Study On Behavior Of Main Bodies In Forest Carbon Sequestration Project Financing

Forest carbon sink project financing has won tremendous evolution with the process of allocation of greenhouse gas emissions in order to adapt to the climate changing. However, due to the ambiguous property rights of greenhouse gas emissions, information asymmetry and the characteristics of forest carbon sink project itself, forest carbon sink project financing is not perfect both in theory and practice. High transaction costs and the lack of incentive system have seriously affected the development of the in forest carbon sink project financing.The research on the carbon sink forest project financing of the domestic and foreign scholars can be divided into three angles. Firstly from the point of research content, they mainly concentrated the role and the economic attribute of forestry carbon sink as well the running mechanism of the carbon sink forest project and so on. Secondly, from the point of research methods, they focused on the theoretical analysis, comparing with empirical research. Thirdly, From the point of research scope they laid particular stress on inside of the forestry sector, neglecting the analysis of the participation in the carbon sink forest projects the government, enterprises and residents from the outside of forestry sector. The aim of the research on carbon sink forest project financing is to find out their intrinsic motivation to participate in forestry carbon sequestration project financing, and then, to innovate and perfect the financing mechanism on the carbon sink forest project through investigating the movement path of different subject participating in carbon sink forest project financing in the public and private sectors from the external sector of forestry.The main data source of this study is composed of three parts. The first part is from the Chinese Forestry Statistical Yearbook, the Chinese Environment Statistical Yearbook from 1995 to 2013, and so on,which is from the forestry and environmental official statistics. This part of the data is the study basis of government financing behavior in carbon sink forest project. The second part is stemmed from the data of sink forest donations of enterprise released by China green carbon fund in 2012 and the finish data of enterprise characteristics by the author, which is the basis of financing behavior of the enterprise on studying the carbon sink forest project. The third part is derived from actual survey data on carbon sink forest project financing needs of residents in the area of Bei Jing-Tian Tin- He Bei from 2013 to 2014, which is the main basis of financing behavior of the residents on carbon sink forest project.This study is guided by the Externality Theory, Public Goods Theory, System Economics Theory and Development theory. The development of the current situation on carbon sink forest project has been teased by the methods of induction, classification. According to the theory of public goods providing, the study has carried on the classification on carbon sink forest project financing. Based on this, the problems existed in the carbon sink project financing has been analyzed through the typical case analysis method and statistical description method. The study investigated financing behavior of the government, enterprises and residents of carbon sink forest project, by combination the method of empirical analysis and case analysis, which concretes embodiment as following. The study has carried on the empirical analysis on the financing government behavior of carbon sequestration project, with the Principal Component analysis(PCA), Unit Root Test, Multiple Regression of the Stationary Time Series and the Cointegration test of non-stationary series, taking the six forestry project as case. With the China green carbon fund donations on carbon sink forest project as a case, the study carried on the empirical test to carbon sink forest project financing behavior of enterprise, using the Paired T Test in the Group and Multivariate Linear Regression to carry on the empirical test. The study carried on the empirical test to the behavior of residents in carbon sink forest project financing using the Binary Logit Model, taking region of Beijing Tianjin He Bei as a case. In the innovation and improvement of the project financing mechanism and the carbon sink forest, the study has summarized the advanced experience of carbon sink forest project financing policy in foreign countries with the method of Literature Research, Then the study has proposed the framework of the innovation and the perfection on carbon sink forest project, by comparison with different mechanism efficiency, combined with empirical research results.The main research contents and conclusions are as follows:Firstly, through the research the investigation, the study has found that there are existence of many stress issues in government based forest carbon sink project financing: the shortage of investment, financing the irrational structure, the mismatching structure of the task and the financing sources, potential the larger future pressure. There are existence of many stress issues in market based forest carbon sink project financing: the lack of financing platform of the whole society to participate, market financing mechanism failed to give full play to the role, the improper intervention way of government, the typical forest carbon sink project with a abnormal diffusion replication effect, the high transaction cost. Then, guided by the transaction cost theory,the study analyzed the selection path of the carbon sink forest project finance. Based on this,The study discovered that forest carbon sink project financing will evolve along the path of preparation stage, developing stage, and the stage of full implementation.Secondly,the paper designed an evaluation index system of hierarchical structure for the forest carbon sink project, combined with the modern forestry evaluation index from the level of resources industry home and ecological protection. Then, the paper appraised the development of level of carbon sink forestry project based on the government to provide with the Principal Component Analysis Method. According to the government intervention way, the paper has carried on the empirical analysis on the forest carbon sink project financing from the government direct intervention and the government indirect intervention. The empirical results show that: for the government direct intervention, at the 5% significant level, there is a positive correlation between the government budget funds growth rate(dglmf) and the development level of the forest carbon sink project based on the government(d.DLCSF). There is a negative correlation between the local government matching funds growth rate(glsf) and the development level of the forest carbon sink project based on the government(d.DLCSF). For the indirect government intervention, the d.DLCSF has maintained a long-term dynamic relationship with self financing level(SRF), foreign direct investment(FCI) respectively, in which the d.DLCSF plays a leading role. On the contrary, there not exists a long-term dynamic equilibrium relationship between the d.DLCSF and the domestic loans(DL), the same as the d.DLCSF and the mass labor assets(MLC). For the private sector financing behavior, in the mandatory cuts situation, the results of the study show that the forest carbon sink project(financing) is significantly affect by the features whether it is state-owned background, whether through the ISO environmental certification system, and whether it’s products is main for the overseas market. incompatibility, whether it belongs to the high emission industries does not significantly affect the donation willingness of the corporate to the carbon sequestration project(financing). In the non mandatory emission reduction scenarios, the results of the study show that the financing behaviors for the forest carbon sink project of the residents in the region of Beijing Tianjin He Bei is not strong and the construction consciousness of carbon sink in the region is weak. The main factors affecting the residents behaviors to pay for the forest carbon sinks contain the marital status of the residents of the residents, the residents’ s cognition to the role of forest carbon sink and low carbon life, the willing of the residents to participate in the wood(tree) adoption and the cognition of the residents on the compensation for the forestry carbon sequestration and the compensation method. While, there is no significant effect on the carbon sink forest project financing for the income level, occupation and the factors of area for the residents.Thirdly, the study put forward the carbon sink forest project financing mechanism innovation framework, which can be divided into five aspects as follow: to build carbon sink forest project financing legal environment, to perfect multi-level value compensation of forestry carbon sequestration policy support system, to improve the government’s input mechanism of carbon sink forest enterprise, to building benefit driving mechanism for the enterprise according to the equivalence of marginal putting cost and discharging marginal revenue, to construct of forestry carbon sequestration environmental education system to form the demand mechanism of forestry carbon sequestration.The conceivable innovation of this paper lies in four aspects as follows. First of all, the paper carries out the classification of forest carbon sink project based on the government or the market in forestry economics and summarizes their respective characteristics of financing. Moreover, Combining with the characteristics of carbon sink forest project, the study designed for 19 quantitative evaluation index on carbon sink forest development level. With the principal component analysis(PCA), the study has evaluated the development level of carbon sink forest project based on the government. Thirdly, the paper carried on the empirical analysis and case analysis of financing behavior of the government, enterprises and residents on the forest carbon sink project, from the public sector and private sector, Which found out the in the inner drive for the government, enterprises and residents to participate carbon sink forest project financing. Finally, Combining with the empirical analysis results and foreign carbon sink forest project financing policy, the study designed the innovation financing mechanism for carbon sink forest project from the Angle of direct intervention and indirect intervention by the government.