中文摘要：

排污权制度改革面临着市场机制失灵、政府机制失灵和社会机制失灵的困境。基于浙江省排污权有偿使用和交易制度的试点案例，文章综合运用文献分析、案例分析和均衡分析等方法对排污权制度失灵的原因进行探析。研究表明，市场机制失灵主要表现为排污权市场有价无市、排污权供给不足、排污权交易费用过高等；政府机制失灵主要表现为排污权政府定价导致价格扭曲、排污权政府监管机制缺失、总量执法未跟进等；社会机制失灵主要是指社会组织和个人参与机制的缺失以及社会监督缺乏相应的信息披露等。通过现象看本质，监管机制的缺失是排污权制度失灵的重要原因，不同的机制失灵问题需要有不同的监管机制与之相匹配。市场机制失灵要求加强网上交易监管、环境金融监管和环境财政监管等，政府机制失灵要求加强环境执法监管和环境监测监管等，社会机制失灵则要求加强环境统计监管等。

英文摘要：

The reform of the emission right institution is faced with the failures of market mechanism, government mechanism and social mechanism. Based on paid use and transaction institution of emission right in Zhejiang Province, this paper analyzes failure causes of emission right institution through the combined methodology of literature review, case study and equilibrium analysis. Researches show that market mechanism failure is mainly reflected in the following aspects： incomplete competitive, insufficient supply and high transaction cost. Government mechanism failure is mainly reflected in the following aspects： price distortion caused by government pricing, government supervision mechanism deficiency and weak law enforcement. Social mechanism failure is mainly reflected in the following aspects： the deficiency in social organization and individual participation mechanism, lack of corresponding information disclosure in social supervision. Supervision mechanism deficiency is an important cause for the failure of emission right insti- tution. Different mechanism failures need different matched supervision mechanisms. Market mechanism failure requires enhancement of online transaction supervision, financial regulation and financial supervi- sion. Government mechanism failure requires enhancement of environmental law enforcement supervision and environmental monitoring supervision. Social mechanism failure requires enhancement of environmental statistics supervision.