Research On Pledge Financing Of Carbon Emission Rights Under Bank-Enterprise Cooperation

Low-carbon economy,taking into account economic development and environmental protection,has become an important tool for China to achieve the goal of "carbon peak,carbon neutral".The development of low carbon economy is bound to cause great pressure on the production and operation of traditional industrial enterprises with high emissions.Under the background of vigorous development of carbon emission trading,carbon emission rights have become the disposable assets of high-emission enterprises,which can not only be freely circulated in the carbon trading market as a commodity,but also be used as a financial product to provide financing support for enterprises.As an important pillar of China’s national economy,small and medium-sized enterprises usually suffer from insufficient funds,which increases the pressure of these enterprises on emission reduction.This paper defines the relevant concepts of carbon emission rights and carbon emission rights trading,analyzes the meaning and applicable conditions of the effective default theory,and confirms the feasibility of carbon emission rights pledge.At the same time,after analyzing and comparing the existing carbon emission right pledge financing models,it is concluded that the carbon emission right quota pledge financing is the most mature and widely used carbon finance model at present,which can effectively solve the financing problems of highemission enterprises in the process of emission reduction investment.Based on this,this paper takes the secondary supply chain composed of high-emission enterprises and banks as the research object,constructs a carbon emission rights pledge financing benchmark model with the carbon emission rights quota issued by the government as the pledge,and uses the Stackelberg game theory to analyze the optimal decisions of banks and emission enterprises when choosing this financing mode to operate,By comparing the emission reduction and carbon trading decisions of emission enterprises and the different decisions of whether to finance,the conditions for emission reduction and financing of emission enterprises are obtained.Then,on the basis of the benchmark model,the credit risk of enterprises is further included into the model as the research focus,and the impact of the "effective default" behavior of enterprises on the decision-making of both banks and enterprises is analyzed,and the optimal decision-making of banks and enterprises under risk conditions is obtained.Finally,risk management is carried out for carbon emission right pledge financing and relevant risk control measures and suggestions are obtained.The research shows that emission enterprises choose to make emission reduction investment to achieve the carbon emission target required by the government,which is better than the decision to directly purchase carbon emission rights at the end of the period,and carbon emission rights pledge financing can reduce the emission reduction burden of enterprises within a certain range,and actually reduce the carbon emissions of enterprises,thus proving the effectiveness of the financing model and supporting the low-carbon economy.When considering the effective default actions of emission enterprises,the credit risk of enterprises will reduce their own emission reduction capacity and production capacity,while banks also need to take corresponding measures to control risks when facing the credit risk of enterprises,such as reducing the pledge rate and preferential loan interest rate,increasing the proportion of margin paid by loan enterprises,and so on,to ensure their own interests.The research in this paper expands the theory of supply chain finance,supports financial institutions to carry out practical exploration and risk management under the innovative mode of supply chain finance,and provides new financing options for carbon emission-dependent enterprises,which has certain theoretical and practical significance.