The connotation of film music

下面为大家整理一篇优秀的assignment代写范文- The connotation of film music，供大家参考学习，这篇论文讨论了电影音乐的内涵。电影音乐的诞生，是作者为了更好地表达剧中人物的性格或者能更好地烘托电影中的气氛，电影艺术与音乐艺术结合，视觉艺术与听觉艺术结合，使电影能够更加完美地展现在人们面前而加入的一种音乐。所以电影音乐也就成为电影中的一个重要的组成部分。即使电影音乐成为电影艺术的一个组成部分，但组成音乐的基本要素并不受到影响。但是音乐家创造音乐的构思、形象和结构就要受到电影的构思、人物形象、影片结构和整体画面的影响了，电影音乐一定要和电影的内容，创作的文化背景，放映的条件，以及观看的人群语言方面的问题等相匹配的。

Film music is music that is added to a film to enhance the effect. It is a combination of two completely different arts. It is an important part of the art of film, it exists to better show the content of the film, is a very important form of expression of the art of film. Film music can make the audience more easily accept the film, it and the film plot has a thousand ties, and has a huge role in promoting the development of the story.

The combination of the development of film art and music art is the inevitable trend of the development of film art. Film music can be classified according to different ways of integration, which is closely related to the film and television content of film art.

Film music cannot be said to be divorced from its essence just because it is integrated into the film. Regardless of the elements of music, its creation is still the same as that of many musical works. However, in order to create film music, it is necessary to combine the music with the film, and then the music should be made around the theme of the film. The music presents the theme of the film, which makes the whole play more colorful and enables the audience to have more reverie, thus making the film art more perfect and sublimating the whole plot.

Film music, as the name implies, is a kind of music added by the author in order to better express the characters' personalities or better foil the atmosphere in the film. The combination of film art and music art, visual art and auditory art, makes the film more perfect in front of people. Therefore, film music has become an important part of the film. Even if film music becomes a part of film art, the basic elements that make up the music are not affected, such as melody, rhythm, harmony, strength, speed, tonality, form, texture and so on. However, the conception, image and structure of the music created by a musician must be influenced by the conception, character image, film structure and overall picture of the film. The film music must match the content of the film, the cultural background of the creation, the conditions of the screening, and the language problems of the audience. In the popular point, in fact, film music is in the film music, just to foil a better movie effect. Adding the right music to the right scenes and adding some color to the characters in the play will make the whole plot more complete and make the whole movie more perfect and incomparable. Film art is a comprehensive art, which integrates music, fine arts, drama and literature into one. It also has auditory, visual, time, space and other artistic characteristics. Therefore, film music has become an inevitable product on the development path of film art.

According to the role in the film, the film music can be divided into three categories: theme song, theme song and interlude.

Every movie has a theme song that matches it. The theme song of the movie is a simple song, it has no actual meaning of the lyrics, but throughout the play, it is the core part of the music of the movie, is also the main music of the movie. The theme song has no clear lyrics, which leaves more room for imagination. For example, the well-known movie "the butterfly lovers", in which the ingenious use of the symphony "the butterfly lovers" makes the plot further develop smoothly. Every use of the theme song in the movie pushes the plot forward.

The movie theme song is the vein of the whole movie, and what it has in common with the theme song is that it runs through the whole play. Movie theme songs can also play a general role in the story of the entire movie, it is based on the style of the movie and the movie character and image to tailor.

An interlude is a form of film music in which the filmmaker inserts music according to the needs of the plot in a certain scene. The theme song and theme song of the film run through the whole play, showing the whole, while the interlude shows the part, which is the embellishment of part of the film. The movie interlude has no effect on other plots other than this one. Its function is to add a certain part or a certain plot. Due to the need of the plot, we need to insert some new music to render, but its addition can better improve the whole movie. Just like the grace note we put on a certain note in a musical work, we wish to be a small decoration on the perfect work. Like "my motherland" in the movie "shanggan ling," its mission is to capture the patriotism of the volunteers. Interludes punctuate the film to enhance the effect of the plot.

The depict of characters in the movie is through the ups and downs of the plot and the conflict of layers, and the connection between the story and the feelings of ascension, foil atmosphere, and the plot moving is done through the film music, so the film music's role in the film art is not to be ignored. Whether a good film can be accepted by the public depends on whether it can capture the hearts of the audience. Film music is the messenger to reveal the theme of the film, show the background and atmosphere of the film, it bears the responsibility to achieve the classic, improve the audience's acceptance. Thus, movie music can make the audience accept the movie more easily.

Film music is an important means to express the hearts of characters, summarize the theme and coherent story development, it is a necessary condition on the development of the film industry, its importance is self-evident. Therefore, in order to improve the development of Chinese film art, film music is a "big project" that cannot be ignored.

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金融危机与中国相关政策

财政政策和货币政策是政府实施宏观调控的两大重要手段。政府通常根据客观经济条件做出改变。政府通过实施财政和货币政策来实现宏观调控目标。由于不同地区金融体系的差异，金融危机的影响在不同国家并不相同。我们将重点分析此次危机对中国市场的影响。在过去的10年里，中国经历了两次更严重的经济寒冬——1997年的亚洲金融危机和2008年的国际金融危机。本文旨在比较2008年金融危机期间中国的财政和货币政策。

介绍

金融危机，是指一个或多个国家或地区长期以来所有或大部分财务指标的恶化(如短期利率、货币资产、证券、房地产、地价、商业破产、金融机构倒闭等)。紧随其后的是信贷紧缩，在这种情况下，对货币的需求比货币供应增长得更快(Ji 2010)。几十年前，金融危机基本上和银行挤兑一样。如今，货币危机在金融危机中更为常见。金融危机的原则是复杂的，具有广泛的影响。人们对未来的经济前景更加悲观。这可能导致某个地区的货币贬值。经济总量和经济规模损失较大。通常，它伴随着大规模的企业倒闭，失业率上升，广泛的社会衰退，国家破产，有时社会动荡或国家层面的政治动荡。金融危机可分为货币危机、债务危机、银行危机等类型。近年来的金融危机越来越显示出某种形式的混合危机。为了应对经济危机，政府可以使用货币政策或财政政策。这可以根据货币的总市场需求和总供给进行调整。

经济环境

2008年，全球金融危机爆发。自次贷危机爆发以来，投资者开始对抵押贷款证券的价值失去信心，引发流动性危机(Liang 2012)。即使多国央行多次向金融市场注入巨额资金，也无法阻止金融危机的爆发。直到2008年9月，金融危机才开始失控，导致一些大型金融机构倒闭或被接管，并导致经济衰退。金融危机的爆发直接影响了中国，对中国的债务和股市产生了巨大影响。

GDP是一个重要的指标，它可以反映一个国家在一定时期内的总产出。在一定程度上也可以衡量我国的经济发展水平(Zhou 2016)。中国的GDP增长在2008年和2009年放缓，但在2010年有所改善。

此外，中国的失业率也没有明显的变化。它在4-4.3%之间波动，没有任何大幅增长。稳定的就业率是社会稳定的必要条件。中国政府为稳定失业率作出了积极努力。

此外，在金融危机期间，中国的CPI和PPI水平出现异常。2008年，中国的CPI长期处于0或以下，显示出经济衰退的迹象。2008年11月，PPI水平大幅下降。这种现象持续了大约三个月。有通货紧缩的表现(Ng 2011)。

由于中国是一个全球制造工厂，中国的出口受到金融危机的严重影响。从下图中可以清楚地看到。中国2009年的出口贸易总额为1206.1亿美元，比2008年下降了16%。造成这种现象的主要原因可能有以下几点。中国主要出口国家如美国、日本、东南亚国家和欧洲国家受到金融危机的影响(Zhou 2016)。因此，他们的需求较低。中国出口商品的价值也相应下降。在全球市场低迷的情况下，中国出口商在原价上很难获利。市场价格已经在停机点的左侧。因此，出口商或制造商选择关闭。供求两个因素的叠加导致了中国出口的下降。

除了贸易，中国股市也受到金融危机的冲击。以上海证券交易所综合指数(SSE Composite Index)为例。从2007年到2008年，中国的上证综合指数从最高点的12000点跌至1900点。与此同时，过去几年的交易量也很低。投资者交易减少，股指迅速下跌。这一切都表明投资者对股市信心不足。

自2008年底以来，中国政府债券的一年期收益率大幅下降。这种现象反映了中国债券市场的低迷。

有迹象表明，中国的经济环境在2008年和2009年有所恶化。中国确实受到了全球金融危机的影响。债券市场和股票市场的变化往往能反映一个国家或地区的投资热情。中国的投资环境在2008年至2009年期间恶化。另外，CPI可以在一定程度上反映消费和物价水平。负CPI表明中国出现了通货紧缩，所以消费也一直低迷。此外，同期中国的出口也出现了下降。从以上数据可以看出，当时中国在投资、消费和出口领域都受到了影响。这些原因可以归结为全球经济衰退或经济泡沫破裂的影响。

财政政策

财政政策是中央政府为实现其职能需要而对社会产品进行分配和对社会产品进行再分配的关系。财政状况直接影响社会经济的运行，财政政策已经成为国家调控经济活动最重要的政策工具之一(Mankiw 2013)。

财政政策的目标是根据金融的性质、功能、作用和特征，确定调控经济活动所要达到的目标。主要包括:(1)经济增长率一般用国民生产总值或国内生产总值的增长率来表示。财政政策利用税收和财政支出来实现经济增长的目标。(2)经济稳定的目标。(3)目标的公平分配。(4)资源配置目标。2013年(曼昆)

财政政策是利用各种政策工具来调节宏观经济活动。主要有四种类型:(1)国家预算。(2)国家税收。(3)国家债务。(4)财政补贴。2013年(曼昆)

中国2008年最著名的救市计划是4万亿人民币的投资计划。该计划包括财政政策和货币政策。在这里，我们根据财政政策来讨论这个投资计划的影响。这个计划在短期内对经济有很强的刺激作用。虽然表面投资为4万亿元，考虑到货币的乘数效应，这种投资的影响可以直接促成2 - 3年内增加6万亿元。然而，该项目的负面影响也受到了国内学者的批评(Zhou 2016)。首先，这个投资计划的主要投资领域是基础设施建设。因此，该计划促进了国内基础设施行业的发展，促进了国内钢铁、水泥、矿石和原油等基本商品的消费。在一定程度上，对保持国内生产总值稳定增长具有积极作用。此外，投资有助于保持低失业率(阿林顿2012)。

政府实施了结构性减税。从2009年开始，中国开始在所有地区和所有行业实施增值税改革。在改革过程中，降低了小规模纳税人的分类和增值税征收税率，也减轻了企业税负。各种税收减免，包括契税、印花税和住房交易税等，已七次提高出口退税率。1.6升及以下排量的车辆，暂按5%的税率征收车辆购置税。统一取消和停征102项行政事业性收费。只有2009年的结构性减税才能减轻企业和居民约5500亿元的负担。

此外，中国还增加了政府债券的发行规模。2009年，中央财政安排财政赤字7500亿元。2009年，中国的国债发行规模可能比2008年翻一番，达到1.4万亿至1.6万亿元人民币。此外，为提高地方政府的投资能力，财政部还代表地方政府发行了2000亿元的地方政府债券。这些政策对扩大投资规模、扩大内需发挥了积极作用。2009年，通过股指的上涨和债券收益率的上升，可以反映投资者对市场重拾信心(Liang 2012)。

货币政策

货币政策是一个国家或经济体的货币权威，大部分由中央银行执行，通过控制货币供应量来实现对其他经济活动的影响。主要手段包括:调整基本利率、规范商业银行存款、公开市场操作(Mankiw 2013)。一般来说，货币政策的主要目的是防止通货膨胀。在大多数国家，央行将通胀率目标设定在1% -3%(美国和日本等少数例外)。

根据调整方向，货币政策一般分为:激进——利率调整促进经济增长;中性-维持经济稳定;紧缩-减少通货膨胀可能会增加失业率。2013年(曼昆)

中国采取了一系列货币政策，如降低存款准备金率和利率。在2008年下半年,中国人民银行(PBC)降低了四次存款金融机构的存款准备金率,降低了基准存款利率四次,五次降低基准利率,存款基准利率下降了189个基点。贷款基准利率下调了216个基点。

此外，在货币政策从紧的背景下，为了有效防范和控制银行信贷扩张的冲动，中国人民银行对商业银行实施信贷规划。这种方法也控制了商业银行投资信贷和刺激中国企业投资的规模和速度(Lo 2010)。

这些措施在一定程度上促进了国内投资和内需的增长。中国股市和债市仍然可以用数字来表达这种反应。

结论

金融危机的发生是周期性的。这场危机是市场的自发调整。政府需要根据财政和货币政策的周期性选择来稳定国内经济。在2008年的金融危机中，中国政府再次采用了激进的财政和货币政策。这在短时间内极大地刺激了国内投资的增长。然而，从长远来看，这些刺激措施将不利于健康的投资环境。近年来，中国投资拉动GDP增长的难度越来越大。国内需求不足导致GDP增长乏力。这些持续恶化的经济状况在一定程度上都反映了中国的投资和消费环境是不健康的(Zhou 2016)。凯恩斯主义者的“看不见的手”可能是帮助市场恢复秩序的更有利方式。

亲们可以进入主页了解和获取更多作业代写范文，51Due为留学生提供最好的作业代写服务，详情可以咨询我们的客服QQ：800020041。

Essay写作如何控制字数

想必留学生在写作Essay的时候，都试过不够字数吧，然后就绞尽脑汁去想办法凑字数。其实国外大学的写作对于字数的要求是10%的范围内浮动，不能太少，但也不能过多，因此同学们在写作的时候一定要注意字数的问题，下面就给大家讲解一下Essay写作该如何控制字数。

了解Essay字数规定，做好字数规划

既然字数规定如此重要，那么无论你写的是一份简短的读书报告，还是一篇80,000字的博士论文，都应该预先做好规划，列出文章的整体架构和大纲，以便为各个部分大致分配好合理的字数空间。

需要注意的是，大部分情况下字数规定仅限于文章的主体部分。那么在这种情况下，你不用把附录或参考文献列表算进总字数里。但是也会有例外情况，因此这也是需要事先确认清楚的。

此外，在写作过程中也要密切关注你已经写了多少，而不是恣意挥洒地滔滔不绝，这样才不会使你在Essay完工后才不得不回过头来删减文字。

精简文字，控制Essay字数

万一真的写得太欢没能及时刹车，导致最终成品远超规定字数的话，可以通过以下方法来帮你减少字数：

精简文字，使整体风格简练清晰。是不是觉得那种语法结构复杂的长句子能显得很有学问？别嘚瑟了，让它们更简洁一点吧。你的文章将更容易阅读，字数也会相应减少。

不要心软手软，请冷血无情地删掉那些不必要的形容词或副词，以及那些对你的论点没什么帮助的重复语句。

在意思相同的情况下，用单词来替换短语，不就省下好几个字了吗？给机智的自己点个赞吧！

以上就是关于Essay写作控制字数的一些方法，希望同学们都别倒在字数限制的坑里，不然就太冤了。

亲们可以进入主页了解和获取更多论文写作技巧，51Due为留学生提供最好的essay代写服务，详情可以咨询我们的客服QQ：800020041。

The European Union's carbon emissions trading system

本篇paper代写- The European Union's carbon emissions trading system讨论了欧盟碳排放交易体系。欧盟碳排放权交易体系在全球起步较早、规模最大，在全球碳市场中占据着主导地位。多年的实践表明运行效果良好，已成为全球总量控制模式下市场化交易典范。欧盟碳排放交易体系有效运行的基础是对碳排放权的合理分配，并且有其一系列严格的制度，通过经济惩罚督促成员国、企业履约。本篇论文代写范文由51due代写平台整理，供大家参考阅读。

In the context of global warming, ecological and environmental problems have become the focus of the international community. The international community has reached consensus on building a long-term mechanism for energy conservation and emission reduction, controlling carbon dioxide emissions, and pursuing green and low-carbon economic development with low pollution, energy consumption and emissions. At present, carbon emission trading systems have been successively established around the world, such as the Chicago climate trading system, the Australian greenhouse gas emission reduction trading system and the European Union carbon emission trading system. Among them, the European Union carbon emission right trading system started earlier in the world, has the largest scale, and occupies the leading position in the global carbon market. The practice of many years shows that the operation effect is good and it has become a model of market transaction under the global total control mode. At present, China has become the largest carbon emitter in the world. How to build an effective carbon emission trading system, promote the transformation of economic development mode, and realize energy conservation and emission reduction has become an urgent problem to be solved.

2015 is the 10th year that the eu's emissions trading system has been in operation. The European commission has adopted legislation to stipulate the real right of carbon emission, namely the emission trade directive, which realizes emission reduction at the lowest cost. The "cap and trade" mode is adopted to stipulate the upper limit of emission right of each member state and industries with high energy consumption and high pollution, namely "eu emission permit". The market trading platform of eu carbon emission right trading system is constructed, and the combination of total control and quota allocation is implemented. For enterprises with surplus emission quotas, they can leave the rest for later use or put it on the market to make profits. Those who fail to meet the emission quota are the demand side, and they must go to the market to buy the quota, or they will face huge economic penalties, such as a fine of 100 euros per standard ton of carbon dioxide for excess emission. Through direct market control, economic incentives and other means, the government, enterprises and individuals to achieve free trading, promote enterprises to fulfill the social responsibility of energy saving and emission reduction. Since the implementation of the trading mode of carbon emission rights in the eu, the total carbon emissions have been effectively controlled. According to the data released by eurostat, the carbon emissions in 2014 were about 1.812 billion tons, down 4.5% from the same period last year. In particular, its trading system has successfully connected with Japan, Canada, Norway and other countries, which has enriched and improved the trading mode of carbon emission rights.

By May 2015, the eu carbon emission trading system has covered 31 European countries and 11,000 power plants, factories and airlines. These industries account for more than 50 percent of greenhouse gas emissions in the European Union and more than 80 percent of carbon dioxide emissions. Therefore, the implementation of the eu carbon emission trading system has adopted a gradual "moderate" approach, giving certain time to promote the rectification, transformation and upgrading of enterprises. The eu carbon emission trading system innovatively adopts a phased operation mechanism, which is divided into three stages. The first stage is the trial stage from 2005 to 2007. Emissions trading is limited to carbon dioxide, and the carbon allowances given to member states are free. The second stage is from 2008 to 2012. The quota allocation system was adjusted by adding methane, HFCS and other six types into the trading system. In particular, the scope of the industry continues to expand, including the aviation sector into EUETS regulation in 2012. The third stage is the emission reduction stage from 2013 to 2020. We aim to reduce carbon emissions by 21 percent from 1990 levels by 2020. Data show that the eu's greenhouse gas emissions in 2014 have been reduced by about 20% compared with 1990, and the third-phase target can almost be exceeded. This led to the adoption of the 2030 climate and energy policy framework at the 2014 eu summit, which set a new target of reducing greenhouse gas emissions by at least 40% by 2030 compared with 1990. On the whole, the phased carbon emission trading system adopted by the eu has achieved good results, and the carbon emissions of most eu countries have shown a downward trend. For example, in 2014, the carbon emissions of Slovakia, Denmark and Slovenia were reduced by 14.1%, 10.7% and 9.1% respectively.

The effective operation of the eu carbon emission trading system is based on the rational allocation of carbon emission rights. Carbon emission right trading itself is built on the credit mechanism. If the quota is too loose, it may lead to credit overflow, lose the effect of energy saving and emission reduction, or even cause the price of carbon emission right to fall sharply, which cannot fairly restrain enterprises to save energy and reduce consumption, and affect the good operation of the exchange system. The eu's cap-and-trade system USES a "cap and trade" model, with an overall 8% cut. Due to the different economic development of the member states, the simple average allocation is bound to be unfair and even aggravate the wealth gap between countries. Therefore, eu carbon emission quota allocation is based on the principle of common but different allocation. For example, for Luxembourg, Greece, Denmark and other economically developed member countries, the emission reduction target is about 20%. For countries with lagging economies, such as the poorest Bulgaria, a 20 per cent increase in emissions would be granted, but not for Malta or Cyprus. Member states further allocate carbon emission quotas to enterprises in accordance with their national economic development and industrial adjustment goals, so as to promote enterprises' awareness of energy conservation and emission reduction and put them into effect. On the whole, the quota allocation of eu carbon emission rights fully takes into account the actual economic development of its member states, and the emission reduction standards are formulated in a scientific, reasonable and balanced way. For example, as an economically developed country, Germany's emission quota was 499Mt from 2005 to 2007, 453.1mt from 2008 to 2012 and 412.4mt from 2013 to 2020. The emission quota of Bulgaria from 2005 to 2020 is 42.3mt, which aims to promote the economic development of Bulgaria and has low requirements for energy saving and consumption reduction.

The eu carbon emission trading system has a series of strict systems, urging member states and enterprises to fulfill their commitments through economic penalties. If each carbon emission enterprise must apply for the carbon emission permit, and provides the carbon emission related information, otherwise cannot engage in the task transaction activity. Companies must comply with the regulations in production and operation. If they exceed the prescribed carbon emissions, they must hedge their actual carbon emissions through market transactions. If they default, they will be fined a huge sum of money. Statistics show that from 2005 to 2009, the compliance rate of eu carbon emission enterprises exceeded 98%, and from 2010 to 2014, the compliance rate increased to more than 99%. At the same time, the eu has set up an independent trading journal, which accurately tracks and records the carbon emissions of member states and carbon emission enterprises, and verifies and supervises the trading. The carbon emission right trading of each account can only be confirmed and effectively delivered after verification, which avoids false trading and improves the reliability and credibility of the emission trading system. After being verified by an independent certification authority, the report is regularly made public to enhance public trust and promote enterprises to fulfill their social responsibilities.

In the form of legislation, the property right function of carbon emission is defined to provide legal and institutional support for the construction of the carbon emission right trading system, which can effectively realize the whole society's energy saving and emission reduction, and reduce the organization cost and implementation cost. Drawing on the successful experience of the eu, we should construct the system structure of China's carbon emission trading system from multiple dimensions. The principle of "total control" of carbon emission right is determined, including emission reduction target, total emission, trading object and time limit. The implementation of the quota system, in full consideration of regional economic development differences on the basis of the scientific design of carbon emission right quota initial allocation and redistribution principles, to promote the coordinated development of China's regional economy. For example, the eastern region enjoys rapid economic development and severe ecological damage, and adopts green and low-carbon development strategies to strictly control carbon emissions. We will establish a sound system for trading carbon credits and set up an independent department to monitor and verify the carbon emissions of enterprises. We will strictly control the issuance of permits for carbon emissions, establish a regulatory penalty system for the carbon market, and use the proceeds for ecological restoration and environmental protection.

In terms of environmental governance, the total amount of carbon emission rights will be determined by taking into account factors such as economic development, environmental quality and technological level. At present, China is in a critical period of economic restructuring, but also facing the severe pressure of environmental pollution. Therefore, when setting the total amount of carbon emissions, it cannot be achieved overnight. It should combine the advanced experience of the eu with China's national conditions. At the same time, China's vast territory, economic and ecological development is quite different, the implementation of a unified national carbon emission standards is not appropriate. The "total volume control" can be carried out in stages in light of the changing circumstances and local conditions. For example, since 2013, pan pearl river delta has implemented the green development strategy of cross-provincial cooperation, and moved boiler manufacturers out of the city. However, it is not enough to move out of the city. The carbon emission of boiler manufacturers must be fundamentally solved through the trading mode of "total quantity -- quota". The total carbon emission of each province and city is designed scientifically from the national level, and each province and city is allocated to each emission entity enterprise according to the actual science of local development.

Phase-wise progression is the biggest feature of the eu's carbon emission trading system, and also provides reliable experience for the construction of China's carbon emission trading system. China should learn from the experience of the European Union, build a dynamic operation mode, and adjust and improve the carbon emission trading system according to the operation data and problems found in each stage. The trading objects are adopted in a progressive manner. In the first stage, the industries with large carbon emissions, such as thermal power plants and iron and steel enterprises, are determined. In the subsequent stage, the trading objects are gradually expanded, such as aviation enterprises and high-energy-consuming manufacturing industries. Adopt a progressive approach to greenhouse gases, including carbon dioxide in the trading system in the first stage, and then gradually expand to six greenhouse gases. The allocation method of carbon quota will be adjusted dynamically. In the first stage, all carbon quota will be issued free of charge and gradually transferred to auction. On the whole, the construction of China's carbon emission trading system is a long-term process, which can be more easily accepted and implemented by the whole society in a shallow and deep way.

The essence of constructing carbon emission right trading system is to commercialize carbon emission right as a scarce resource. Only by introducing market automatic regulation and constraint mechanism can the marketization of carbon emission resources be promoted. From the experience of the eu in implementing the carbon emission trading system, the initial allocation of carbon emission right before it is put into the exchange secondary market determines whether the system can be successfully promoted. At present, there are three main ways for the initial allocation of carbon emission right: free distribution, price sale and auction. It is more reasonable to combine free distribution with valuable sale in the pilot of 7 provinces and cities in China. At present, there are a large number of labor-intensive small and medium-sized enterprises in China. At the same time, accurate emission data makes allocation quota more scientific. Combined with the valuable selling method, it can strengthen the enthusiasm of enterprises in energy saving and emission reduction, and promote the flexibility and efficiency of carbon emission right allocation.

Improving the financial system can promote the standard operation of the carbon emission trading system and avoid risks such as market, operation and credit. Financial departments should jointly build carbon trading platforms, including Banks, securities, funds and trusts, to promote the standardized operation of carbon market and integrate carbon emission right resources. More efforts should be made to train financial professionals, such as sending them abroad to study eu experience, so as to provide strong support for the development of the carbon emission trading system. The financial sector has gradually improved the social credit system, and the energy conservation supervision department can timely and accurately obtain enterprise information through the platform, so as to facilitate the supervision and verification of carbon emissions. Strengthen the analysis of trading platform data, balance the supply and demand of carbon emission rights, and promote efficient and low-cost trading. To build a diversified carbon emission right trading market, in addition to the traditional trading direct participants, regulatory departments and auditing departments, social groups with environmental awareness should also be introduced. As a third party, social groups and auditing departments shall jointly regulate the trading order, strengthen market supervision and avoid the abuse of carbon emission rights.

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Municipal bonds

下面为大家整理一篇优秀的essay代写范文- Municipal bonds，供大家参考学习，这篇论文讨论了市政债券。市政债券又称为地方政府债券，由地方政府或其授权代理机构发行，所募资金主要用于城市或地方基础设施建设，有时也用于弥补市政当局的费用支出和税收收入之间的季节性或暂时性失衡。允许地方政府发行债券，是实行分税分级财政体制国家的普遍做法。当地方政府税收收入不能满足其财政支出需求时，地方政府可发行债券为基础设施建设及公共产品筹资，地方政府债在其财政收入及债券市场体系中都占有重要地位。

For many emerging market countries, including China, the exploration of municipal bond issuance can pave the way for the sunshine and marketization of local government financing. In foreign countries, especially in highly developed capital markets of the United States, has been running for a number of municipal bond issuance and management, therefore, how to draw lessons from international experience, establish management specification, run efficient mechanism of debt financing of local government and local government investment and financing system, and establish the corresponding risk prevention and control system, is worth our discussion.

Municipal bonds, also known as local government bonds, are issued by local governments or their authorized agencies. The funds raised are mainly used for urban or local infrastructure construction, and sometimes to make up for the seasonal or temporary imbalance between municipal expenses and tax revenues. Allowing local governments to issue bonds is a common practice in countries with separate tax and fiscal systems.

When local governments' tax revenue cannot meet their fiscal expenditure needs, they can issue bonds to finance infrastructure construction and public goods, such as the UK, the us, Germany and Japan. Local government bonds play an important role in their fiscal revenue and bond market system. At present, the development of local bond market has also become the policy focus of newly industrialized countries, emerging market countries in transition and some other developing countries.

Since the mid-1990s, there has been a clear trend in the global market to supplement the bank-dominated financial system with the accelerated development of financial markets, and the proportion of local or municipal bond markets in the global market generally shows a rapid development momentum.

In developing countries, urbanization, decentralization of central and local governments, and reduction of fiscal deficits are three important components that affect the basic trend of economic development. The investment and financing and credit system of local governments are closely related to the above basic trend, and thus become the most basic factors in the development strategy.

While investment demand growth, investment and financing responsibility should be more from the central government to local governments, local governments must improve the efficiency of resource utilization, strengthen the budget management of local government, to guide the private sector investment in public services and infrastructure investment, and the use of local government bond markets, and promote the development of local government bond market is very important.

The United States is the country with the earliest and largest development of municipal bonds, and municipal bonds account for about 20% of government debt. Its market-oriented development model and regulatory system have been relatively perfect.

From the perspective of risk monitoring framework system to establish, in order to prevent and control the debt risk of local government, the United States gradually formed on the basis of laws and regulations, with the core of information disclosure and scale control, credit rating and dissolve the risk early warning, crisis as the means of risk monitoring framework system, at the government level provides effective municipal bonds to prevent systemic risk source sex.

The scale control indicators of the above systems mainly include debt ratio, debt bearing ratio and asset-liability ratio, etc. In terms of credit rating, rating agencies mainly consider the following factors: the issuer's overall debt agency; The ability of the issuer to maintain a prudent budget policy; The fiscal revenue position of the issuer, including the relevant tax situation and the dependence of local budgets on specific revenue; The overall socio-economic development of the place where the issuer is located; Local government risk early warning indicator system and financial monitoring plan to timely judge whether the local government is in a financial emergency; The crisis resolution mechanism includes the federal government's emergency financial assistance program, in which the ministry of finance helps local governments facing debt repayment crisis pay off debts to resolve the crisis. At the same time, when the local government enters the financial emergency, it can increase the government revenue by raising taxes and fees and guarantee the debt payment to solve the crisis.

It is worth mentioning that the United States did not establish a sound municipal bond risk management system at the beginning, but gradually established and improved in the long-term development and practice process.

From the emergence of municipal bonds in the United States in the 19th century to 1975, the municipal bond market was basically in a blank stage. The securities act of 1933 exempted the government as the main body of municipal bonds from complying with the relevant regulations on the issuance of corporate bonds by enterprises, and the issuance and transaction of municipal bonds were only subject to the anti-fraud provisions. In 1975, the municipal bond default in New York state promoted the establishment of the regulatory system. Congress created the municipal securities rule making committee to manage the underwriting and trading of municipal bonds, and brought the brokers and dealers in the municipal bond market under the supervision of the securities exchange act of 1934. As an industry self-regulatory body, MSRB specializes in drafting regulatory proposals, which have been reviewed by the SEC and become law.

After 1989, the supervision of municipal bonds in the United States was more focused on information disclosure. The SEC issued relevant regulations, requiring continuous disclosure of financial status and issuer information. The market self-regulatory organization -- securities dealers association was responsible for the supervision and regulation of municipal bond dealers and proprietary trading departments. In 2007, NASD merged with the New York stock exchange regulatory commission to create finra with specific functions. The U.S. financial crisis in 2008 forced the federal government to legislate to strengthen the regulation of municipal bonds in the 2010 dodd-frank act. Self-regulatory groups have also laid down rules for disclosure, including the American association of municipal bond analysts and the American association of government finance officials.

The above multi-level market supervision system, which is composed of government administration departments and industry self-regulatory organizations, is worth learning from. As far as China is concerned, the more urgent problem is to improve the risk management system of municipal bonds.

Domestic currently focus on the debt risk of local government financing platform, and the credit risk and financial risk guarantee, should draw experiences and lessons from the foreign debt risk management and crisis management, establish a multi-level index system of the government debt risk early warning and crisis resolution mechanism, transformation of local government debt risk to the financial risk and financial risk of the transmission chain and even the trigger condition of the debt crisis in-depth discussion and attention. We will control the hidden and overall debt of local governments and reduce the risk of default on local government bonds. Should determine the government debt risk threshold is a complicated system engineering, should be based on such as economic structure, economic growth and benefit index, residents' income distribution and consumption level, the market system development degree, the degree of financial deepening, the Treasury bond market development situation, the financial revenue and expenditure situation, the government management efficiency, the cost of debt structure and benefit situation, fiscal and monetary policy objectives into account.

In local government bonds on the threshold of development, must improve the local government debt risk management mechanism, Suggestions from municipal bonds issue pricing, trading, repay and supervision each link strict rules, including for the control and issuance of creditor's rights, market access restrictions, the credit rating system, the construction of information disclosure system, management and evaluation of investment projects, the establishment of the market liquidity to reduce investment risk, regulatory coordination as well as the improvement of the legal framework.

With the development of municipal bond market and the continuous innovation of financing tools, it is certain to promote the establishment of a multi-level capital market system, give full play to the multiplier effect of investment, and reduce local fiscal and financial risks through the improvement of the debt paying ability of debt issuing subjects and the improvement of relevant legal supervision system.

It should be said that the coordinated development of multi-level government bond markets will be meet the requirements of fiscal financing, the lower bank system risk concentration at the same time, dispersion and absorb the impact of the financial crisis, as fiscal policy and monetary policy coordination has provided a broad platform, to improve fiscal transparency and elasticity of the financial system, maintaining financial stability has a far-reaching influence.

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