Research On The Incentive Mechanism Of Low Carbon Investment Under The Financial Perspective

Since modern times,people's social productive forces have been developing rapidly.However,the overuse of resources have arised.The over-exploitation and use of fossil fuels represented by coal,oil,and natural gas have caused global warming.With the rapid economic growth,China's carbon emissions have ranked first in the world.In the report of the Nineteenth National Government Work,the Chinese government put forward the principle of “persisting in a harmonious coexistence between man and nature”,and put energy conservation and environmental protection as a basic national policy to deepen the concept of the green development concept.Government put low-carbon investment as the key goal of the next stage of government work,which means that low-carbon investment will become the protagonist of the next phase of government investment and corporate financial costs,which also marks the beginning of the carbon financial era.Therefore,actively guiding companies to make low-carbon investments will also be one of the main points of the government's next work.The existing low-carbon investment incentive mechanisms mainly include carbon-subsidized low-carbon investment incentives,carbon tax low-carbon incentives,and carbon trading low-carbon investment incentives.However,each carbon investment incentive mechanism has its own limitations.In addition,the awareness of low-carbon ecology in China is not profound,compared to the widespread spread of environmental awareness abroad.So for the foreign carbon investment incentive mechanism,China can not copy the foreign experience completely,and we must consider China's own development situation.Based on the research results of the low-carbon investment incentives mechanism and China's national conditions,tax-carbon—carbon trading coupled low-carbon investment incentive mechanism is put forword for urging low-carbon investment.And the superiority of the carbon trading coupled low-carbon investment incentive mechanism compared to traditional carbon investment incentives mechanism is demonstrated by usinge standardized game research methods.In the article,the full implementation of the national carbon trading market will be taken as a precondition.The main contents include the following.Firstly,the research background and its significance have been discussed.At the same time,the current low-carbon investment incentive mechanism of domestic and foreign scholars has been reviewed,and finally the research ideas and innovations of the article have been put forward.Secondly,the zero-sum game and investment strategy have been discussed.Related theories,and further the carbon assets and carbon liabilities have been defined,and further its impact mechanism on corporate financial operations have been analyzed,laying the foundation for the next carbon tax-carbon trading coupling low-carbon investment incentive mechanism;again,in the existing Based on the carbon incentive mechanism,carbon tax-carbon trading coupling low-carbon investment incentive mechanism is proposed to explore the impact of carbon tax collection and carbon credit trading in carbon trading market on the operating mechanism of corporate finance under the coupled incentive mechanism.Analyze and further the superiority of the carbon tax-carbon trading coupled low-carbon investment incentive mechanism over the traditional carbon investment incentive mechanism have been demonstrated;Finally,from the corporate and government perspectives,a government strategy under the carbon tax-carbon trading coupling mechanism have been proposed.The results of the study has been indicated that:(1)The government should set a reasonable level under the premise of considering the impact of carbon tax rates on low-income groups(setting the minimum carbon tax limit)and the degree of influence of the country's core competitiveness(setting the carbon tax ceiling).(2)The government should set industrial standards for the scale of floating carbon credits based on the degree of carbon emission reduction and the level of GDP development,and raise the price of carbon credits without affecting the level of GDP;(3)The government A tax-return-subsidy policy based on carbon tax should be adopted for companies that adopt lower-carbon technologies(formation of long-term deferred assets)(this subsidy is only limited to the carbon tax levied,ie no other financial sources are involved).(4)Reduce the cost of adopting low carbon emissions through the development of new technologies;(5)Obtain carbon credits through transactions in carbon trading markets(including carbon asset derivatives)to ensure that corporate carbon assets are not affected by price fluctuations(6)When the company has the intention of investing in carbon credits,it adopts a combination of long-term and short-term carbon assets to ensure that the operating cash flow of the company is stable.The new ideas of the article are:(1)It is envisaged that a carbon tax,a coupling incentive mechanism for carbon trading,will be constructed.The carbon tax mechanism and the carbon trading mechanism will be integrated into the corporate finance to build a bridge between the company and the government.As a result,through the establishment of system dynamics,a new low-carbon investment guidance mechanism is formed to form the framework for this paper;(2)The taxonomy of carbon tax mechanism and carbon trading mechanism for corporate carbon investment is elaborated through the use of classification and comparison method.The comparison of these two models proves that the new incentive mechanism has advantages over the single-line incentive mechanism.Through game analysis,we have demonstrated the feasibility and superiority of the carbon tax-carbon trading coupling incentive mechanism.