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图表38 碳资产质押贷款风险缓释工具业务模式

商业模式

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所属报告：

财新智库：2025证券公司碳资产定价和风险管理实践报告（71页）.pdf

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承担企业增信角色，将碳资产交易嵌入到处置环节，增强银行对贷款业务的信心。该工具有助于盘活企业持有碳资产，为企业融资提供增信，引入更多社会资金助力实体企业落实“双碳”战略的同时，也解决了出资方在碳质押贷款违约处置阶段面临的问题。目前尚未明确披露该业务的直接盈利方式，券商C可能通过与银行合作的业务协同，提升在碳金融领域的市场份额和品牌影响力，为未来获取更多相关业务机会奠定基础。不过，该业务同样面临困境，例如碳资产流动性和定价公允性不被银行认可，受质物处置时效性限制，碳资产在银行业被认定为非标资产，复制推广难度较大。与传统股票和债券相比，业务目的侧重于缓释碳质押贷款风险，推动低碳式，而传统业务模式则更为成熟和标准化。 2.4.3证券公司碳金融业务模式总结与思考可量化、可流通、可增值的金融资源，探索出一条产融协同的创新路径。从业务体系构建逻辑来看，证券公司在碳市场的核心价值在于通过金融工具创新来化解绿色转型中的结构性矛盾，具体而言呈现四大鲜明特征，其一，证券公司正深度嵌入碳市场基础设施构建，通过一级自愿减排量项目孵化、二级市场流动性供给及衍生品创新，逐步确立碳资产定价的重要参与者地位。其二，通过将碳资产纳入投融资决策框架，证券公司推动了企业从被动履约向主动碳管理的转变，碳回购、碳远期等工具的应用帮助企业将碳排放成本内化为经营决策变量，促使微观主体更早布局低碳技术升级。其三，产品创新呈现明显的场景化特征，从标准化碳配额交易到定制化回购协议，从单一碳资产买卖到结构化融资方案，证券公司正围绕控排企业实际需求提供解决方案矩阵。其四跨市场联动能力成为券商碳金融业务的核心竞争力，例如碳市场与电力市场、信贷市场的联动，不仅提升了单一市场的运行效率，更推动了全社会能源结构、产业结构的系统性优化。

商业模式原图定位