摘要：全球生物多样性金融存在巨大的实践挑战。本文认为金融交易的核心是产权明晰条件下风险与收益的权衡问题，发展生物多样性金融也不例外，且应在此理论框架下讨论当前生物多样性金融的发展困境。本文首先论述了经济学理论框架下生物多样性的具体内涵，这为提出生物多样性金融奠定了理论基础。在此基础上，本文在产权明确的金融交易理论框架下讨论生物多样性金融的收益与风险问题，分别从产权界定、自然收益货币化、风险评估角度分析全球生物多样性金融当前所面临的挑战与困境。之后本文分别从上述三个维度展开，论述混合融资机制和发展金融衍生产品市场两个方式在解决上述三个问题的优势。最后，基于中国的实践经验，本文从经验借鉴视角，针对上述三个困境，为中国如何应对生物多样性金融存在的挑战提出政策建议。
关键词：生物多样性；生物多样性金融；产权界定；自然收益货币化；混合融资
机制
Global Biodiversity Finance: Practical Dilemmas,
Governance Pathways, and China’s Responses
Liu Zhiyang
Abstract: There are enormous practical challenges in global biodiversity finance. This paper posits that the core of financial transactions lies in the trade-off between risks and returns under the condition of clear property rights, and the development of biodiversity finance is no exception. Firstly, this paper discusses the specific connotations of biodiversity within the framework of economic theory, laying a theoretical foundation for proposing biodiversity finance. Building on this, it examines the issues of returns and risks in biodiversity finance within the theoretical framework of financial transactions with well-defined property rights, analyzing the current challenges and dilemmas faced by global biodiversity finance from the perspectives of property rights delineation, monetization of natural returns, and risk assessment. Subsequently, expanding on the aforementioned three dimensions, this paper explores the advantages of two approaches—blended finance mechanisms and the development of financial derivatives markets—in addressing these three issues. Finally, drawing on China’s practical experience, this paper offers policy recommendations from an experiential learning perspective on how China can tackle the challenges in biodiversity finance, addressing the aforementioned three dilemmas.
Keywords: Biodiversity; Biodiversity Finance; Property Rights Delineation; Monetization of Natural Returns; Hybrid Financing Mechanisms
