欧盟碳价影响因素研究及其对中国的启示

作为一项市场创新和政策创新,即将启动的中国全国性碳市场备受国内外关注。为保证其成功建立与平稳发展,相关经验借鉴已刻不容缓,但作为投石问路的7大试点碳市场发展层次不齐,可供参考的模式有限,因此研究全球第一大碳市场——欧盟碳排放交易体系(EU ETS)及其对中国的可参照性尤为迫切;而作为市场是否成熟的风向标,碳价规律性特征的挖掘尤为重要。前期国内外学者分别发现CER价格、原油价格、煤炭价格、天然气价格、欧洲工业指数、联合国气候变化大会、政府政策、极寒天气、暖冬天气、自然灾害、重大事件等多种因素都有可能引起EUA期货价格波动。本研究通过引入MIV-BP神经网络模型,对EU ETS二期和三期的EUA期货价格进行训练和测试,模拟了上述11个因素对EUA价格的影响,弥补了传统计量模型难以同时处理较多变量及不能整合定性与定量变量等缺点。通过对EU ETS二期1 149组和三期775组数据的挖掘,得出了各变量对EUA期货价格的影响程度。其中,二期运行阶段各变量影响程度从大到小排序为:自然灾害COPCER极寒天气Coal重大事件Brent政府政策Stock600Gas暖冬天气;三期运行阶段各变量影响程度从大到小排序为:COPStock600Coal自然灾害极寒天气重大事件政府政策BrentGasCER暖冬天气。最后,本研究对二、三期各变量对碳价影响程度的变化进行了解释,并对中国未来建立全国性碳市场提出了以下四点建议:(1)稳定碳市场参与主体预期;(2)完善核证减排抵消机制,保持政策稳定;(3)配额分配考虑区域差异;(4)建立配额应急机制。     

Study on the investment value and investment opportunity of renewable energies under the carbon trading system

China has promised to start the national carbon trading system in 2017. In the carbon trading system, the renewable energy projects may obtain additional benefits through the Certified Carbon Emission Reduction (CCER) trade. As the carbon price fluctuates along with the market conditions, such fluctuation enables the renewable power projects to acquire the rights of an option, i.e. it may contain an even higher value due to the uncertainties in the future. While making an investment decision, the renewable power companies may choose to make the investment immediately, or postpone the investment and accumulate more information to increase the return of investment; and for immediate investments, the return must be sufficient to exceed the potential value of a waiting option. To study the investment in renewable power projects subject to the fluctuation of carbon price, this paper adopts the trinomial tree model of real options to estimate the net present value (NPV) and real option value (ROV) of three types of renewable power projects; according to the decision-making rules of real options to defer, all the three types of projects will exercise the option to postpone the investment decision. This thesis also calculates the benchmark prices of the three types of renewable projects at different times, in the two situations of having no government subsidy and having the government subsidy, so as to determine the investment opportunity of a project. The benchmark price decreases gradually along with the increase of government subsidy, indicating that the government subsidy will stimulate the investment in renewable projects. The benchmark price also increases gradually along with the lapse of time, indicating that the uncertainty will increase together with the time span and thus requires an even higher carbon price to determine the investment opportunity. This thesis also analyzes the sensitivity of factors affecting the investment in renewable projects and draws the conclusion that the fluctuation of carbon price is positively related with the benchmark price of renewable power projects, which indicates that the fluctuation of carbon price increases the option value of an investment but postpones the time of investment. As the China’s carbon trading system improves gradually, the carbon price will reach a stable status, thus stimulate the power companies to invest in the renewable projects.     

Evaluation of electronic components in life cycle assessment

Life cycle assessment (LCA), a quantitative method for evaluating the total environmental impact of a product, from the materials in its manufacture to its final disposal, is playing an increasingly important role in manufacturing. When the LCA method is applied to a product containing many kinds of electronic components, there is a need for life cycle inventory (LCI) data on the components. This paper provides an original calculation of the LCI data for each electronic components industry. These data show the amount of input energy and emissions into the atmosphere per yen of production yield. It is demonstrated that the magnitude of the LCI data for each industry is essentially equal to that of the other industries. Furthermore, we conclude that the LCI data for all electronic components are roughly equivalent, making it possible to calculate the LCI data of any electronic component by simply multiplying the LCI data for the industry by the price of the component. Furthermore, after comparing the materials production stages with the component manufacturing stage in the calculation, it became clear that for several component industries the materials production stage could not be omitted from the calculation. Received: April 10, 1998 / Accepted: February 8, 1999     

农业文化遗产地有机生产转换期农产品价格补偿测算——以云南省红河县哈尼梯田稻作系统为例

高效农业技术广泛使用提高了农业生产效率,促进了粮食产量增长,但同时也带来环境问题、食品安全问题和传统农业文化逐渐消失等负面效应。哈尼梯田作为全球重要农业文化遗产(GIAHS),具有生态价值、农业生产价值和景观价值等多重价值,保护哈尼梯田农业系统意义重大。通过有机生产提高稻谷价格的方式,推动农民继续种植水稻,可以达到保护哈尼梯田农业系统的目的。然而,从非有机到有机生产有一个转换期,这期间稻谷无法以有机产品的价格出售,所以,政府须给予一定的价格补偿才可保证农民利益和生产的持续性。论文采用问卷和访谈等调查方法,获取哈尼梯田地区农户有机转换期种植投入产出状况和劳动力外出务工收入状况,以及现代规模生产方式下的投入产出状况,通过分析对比和核算,得到结果如下:1哈尼梯田地区有机转换期水稻种植直接投入高于现代水稻种植方式,总投入成本中劳动力成本占比最大,而单产低于现代水稻种植方式;2哈尼梯田地区的青壮年劳动力偏向于在城市生活和务工,外出务工收入明显高于常规农业收入,使农业机会成本较高;3有机转换期的稻谷价格补偿至少2.84元/kg才可保证有机转换期农民收入稳定,从而达到保护哈尼梯田景观的目的。     

环境规划中环境资源有价理论的政策研究和实践

随着环境保护意识的加强和环境保护理论的不断拓展,环境资源有价的理念逐步深入到管理层面,环境资源有偿使用也逐步成为重要的环境管理手段。部分省份经过多年的实践探索,取得了积极成效,但也存在一些问题。为了使环境资源有价理论相关内容在环境保护"十三五"规划中更加完善,本文在环境资源有价理论的基础上,通过分析总结,探索适宜的可持续发展的一系列经济政策,并介绍其在山西省的实践应用,期望利用经济手段的调控作用,实现环境保护和经济可持续发展的目的。     

城市土地价值的演变过程

根据经济增长点（投资点）的区际变化关系，本文分析了城市土地价值的均衡增长与不均衡增长过程，揭示了城市土地价值的演变规律．     

运用回归分析测算水口镇商业用地基准地价

惠州市惠城区水口镇原隶属于惠阳市,2003年惠城区行政区划进行了战略性调整,惠阳撤市设区,水口镇划归惠城区管辖, 这样水口镇现执行的基准地价标准(原惠阳标准)需要更新.目前基准地价的评估方法有很多种,通过建立样点地价与土地定级网格单元总分值关系模型,运用回归分析来测算水口镇商业用地基准地价.     

Electricity price and Southern California’s water supply options

This paper evaluates the impact of fluctuating electricity prices on the cost of five options to increase the water supply to urban areas in Southern California—new surface storage, water purchases, desalination, wastewater recycling, and conservation.We show that the price of electricity required to produce and transport water influences the cost of water supply options and may alter the decision makers economic ranking of these options. When electricity prices are low, water purchase is the cost effective option. When prices exceed US$ 86/MWh, conservation of electricity and water through installation of high efficiency clothes washers is the most effective option.     

浅议日本的自来水水价

介绍日本不同城市的两部分水费制的具体实施和“负担公平化和经营稳定化”宗旨以及供水行业支出费用的组成.日本的市民每个月的自来水水费支出数额占整个生活消费总数的比例呈缓慢上升趋势,随着水价逐年缓慢增长.日本的水价和水费管理模式以及上海最新提出的三级梯度水价规划方案值得借鉴与参考.     

中国资本回报率:考虑碳减排成本的新核算

对资本回报率进行绿色核算既符合当前绿色发展的新理念,同时也是判断我国经济增长可持续性的重要依据。使用超越对数生产函数估算1960—2014年碳排放的影子价格;利用Hall-Jorgenson租金公式测算剔除碳减排成本的中国资本回报率的动态演变趋势。对中国资本回报率重新估算克服了因忽略碳减排成本而导致的高估,估算结果更加科学可靠。研究结果:(1)中国碳排放的影子价格由1960年的56.34元/t上升到2011年的1651.69/t,根据影子价格计算的碳减排成本占GDP总量的份额年均为31%。(2)不考虑碳减排成本和税收因素的基础资本回报率变动趋势可以划分为三个阶段。1952-1983年为第一阶段,资本回报率在波动中由高位逐步回落。1984—2010年是第二个阶段,基础资本回报率保持平稳。2011年以来是第三个阶段,这一阶段中国的资本回报率呈台阶式下降趋势,特别是2012—2014年,税后的资本回报率已经难以抵补企业投资的机会成本。(3)考虑碳减排成本将导致资本回报率平均下降约12%。其中1960—1975年资本回报率呈下降趋势。1976—2008年资本回报率基本保持稳定,资本回报率平均值为15.2%。2009年以后,资本回报率则表现出逐年下降的趋势,2014年的估算值甚至降为-1%。本文仅考虑了碳减排成本,如果再考虑诸如二氧化硫等废气排放、废水与固废排放的成本后,绿色资本回报率的估算值将更低。建议:在当前的经济形势下,应实施激励企业技术创新以及减税(尤其是生产税)政策遏制资本回报率下降的趋势。另外,需要采取分阶段递增的环境规制政策,逐步实现企业环境外部成本的内部化。