CAJ | 학술논문

对碳交易体系在未来可能出现的多种情形进行了阐述，依据“技术和排放”性能将发电企业分为3类，并分析了其面临的风险。针对独立的碳税、配额和市场机制，给出了3类发电企业的风险决策框架；针对配额与市场机制并存环境，根据金融资产组合理论，建立了发电企业的排放风险决策模型，并给出了有效前沿，为发电企业实际管理排放风险提供理论支持。
대탄교역체계재미래가능출현적다충정형진행료천술，의거“기술화배방”성능장발전기업분위3류，병분석료기면림적풍험。침대독립적탄세、배액화시장궤제，급출료3류발전기업적풍험결책광가；침대배액여시장궤제병존배경，근거금융자산조합이론，건립료발전기업적배방풍험결책모형，병급출료유효전연，위발전기업실제관리배방풍험제공이론지지。
In this paper, various possible situations that may appear in the carbon trading system in the future were discussed, the power generation enterprises were classified into three categories according to the “technology and emission”performance, and the risk that the enterprises to be faced with was analyzed. The risk decision-making framework for three kinds of power generation enterprises was proposed according to the independent carbon tax, quotas and market mechanism; the emission risk decision model for them was established according to the quota and the market mechanism environment and the finance-asset combination theory; and the efficient frontier was presented, this thus provided the theoretical support for the emission risk management of the power generation enterprises.