摘要
考虑进行碳汇林经营的营林主体面临资金约束与产出量波动风险,研究碳汇预期收益权质押融资提升营林质量与缓解营林主体融资难题的有效性,通过数值模拟分析产出量波动风险、碳汇价格、融资补贴、营林规模对营林质量、金融机构质押率及营林利润的影响。结果表明:⑴林业碳汇产出量波动风险会限制营林质量提升与营林主体增收,并加剧融资难困境,与资金充足情形相比,产出量波动风险适中时,碳汇预期收益权质押融资下营林主体的生产积极性更高,而产出量波动风险过高或过低会降低营林主体的生产积极性;⑵提高林业碳汇市场价格会促进营林主体增产增收,同时会提高质押率缓解融资难问题,但价格较高时,提升营林质量效果会有所下降;⑶林业碳汇质押贷款利息补贴有助于营林质量提升与营林利润增加,同时利于提高质押率缓解融资难问题,但是过高的补贴比例并不能达到预期效果;⑷扩大营林规模可以增加营林主体经济收益,但会导致其忽视营林质量的提升,相较于资金充足情形,适度营林规模能够激发营林主体生产积极性,而过低或过高的营林规模则会打击营林积极性。
⑴Background——Driven by the“double carbon”policy,forestry development has ushered in new opportunities.The pledge financing of the expected revenue rights of forestry carbon sinks broadens the financing paths of forest operators.It is of great significance to transform the ecological value of forestry carbon sinks into economic value for the sustainable development of forestry and the realization of carbon neutrality.⑵Methods——Taking the forest quality and pledge rate of financial institutions as the key variables,this paper established the management decision model of forest operators and financial institutions under the expected revenue rights pledge financing,and combined with the relevant data of the actual cases,the numerical simulation method and Matlab software were used to analyze the optimal strategies of both sides of the loan.⑶Results——In terms of forest quality,the fluctuation risk of forestry carbon sinks output and the increase of forest scale are not conducive to the improvement of forest quality,while the increase of carbon sinks market price and financing subsidies are conducive to the improvement of forest quality.In terms of the pledge rate of financial institutions,the increase of the fluctuation risk of forestry carbon sinks output and the increase of forest area under large forest scale will inhibit the improvement of the pledge rate,thus aggravating the financing difficulties of forest operators,while the increase of carbon sinks market price,financing subsidies and the forest area under small forest scale will promote the improvement of the pledge rate.In terms of forestry profits,the increase of fluctuation risk of forestry carbon sinks output will reduce forestry profits,while the increase of carbon sinks price,financing subsidies and forest scale will help increase the revenue of forest operators.In terms of the effectiveness of the expected revenue rights of forestry carbon sinks on the improvement of forest quality,compared with sufficient funds,when the fluctuati
作者
徐笑
彭红军
XU Xiao;PENG Hongjun(College of Economics and Management,Nanjing Forestry University,Nanjing 210037,China;Jinpu Research Institute,Nanjing Forestry University,Nanjing 210037,China)
出处
《林业经济问题》
北大核心
2023年第5期511-520,共10页
Issues of Forestry Economics
基金
国家社会科学基金项目(17BGL236)。
关键词
碳汇
预期收益权
质押融资
碳汇林
营林质量
carbon sinks
expected revenue rights
pledge financing
carbon sinks forests
forest quality
