Research On Corporate Carbon Trading Decision-making Based On Real Options

Global warming is seriously threatening the living environment of human beings.In order to protect our homeland,the United Nations has adopted a series of measures.The United Nations has adopted a series of measures,among which the Kyoto protocol is the first time in human history to limit greenhouse gas emissions in the form of regulations.Carbon emission trading has become an effective means to limit enterprises' random carbon emission by means of market.Since the reform and opening up,China's economy has been developing rapidly,but also caused a series of negative effects to the ecological environment.The Chinese government has gradually realized the importance of maintaining sustained economic growth,it is time to change the traditional development mode and promote the concept of green development.Promoting "green development" through the establishment of carbon trading pilot:Since the establishment of pilot carbon trading programs in Shanghai,tianjin,chongqing,Beijing,shenzhen,guangdong and hubei at the end of 2013.After more than four years of building carbon trading pilots,the national development and reform commission announced the official launch of the national carbon market in December 2017,which means more and more companies will enter the market to participate in carbon trading.However,most of the current researches on carbon trading are based on the macro aspects such as the construction of carbon market,and there are few researches on the decision-making of carbon trading in enterprises.Therefore,this paper has strong practical significance.In the context of unprecedented attention to environmental issues at home and abroad as well as the domestic carbon trading market construction of the critical period.Through the theoretical analysis method of real options,this paper analyzes the specific decision-making behavior of enterprises in the process of carbon trading from the perspective of enterprises.Provide new ideas.for enterprise's sustainable development.Firstly,two important decisions in the process of carbon trading are analyzed:whether to carry out carbon trading and when to introduce low-carbon technology.Secondly,in view of the above two problems,black-scholes pricing model of real option theory is used to analyze the value of carbon emission options,so that enterprises can decide whether to conduct carbon trading through model construction.and then this paper makes an empirical analysis by taking hubei carbon emission trading market as an example.Thirdly,the best time for enterprises to invest in carbon emission reduction technology was identified according to the binary tree model,and the case of anhui conch cement "demonstration project of carbon dioxide capture and purification of cement kiln flue gas(CCS)" was used for empirical analysis.At last,the paper puts forward Suggestions from three aspects:government,institution and enterprise.