CAJ | 학술논문

环保投融资渠道不畅、激励机制和配套政策不到位,是导致全社会环保投入不足的重要因素。文章将环保投资主体分为政府、排污企业以及治污企业三类。政府投资渠道包括部门预算资金、环保专项资金、预算内基本建设资金。企业融资渠道主要包括留存收益提取、固定资产折旧、票据贴现融资、信用贷款、保证贷款、抵押贷款、收费权（排污权）质押贷款、委托贷款、信托贷款、政策性贷款、民间借贷、资产典当融资、融资租赁、短期融资券、中期票据、企业债券、可转换公司债券、资产证券化、天使投资、风险投资、私募股权以及上市融资等。本研究在系统梳理政府投资渠道和企业融资渠道种类、特征、现状、趋势的基础上,提出了确保环保投融资渠道更加顺畅的政策措施。
배보투융자거도불창、격려궤제화배투정책불도위,시도치전사회배보투입불족적중요인소。문장장배보투자주체분위정부、배오기업이급치오기업삼류。정부투자거도포괄부문예산자금、배보전항자금、예산내기본건설자금。기업융자거도주요포괄류존수익제취、고정자산절구、표거첩현융자、신용대관、보증대관、저압대관、수비권（배오권）질압대관、위탁대관、신탁대관、정책성대관、민간차대、자산전당융자、융자조임、단기융자권、중기표거、기업채권、가전환공사채권、자산증권화、천사투자、풍험투자、사모고권이급상시융자등。본연구재계통소리정부투자거도화기업융자거도충류、특정、현상、추세적기출상,제출료학보배보투융자거도경가순창적정책조시。
Poor investment and financing channels for environmental protection, and incentives and supporting policies being not in place are important factors leading to insufficient investment in environmental protection for the whole society. Channels of government＇ s investment in environmental protection include department budget, special funds for environmental protection and budget for capital construction funds. Financing channels for enterprises include retained earnings extraction, depreciation of fixed assets, discounted bills, credit loans, guaranteed loans, mortgages, pay rights （emission rights） as security for loans, entrusted loans, trust loans, policy loans, private lending, asset pawn, finance leases, short-term financing bills, medium-term notes, corporate bonds, convertible bonds, asset securitization, angel investment, venture capital, private equity, public financing and so on. This research systematically analyzed species, basic features, status and trends for channels of government＇s investment in environmental protection and financing channels of enterprises, proposed to ensure investment and financing channels of environmental protection to become more smoother.