| Forest carbon-sink service is one of the important environmental services that have been offered by forest ecosystem. Forest carbon-sink service has been becoming a deficient economic resource, because the significant function of forest ecosystem in global carbon cycle, as well as the international world has focused increasingly on the global climate change. Accordingly, how to collocate efficiently forest carbon-sink service and help to abate global climate warming have become the focuses of forest management in the world nowadays. Based on Natural Resource and Environmental Economics, Microeconomics, New Institutional economics, Public economics and Sustainable developmental theory, this dissertation analyzed systemically and deeply the interrelated theoretical issues of forest carbon-sink service market. Concretely, the whole thesis could be primarily divided into five parts: Part I: Based on analyzing deeply the relation between global climate change and forest carbon-sink service, the economics foundation of forest carbon-sink service market is investigated by using synthetically Microeconomics, Natural Resource and Environmental Economics, market theory, etc. Some main viewpoints could be summered as follows: 1. The attributes such as Scarcity, positive externality and public goods are the main economics characteristics of forest carbon-sink service. Scarcity provides practical foundation for merchandizing and marketing forest carbon-sink service, unfortunately, public externality makes it difficult that forest carbon-sink service trade can come into being spontaneously. 2. Look from natural nexus, It is a relation of this decreases and that increases between forest carbon-sink service and CO2 concentration in atmosphere which results in global climate warming; however, the economic benefit conflict between the provider of forest carbon-sink service and producer of CO2 in atmosphere should be their social-economic relation which is hided in its background. 3. There are natural and man-made or policy obstruction to establish forest carbon-sink market. Natural obstruction can be divided into 3 aspects: 1) whether or not to understand and identify scientifically the bio-physics relation between offering forest carbon-sink service and afforestation as well as reforestation; 2) whether or not to measure exactly and exclusion for forest carbon-sink service; 3) whether or not to estimate scientifically the amount relation between forest carbon-fixed function and CO2 concentration in atmosphere. 4. Different from general commodity trading, forest carbon-sink service market is virtually an environmental economic method, as well as a man-made market. To set up forest carbon-sink service market, it is a primary issue to "create"enough payable demand for this service, therefore, it is the indispensable premise of setting up efficiently the forest carbon-sink market to set down scientific regulations and criterions. Part II: Based on description of concept, formation, development process and characteristics of forest carbon-sink service, the theoretic framework of forest carbon-sink service market is studied and designed, and then aimed at particularity of forest carbon-sink service trading, the market factors as well as running mechanisms are described. The main points are as follows: 1. So far, forest carbon-sink service market is one relaxed, juvenility, unperfect trading muster that obtains carbon credits produced on the basis of forest project investment, such as afforestation, reforestation and forest conservation. Forest carbon-sink market may only be a market rudiment but have significant potential, and it has not yet various functions of mature market. Formation and development of forest carbon-sink market is connected tightly with international climate change policy process. 2. The trading actions of forest carbon-sink service could be divided into three forms including beforehand exchange, ton/year exchange and afterwards exchange. Beforehand exchange makes carbon-sink credits purchaser be the main risk assumer; afterwards exchange makes carbon-sink credits provider bear larger risks; and ton/year payment makes business partners take on the risks together. 3. Resource gift and climate condition are the main factors to impact on forest carbon-sink service market competition power; the market expectation price of forest carbon-sink service is between the ratio of land opportunity cost and carbon-sink credits and global carbon permit market price; investment diversification should be the main strategic to reduce risks of forest carbon-sink service investors. Part III: Based on review and remark on the transaction cost and property right theory, the transaction cost of forest carbon-sink service market will be analyzed and discussed as well as the ideal property right system adapt to Chinese forestry status. And main viewpointsare as follows: 1. Different from the transaction cost in general commodities market, large numbers of transaction costs in forest carbon-sink service market is measurement and exclusion costs. Whether transaction cost is taken on by provider, or purchaser, or both sides together, it will bring large negative influences on market price, scale and market efficiency. 2. The overall transaction cost of forest carbon-sink service market can be divided into create and maintenance cost and market running cost. Transaction methods could be separate, or simple electronic trading platform, or advanced exchange (center). The standard of setting up reasonable market system should be right at the point of intersection of marginal market-creating cost and marginal market-running cost. 3. The property right of forest carbon-sink service is one of forest property. Its transferability not only means transferability of forest carbon-sink service itself, but concerns transferability of forest property. For forest carbon-sink service transaction, it is very important that forest property in the same forest stand can be separated by the law, and different owners can possess of different right in the same forest stand spontaneously. 4. The pattern of disjoining forest to the families is the nearest privately owned forest property systems that suit to Chinese status. This pattern should become basic system pattern of Chinese forest property reform, but not be ultimate mode. Based on the pattern of disjoining forest to the families, according to the principle such as voluntary, payable, competive, the separate land user right could be concentrated again so as to realize economy of scale. Part IV: Based on forestry and ecology principles, using exemplification study and comparative analysis, those issues concerned with CDM afforestation and reforestation carbon-sink transaction projects in which Chinese participate are researched positively. The main points are as follows: 1. The afforestation and reforestation areas adapted to CDM in China account for about 29% of the total areas in non-annex I country, whereas, forest land areas aren't the main factor to impact on the carbon-sink transaction scale of CDM afforestation and reforestation. The transaction scale should be mainly influenced by carbon-sink production of land, marginal supply cost of carbon-sink, host country's policy and law, project risk and transaction cost in different countries. 2. One reasonable and efficient CDM afforestation and reforestation carbon-sink transaction must keep strictly to principles of maximizing carbon-sink credit and sustainable development of host country. Carbon-sink credits maximum is mainly decided by market; however, If the project meet host country's sustainable need is mainly decided by differenthost country's goals of sustainable development. 3. The large-scale industry plantations in southern forest areas will be the most possible choice under the laissez faire policy, but its social and environmental impacts are highly uncertain. Without powerful policy criterion and institutional safeguard, the approach is difficult to meet Chinese sustainable goals. Therefore, it must be regulated reasonably by government when CDM afforestation and reforestation carbon-sink transaction projects are implemented in china. 4. When CDM afforestation and reforestation carbon-sink transaction projects are implemented in china, the reasonable policies should be that the southern forest areas will be its preferential choice, but differences existed in credit period and payment ways, the large-scale timber forest establishment in the northern forest area will possess some relative advantages. Ecological forest and timber forest should be the prior forest types, and the indigenous dominant tree species that possess higher net carbon-absorbed ability should be the priority. Ecological forest and community small-scale timber forest projects should be the crucial domain that the government must encourage to participate in CDM afforestation and reforestation carbon-sink transaction. Part V: Based on reviewing Chicago Climate Exchange and CTOs practice in Costarica, the assumption to set up forest carbon-sink service voluntary trading market in china is put forward. Some viewpoints has been advanced as follows: 1. The essential conditions to set up forest carbon-sink service voluntary trading market in china include five factors: enhancing greenhouse gas abatement become increasingly the common cognition in global enterprise; china government has faced more and more pressures to abate greenhouse gas; Chinese corporations must build up the ability to meet global environmental changes; forest ecosystem preserve and establishment are the efficient methods to reduce greenhouse effects; forest carbon-sink service voluntary trading could be reasonable choice adapted to Chinese status presently. 2. If the public can recognize and accept is the key to weigh if forest carbon-sink service voluntary trading market in china is feasible and successful. Look at from development level and consciousness of Chinese corporations, more and more entrepreneurs have understood social responsibilities which corporations should take on. Risk management, learning, improving corporation's images and magnifying influences may be the main reasons why industries in china participate in forest carbon-sink service voluntary trading.
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