跨期排放权交易体系,在碳金融交易体系中处于核心地位,较为复杂,涵盖了排放许可权的权限设定、配额存储与借贷以及市场化管理等一系列环节。本文以天津排放权交易所为依托,结合各个环节进行一系列的理论研究,剖析了排放许可权市场的基本特征,结合市场力量,为我国的碳金融市场提供了一些切实可行的政策建议。 Intertemporal emissions trading system, which is at the core of the carbon financial trading system, is more complicated and covers a series of links such as the setting of authority of emission permits, quota storage and lending, and market-based management. Based on the Tianjin Emissions Exchange, a series of theoretical studies are carried out with various links. The paper analyzes the basic characteristics of the market of emission permits and, combined with market forces, provides some feasible policy suggestions for China’s carbon finance market.