碳交易机制下企业碳成本管控研究：以煤电企业为例

China is actively promoting the gradual establishment of a domestic carbon trading market (carbon market), making it the fundamental force in regulating the allocation of resources for emission rights. Under this background, carbon cost accounting and its risk control will become an important part of enterprise cost management. However, relevant theoretical and empirical studies have just started and are difficult to meet the real needs. Coal-fired power sector is the largest carbon emission sources in China and is also the first one to be covered by the national carbon market. Hence, this project take the coal-fired power sector as an example to study carbon cost management of enterprise under carbon trading mechanism. Firstly, it uses the directional distance function model to solve the set of environmental production possibilities that contain carbon emissions, based on the life cycle carbon emission calculation of coal-fired power plants. Secondly, based on the calculation of the carbon emission reduction cost of the enterprise, combined with the carbon trading mechanism design and data from carbon market, the initial allowance allocation and the secondary market transaction are introduced into the carbon emission management decision-making framework to build the carbon cost accounting model of the enterprise. Finally, based on the actual performance of the enterprises in the pilot carbon market, the paper identifies the major cost risks faced by enterprises under the condition of compulsory carbon emission reduction. Based on the constructed carbon cost accounting model, this paper conducts an empirical study on typical coal-fired power generation enterprises. It provides reference for carbon cost risk control and carbon emission reduction investment decision-making for coal-fired power enterprises.

中国积极推动逐步建立国内碳排放交易市场（碳市场），使其成为调节排放权资源配置的基础性力量。在此背景下，碳成本核算及其风险管控将成为企业成本管理的重要组成部分，但相关理论和实证研究刚刚起步，难以满足现实需求。煤电是我国最大的碳排放部门，也是全国碳市场的首批纳管对象。本项目以煤电为例，开展碳交易机制下的企业碳成本管控研究。首先在全生命周期碳排放核算基础上，采用方向性距离函数模型求解包含碳排放的环境生产可能性集合，据此测算煤电行业典型企业的碳排放影子价格及其边际减排成本。然后结合碳排放交易机制设计和碳市场运行数据，将初始配额分配、二级市场交易引入企业碳排放管理决策框架，构建企业碳成本核算模型。最后基于当前试点碳市场纳管企业履约和交易现状，识别强制碳减排条件下企业面临的主要成本风险，利用所构建的碳成本核算模型对典型煤电企业进行实证研究，为煤电企业碳成本风险管控和碳减排投资决策提供参考。

本项目圆满完成了申请书预定的各项研究目标，执行期内发表相关SCI论文15篇，其中JCR一区期刊论文14篇，培养硕士研究生1名，通过线上和线下结合方式参加相关学术会议6次。在本项目的资助下，申请人后续获得各级基金项目6项，累计科研经费超过200万元。在项目的资助期间，本人顺利晋升副高职称并获得博士生导师资格。. 2021年7月16日，全国碳市场上线交易，通过市场调节来实现碳排放权资源的优化配置成为中国实现碳减排的重要手段。以煤电为主的电力行业是我国碳排放量最大的行业，为了实现我国温室气体减排行动目标，电力行业需要大规模消减碳排放，因此，煤电成为我国碳市场首批纳管行业。合理量化评估碳交易机制下煤电行业的碳减排成本及风险策略成为我国众多电力企业面临的现实需求。本项目基于上述政策背景，在本基金的资助下，三年来开展了如下研究工作：（1）利用全生命周期评价方法实现企业碳排放强度测算模型的构建；（2）采用前沿生产函数模型测算煤电企业层面碳排放影子价格进而构建企业碳减排成本测算模型；（3）依据碳成本测算模型，以煤电企业为例识别并量化碳成本风险；（4）对煤炭行业碳排放提出针对性管控策略，为碳交易市场纳管企业碳成本管控提供技术支持。. 本研究取得的重要结果包括：（1）构建了考虑煤电企业全生命周期碳排放量核算模型；（2）以典型煤电企业为例测算了其碳排放的影子价格，并基于前沿面函数模型实现了碳交易机制下煤电企业碳减排模型的构建；（3）结合全国数千煤电企业大样本数据和碳市场配额价格数据，基于现有碳市场交易规则初步形成了企业碳成本管理决策支持系统框架。