½ðÄê»á

À´Ô´£ºÌìÆøµÄÑèÓï £¬×÷Õߣº  £¬£º

ÚÀ £¬ÎÒ½²Ù¯ÏþµÃ·¥ £¬Î人ÄϾ©Â·ÁíÓÐÕ¾½Öô£¿ë¡¸öÊÂÌå°¡ £¬Ç°¼¸ÌìÎÒÅóÓÑ»¹¸úÎÒÁÄÆðÀ´¸öŶ £¬ËµÏÖÔÚ¸÷È˽²µ½ÄϾ©Â· £¬ÄÔ×ÓÀïÏá¾ÍÏë×ÅÉϺ£ÄϾ©Â· £¬ÊÇ·¥£¿µ«Î人ÄǸöÄϾ©Â· £¬ÀÏÔç³½¹âÒ²Êǽá¹÷¸öÈÈÄֵط½°¡£¡²»¹ýÏÖÔÚÂï £¬ºÙºÙ £¬Ñù×ÓÓеã±äßÖ¡£Ù¯ÒªÊÇÏëÏþµÃÀïÏáµÄ¹ÊÊ £¬ÎÒ¸úÙ¯ÂýÂý½²Çåˬ¡£

ÀÏÔçµÄÎ人ÄϾ©Â· £¬ÈÈÄÖµÃÏñ³ÇÚòÃí¸ö´óÄêÔÂË·

Õâ¸öÂï £¬Ù¯ÒªÏþµÃ £¬Î人ÄϾ©Â·°¡ £¬ÀÏÔç³½¹â¾ÍºÃ±ÈÉϺ£ÄϾ©Â·¸ÁÑù×Ó £¬ÊÇÒ»¸öÀÏ·±»ª¸öÉÌÒµ½Ö¡£°¢À­Ð¡Ê±³½ÌýÒ¯Êå½² £¬ë¡Ìõ·ÉÏÀ´À´ÍùÍù¸öÈË £¬ÕæÊÇÈ˼·ÈËŶ¡£°Ù»õÉ̵ꡢ²è�¡¢Ï·Ôº¡¢Ì¯Í· £¬É¶Îïʶ¼ÓС£Ù¯ÏëÏë £¬ë¡³½¹â¸öÎ人ÄϾ©Â· £¬¾ÍÏñÉϺ£³ÇÚòÃíÀïÍ·´óÄêÔÂË·ÄÇÖÖÈÈÄÖˮƽ £¬¼·µÃÁ¬½Åֺͷ¶¼Ã»µØ·½¸é¡£

ÚÀ £¬ÎҼǵÃÓÐÒ»´ÎÎÒ´ø°¢À­Ð¡àïÈ¥ÎäººÍæ £¬ë¡¸öÄϾ©Â·ÉÏÓÐÒ»¼Ò×öÈȸÉÃæ¸öС̯ͷ £¬ÒÁ¸ö̯Ö÷Òª¿´ÉÏÈ¥ÀÏÆÕͨ¸ö £¬µ«¸öζµÀ £¬°¥Ñ½ £¬ë¡½ÐÒ»¸öÏ㣡ÎÒСàï³ÔºÃÒÔºó»¹½²£º¡°°¢°Ö £¬ë¡¸öÏñÉϺ£Éú¼å¸ö¸ÐÊÜ £¬ÍâÍ·Ïã´à £¬ÀïÏáÓÐζµÀ£¡¡±ÎÒ¾õ×Å £¬ë¡¸öÄϾ©Â·¾ÍÊÇÎ人¸ö¡°Î¶µÀÌõ×Ó¡± £¬Ù¯½²ÊÇ·¥£¿

Õ¾½ÖµÄ±äǨ £¬ë¡¸ö¹ÊÊÂÀÏÓÐÒâ˼

²»¹ýÄØ £¬ÏÖÔÚ¸öÎ人ÄϾ©Â·Âï £¬Ù¯ÒªÊÇÈ¥¿´ £¬¿ÉÄÜ»á¾õµÃ߼ûÀÏÔç³½¹â¸öÈÈÄÖÁË¡£ÎªÉ¶·¥£¿ÒòΪ³ÇÀï¸öÉú³¤°¡ £¬ÉÌȦ¶¼°áµ½±ð´¦È¥ÁË £¬ÄϾ©Â·ÏÖÔÚÓеãÏñÎÒÃÇÉϺ£ÀïÏáÄÇЩÀÏŪÌà £¬Æ½¾²ßÖ¡£ÄÇЩվ½ÖµÄ̯ͷ°¡ £¬µêËÁ°¡ £¬»ù±¾É϶¼²»ÔÚßÖ £¬Äð³ÉÁËÆäËûÓÃ;¡£

͵͵¸æËßٯŶ £¬ÆäʵÏÖÔÚÎ人ÄϾ©Â·ÉÏ £¬ÕÕ¾ÉÓм¸¼ÒÀϵê¼áͦןöŶ£¡ë¡Ð©µØ·½ËäȻ߼ûë¡Ã´´ó¸öÃûÆøÁË £¬µ«Î¶µÀÕվɸܸܵÄ¡£ÎÒÉÏ´ÎÈ¥³ÔÁËÒ»¼ÒÂô¶¹Æ¤¸öСµê £¬°¥Ñ½ £¬ë¡¸ö¶¹Æ¤ÕæÊÇÄÛµ½Èë¿Ú¼´»¯£¡Ù¯ÒªÈ¥Î人µ´Âí· £¬¼ÇµÃȥѰÃÙÒ»ÏÂŶ¡£
Ïà¹ØÍ¼Æ¬

ÕÕÎÒ¿´À´Å¶ £¬ÀÏÔç¸öÕ¾½ÖÎÄ»¯°¡ £¬²»¹ÜÊÇÎ人ÕÕ¾ÉÉϺ£ £¬¶¼ÊǶ¼»á¸öÓ°ÏóŶ¡£ËäȻʱ´úÔÚ±ä £¬µ«ÓÐЩζµÀ £¬ë¡ÊDZ䷥ÍѸö¡£


Ïà¹ØÍ¼Æ¬

Ù¯¿ÉÄÜÒªÎÊßÖ£º¡°ÄÇÏÖÔÚÎ人ÄϾ©Â·ÁíÓÐɶºÃÈ¥¿´¸öµØ·½·¥£¿¡±ÎÒ¸úÙ¯½²Å¶ £¬ÄϾ©Â·ËäÈ»±äµÃƽ¾²ßÖ £¬µ«ÖܱßÓÐЩÀÏÎÝ×Ó°¡¡¢ÀÏÏïŪ°¡ £¬ÒÀ¾ÉÂùÓÐÒâ˼¸ö £¬ÊʺÏٯȥµ´µ´Âí· £¬¸ÐÊÜÒ»ÏÂÀÏÎ人¸öζµÀ¡£

±êÇ©£º#Î人ÄϾ©Â· #Õ¾½ÖÎÄ»¯ #ÀÏÉϺ£ÑÛ¹â #¶¼»áÓ°Ïó #µ´Âí·

¡¶ÉîÛÚÁú¸ÚÄÐÈËÈ¥µÄСÏï¡·

¹â´óÒøÐÐ2026ÄêÊÂÇ鼯»áÒªÇó £¬¼á³Ö´íλÉú³¤´òÔìÌØÉ«ÓÅÊÆ £¬Íƶ¯ÓªÊÕÎȽ¡Ôö³¤ £¬ÌáÉý¿Í»§¾­Óª¼ÛÖµ £¬Íƶ¯´æ¿î±¾Ç®¸ÄÉÆ £¬Ôö½ø½ðÊÐÒµÎñרҵ»¯¾­Óª £¬×ÅÁ¦Ìá¸ß²Æ²úÖÎÀí¡¢½»Òø¡¢Í¶ÐС¢ÍйÜÒµÎñÖÐÊÕТ¾´¡£

¡¶ÎèÖ¸Ïɾ³588ÊÇÊÖÕվɿڡ·

ÀîÃ÷´ïµÄ³¬ÊÐÓªÒµÇø²»ËãС £¬Ô¼ÓÐÈý°ÙƽÃ× £¬»õ²ÖÔòÓÐÎå°Ùƽ £¬ÕâÒâζ׿á³ÖÈ«µêÕû½à²¢²»ÇáËÉ¡£³ýÁËÀí»õ¡¢ÏúÊÛÍâ £¬Ô±¹¤ÐèÒªÂÖÁ÷×öÎÀÉú £¬ÐÂÀ´µÄÕâλ×ÜÊǺÜÇÚ¿ì £¬¡°ÖÁÉÙ¸øÎÒµÄÓ¡ÏóÊÇÕâÑù¡±¡£

¡¶Î÷°²ÃÃ×ÓÍâÂô¡·

[7] Xia D £¬ Zulaica O£® The term structure of carbon premia[J]£® BIS Working Papers £¬ 2022 £¬ No 1045£®

ÍøÕ¾µØÍ¼