construction, increasing the services and products of carbon finance and standardizing the order of market transactions, enhancing capacity building of local governments and promoting the participation willingness and capability of emissions control entities, will be necessary.     

Voluntary emission reduction market in China: development,management status and future supply

The voluntary emission reduction (VER) trading mechanism has played an important role in China’s seven pilot carbon markets. From a comprehensive review of the VER trading and offsetting mechanisms since 2013, this study analyses the quality management of the Chinese Certified Emission Reduction (CCER) in the pilot carbon markets, conducts a comparative analysis of the geographical and field distributions of proposed and registered projects and emission reductions and provides the CCER supply outlook for 2020 in the aspects of on record, project registration, emission reduction registration and emission reduction issuance. Results show that the potential number of CCER projects by 2020 will be 2,864, 1,047, 818, and 286 with the corresponding emission reductions amounting to 493, 212, 133, and 49 million tCO₂e, respectively. Although considerable progress has been made, China remains confronted with many challenges in developing the VER trading system. Accordingly, policy stability and continuity and guarding against market risks should be maintained to enable the system to play a substantial role in promoting ecological progress and green low-carbon development in China.     

Consideration of some key issues of carbon market development in China

The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China’s carbon market are provided.The first is that the goal of China’s carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China’s carbon market to the international market should keep steps in line with international opening-up of China’s financing system.     

水权市场研究述评与中国特色水权市场研究展望

水权水市场改革是我国水资源管理改革的重要内容,也是当前我国资源环境研究领域的热点之一。我国水权市场尚未发育完成,水权交易还未成体系,更缺乏水权交易的制度体系和技术支撑。国内外的研究表明,有效运作的水权市场,需要具备产权明晰、计量监测技术支撑、监管制度完善等多方面的条件,同时也会受到交易成本、第三方效应、社会文化等多方面的影响;从已有的水权交易模型来看,国内学者基本上是沿用了西方发展起来的水权交易模型,很少考虑中国国情因素。总体来看,国内水权水市场研究目前存在三个方面的主要缺陷。第一,在水权市场发展的规律研究方面,过于强调市场的作用和市场制度本身,对水权市场运作的内在机制认识不足;第二,在水权市场的国际经验借鉴方面,过于强调个别国家的"先进经验",对水权市场发展的教训和伴随的问题认识不足;第三,在水权交易和市场制度建设过程中,过于强调理想意义上的自由市场模式,对国情条件的制约和中国特色的因素认识不足。当前亟需开展更为深入的研究,系统探索中国国情因素对水权市场构建的影响,重点揭示中国特色的水权市场制度体系特征,提出中国情境下的水权交易模式、交易规则、水权监管制度以及与国情条件相适应的水价政策。通过理论集成和知识创新,增进对中国特色水权市场制度的理解,为水资源管理体制改革和水资源的可持续利用提供研究支撑。     

Analysis of factors affecting individual participation in carbon market

China will set up a national carbon emissions trading market by the end of 2017, which is initially open to individual investors from the initial market for business and institutional investors. In this article, the main influencing factors and mechanism of individual participation in carbon trading market are studied by establishing multiple linear regression model. The study found that age, education level, length of account opening time, and risk attitude are the main factors influencing the participation of individual investors. Environmental awareness and environmental impact are less affected; information transparency and transaction risk also have an impact on the degree of individual investor participation; investment experience does not affect the participation of individual investors in the carbon trading market.     

碳排放权交易试点是否促进了对外直接投资?

环境规制与跨国投资之间的关系一直是学术界关注的焦点。作为重要的环境规制手段,碳排放权交易试点的推进标志着我国环境规制强度的增强。对外直接投资(OFDI)作为最典型的跨国经济活动之一,是中国"走出去"战略的重要组成部分。近年来,中国对外直接投资存量与净额都呈现稳定的上升趋势,与此同时,环境规制强度也在不断提升。中国对外直接投资是否受到国内环境规制加强的影响值得探讨,而2013年正式启动碳排放权交易试点为解决此问题提供了一个准自然实验场景。基于此,文章使用中国30个省级行政单位2010—2019年的面板数据,以北京、上海、广东、天津、湖北、重庆和福建开展的碳排放权交易试点作为准自然实验,运用双重差分法(DID)研究碳排放权交易试点的开展是否提升了对外直接投资水平。研究结论表明,碳排放权交易试点能够显著提升我国对外直接投资水平。且该结论在平行趋势检验、合成控制法(SCM)、安慰剂检验等检验后依旧稳健。此外,潜在机制的研究发现碳排放权交易试点满足"污染避难所假说"和"波特假说",进而促进了对外直接投资水平的提升。通过净效应的初步讨论,文章发现"污染避难所假说"仍旧在目前占据主导地位。研究结论意味着:(1)未来要继续推进全国统一的碳排放权交易市场建设;(2)持续探索激发碳排放权交易试点对创新产生的激励效应;(3)完善投资便利化的制度与措施,搭建国际技术交易或信息平台等。一方面促进我国生态环境的改善,另一方面促进对外投资水平的增质提量。     

不同碳减排政策对内外资企业竞争力的影响比较

一方面,由于我国内外资企业的生产效率和碳排放效率差距较大,不同的碳减排政策势必会对内外资企业的市场竞争力带来不同的影响;另一方面,已有文献大多在完全竞争的框架下对不同减排政策的实施效应进行分析,而事实上我国碳减排政策所覆盖的产业大多是不完全竞争甚至是寡头垄断。由此,我们基于内外资企业存在低碳技术差距这一新的研究视角,通过构建两阶段博弈模型来比较分析相同碳强度减排目标下强制减排、碳税与碳交易等三种减排政策对内外资企业产量、市场份额及其社会总产量的影响,从而有利于我国从妥善处理内外资关系的角度制定更有针对性的减排政策。结果表明:(1)三种减排政策都降低了内资企业的产量和市场份额,且内外资企业低碳技术差距越大时内资企业的市场份额下降越多。(2)强制减排降低了社会总产量,碳税和碳交易同等幅度地减少了社会总产量。(3)最优税率仅仅是减排目标的增函数。(4)市场出清的碳交易价格和碳税税率相等,且其数值仅与减排目标正相关,而与碳排放权的分配无关。(5)碳交易比碳税更有利于"保护"内资企业的市场竞争力。相关政策启示如下:(1)尽快确定普适的碳排放核算标准,核算出各行业内外资企业的低碳技术差距;(2)尽快在全国范围内启动碳交易机制,建立促进缩小内外资企业低碳技术的机制;(3)在碳交易市场条件不成熟的行业可以率先推出碳税政策;(4)政府应该根据内外资企业低碳技术差距来对不同行业采取最适宜的减排政策,而非"一刀切"。     

碳市场政策下企业对碳信用的支付意愿及影响因素研究

中国已经在7个省市进行了碳排放权交易市场的试点,并拟于2017年建立全国碳排放权交易市场。随着碳市场政策的逐步完善,碳排放将成为企业的总量控制目标之一。在全国碳市场即将建立的背景下,研究企业对于全国碳市场政策的预期,分析企业的响应规律,估算企业对于碳信用的支付意愿,对于保障全国碳市场的顺利建立和有效运行具有重要的意义。基于此,本研究利用多边界离散选择的方式,调查了全国范围内29个省市的555家企业,对于由于全国碳市场建立而导致的能源价格提高的接受程度,并利用多元线性回归模型分析影响企业接受程度的因素,最后估算企业对于碳市场中碳信用的支付意愿。结果显示:(1)企业可接受的能源价格提高比例的平均值为8.3%,其中碳试点企业可接受的提高比例最高,达到10.2%,非碳试点企业可接受的提高比例最低,为7.5%;(2)对企业接受程度的影响因素分析显示,企业的能源价格压力,以及企业对于全国碳市场到来的时间预期与接受程度显著负相关;企业对于碳减排技术的了解程度,以及企业对于全国碳市场控制程度的预期与接受程度显著正相关;(3)对于全国碳市场中的碳信用,企业平均愿意支付的价格为79.6元/t CO_2,其中碳试点企业的支付意愿最高,为95.9元/t CO_2,非碳试点企业的支付意愿最低,为72.6元/t CO_2。据此,为保障全国碳排放权交易市场的顺利建立,实现对企业碳排放的有效控制,政府应该注重降低企业的用能成本,引导与支持企业进行技术创新与升级,提高企业对于碳市场政策的认识和了解,并充分考虑不同地区的差异和不同企业的支付能力差别,合理设定碳价。     

中国试点碳市场监管机制研究与国际经验借鉴

2015年9月《中美元首气候变化联合声明》宣布中国将于2017年启动全国性碳排放交易体系以来,中国碳市场的筹建及7大试点的运行备受国内外媒体和学术界的关注。相关预测显示,中国碳市场届时将一举超过目前全球最大的欧盟碳排放交易体系EU ETS成为世界第一大碳交易市场,但由于7个试点运行时间较短、试点地区重视程度以及建设侧重点不统一等原因,目前中国碳市场存在着监管机构职责不清、监管体系不健全、监管政策不到位等一系列问题。本研究从监管机构、监管政策、技术支持平台、监管内容等方面梳理和分析了中国7个试点碳市场的监管体系,并将其与EU ETS、RGGI等国际上发展较为成熟的碳市场监管体系进行了对比分析后发现:1在监管手段方面,EU ETS与RGGI均侧重于依靠法律手段,而中国碳市场的监管手段则主要以地方性规范文件为主;2在监管机构职能方面,EU ETS的二级管理体系有效划分了监管范畴,保证了各级监管力度。RGGI的第三方独立监管模式则很好的保证了监管的公平性,充分发挥了碳市场事中监管作用,而中国碳市场则主要依赖于地方发改委来进行监管,存在职责划分不明晰等问题;3在监管重心方面,EU ETS侧重于对市场运行中的操作性风险和交易性风险进行防范,RGGI则更加关注交易风险的实时监控,而中国碳市场目前主要针对市场价格波动风险进行了防范。由此对中国即将建立的全国性碳市场监管机制设计提出了如下建议:1提高碳市场立法效力,完善监管政策体系;2平衡监管权力,成立专职监管机构;3加强过程监管,完善电子平台安全建设;4加大碳市场信息披露力度,鼓励公众及行业协会参与,形成外部监督机制。     

清洁发展机制与中国碳排放交易市场的构建

清洁发展机制是《京都议定书》创设的实现全球碳减排目标的三大灵活机制之一,为我国的可持续发展作出了重大贡献,但其在我国运行中存在的问题也对我国参与国际碳市场和构建国内碳市场带来了风险与障碍.针对于此,本文对中国清洁发展机制项目的类型、数量、注册、签发等情况进行对比,发现我国虽然项目众多,但发展极不平衡.在此基础上,分析了中国清洁发展机制存在的主要问题,包括法律保障机制缺失,项目减排潜力发挥不充分,缺乏对转让技术的科学评估等.然后,通过介绍国际碳排放交易市场发展的不确定性和在2012年“后京都时期”的发展趋势,揭示了中国在这一过程中所承担的项目投资减少、成本增加等市场风险以及“碳泄漏”等环境风险.针对上述问题和风险,本文提出以现有清洁发展机制经验为基础构建中国国内碳排放交易市场的基本思路,即建立以排放交易法律体系为基础,以自愿碳交易市场构建为起点,以完善的监督管理体系为保障的中国碳排放交易机制.     

The impact analysis of policy events on China’s carbon market

ABSTRACT

This paper interrogates the impact of policy events on the efficiency of carbon market in China. The analysis covers five piloting emission trading schemes (Beijing, Shanghai, Guangdong, Shenzhen and Hubei), particularly focusing on Guangdong pilot for its weak form efficiency and the richness of policy events. Twenty-five policy events between 2014 and 2016 are categorized into seven groups. The efficiency test indicates that only Guangdong ETS has reached weak form efficiency. After exploring the policy events occurred in Guangdong ETS, it finds that although a clear long-term climate policy has been set up over the country, China’s carbon market still has a conservative risk appetite and its governing institutions still needs further development. The policy makers need to be aware of and avoid the negative impacts of policy events to the market evolvement, by introducing effective consultancy process with the stakeholders and nurturing market expectations in the long run. We also find that events like allowance auctions have considerably less impacts than previously expected and argue that auction approach should be considered a preferable option over a free allocation system in the future policy design.     

碳关税对中国出口贸易的影响及应对策略

碳关税是美国提出的针对国际贸易中高能耗进口产品征税的一种新型绿色贸易壁垒。从表面上看,碳关税的提出是为了缓解全球气候变暖的现实,促进全球贸易的公平竞争。实质上,碳关税的提出是美国国内政治经济博弈的结果,其目的是为了夺取世界经济新的话语权,同时也是为了制衡中国在内的发展中国家。碳关税对我国出口的影响机制有二:第一,碳关税产生的价格效应促使出口商品成本上升,出口量下降,造成出口国净福利损失。第二,长期来看,碳关税的环境规制效应会促使出口企业实施创新、改进效率,企业竞争力增强。但是,就短期来说,由于我国尚不具备"波特假说"成立的前提条件,碳关税会促使成本上升,出口产品竞争力下降。本文系统分析了我国出口商品结构和地理方向,指出碳关税的推出将对我国当前出口贸易形成严峻的挑战,长期看将有利于我国市场结构、产业结构和出口结构的改善。基于以上的分析,文章提出了政府"环境外交"、逐步开征国内碳税、构建绿色制造体系等政策建议。     

不同市场结构组合下稀土最优开采路径研究

本文从价格视角将我国稀土市场结构的变化历程划分为不同阶段,分别从理论和现实视角上探讨了在国际、国内都是完全竞争市场,国际市场垄断、国内市场完全竞争,国际市场完全竞争、国内市场垄断,国际、国内都是垄断市场条件下稀土最优开采路径及最优耗竭时间,并通过设定参数判断其相对大小关系。发现在一定的假设条件下,开采前期当国内和国际市场都是完全竞争时,稀土最优开采量是最大的;当国内和国际市场都是垄断时,稀土最优开采量是最小的;其他两种市场情况下稀土最优开采量居于中间,当国际市场是稀土的主要消费地时,国际竞争-国内垄断市场情况下稀土最优开采量大于国际垄断-国内竞争市场情况下稀土最优开采量,反之,国际垄断-国内竞争市场情况下稀土最优开采量大于国际竞争-国内垄断市场情况下稀土最优开采量。     

关于我国水价、水权和水市场改革的评论

在市场经济条件下，如何让市场在水资源配置领域发挥作用，是水管理改革面临的重要问题。引入经济手段管理水资源。已经成为当代中国水管理改革的重要内容。水资源管理的经济手段主要包括水价、水权和水市场，本文逐一对兰个方面的改革进展进行回顾和评价，揭示我国水价、水权和水市场的制度变迁轨迹。随着我国水价和水权制度的推进，水权市场的事例会越来越多涌现。尽管水市场在长期将有较大的发展。但是由于水市场线入涉及到一系列复杂的经济、社会和生态问题。决定了短期内水市场的发展空间相对有限。     

A study on the factor market distortion and the carbon emission scale effect of two-way FDI

Based on the data of 30 Chinese provinces for the period from 2004 to 2015, this paper expounds the carbon emissions effect of two-way foreign direct investment (FDI) from the perspective of scale effect and factor market distortions. This study uses Kaya identity to decompose carbon emission and construct simultaneous equations model to empirically examine the factor market distortion and the carbon emission scale effect of two-way FDI. The results show that the inward foreign direct investment (IFDI) increase regional carbon emission through scale effect and also exacerbates factor market distortion in China, whereas the outward FDI trends reduce carbon emission and reduces factor market distortions in China. The study also shows that human capital, research and development (R&D), trade openness, and capital accumulation are important determinants of two-way FDI. Therefore, the study proposes that IFDI policies should focus on acquiring green technologies. In addition, the domestic enterprises should be encouraged to participate in global business.