Research On Assessment Of Carbon Assets Of Electricity Enterprises Based On Real Option

China,as the world’s largest carbon dioxide emissions country,is also the world’s second largest economic subject,although not compulsive to international mandatory restrictions on greenhouse gas emission reduction,but since the entry into force of the Kyoto Protocol,China has taken the initiative to reduce emissions and since 2012 had established a nationwide carbon trading market.As a scarce resource,the economic value of carbon emission has been widely concerned by various industries in China with the establishment and development of carbon trading market.Electricity industry in China’s carbon trading market is the first to be included in the scope of emission control of key industries,with the continuous expansion and prosperity of the carbon trading market,power enterprises are bound to actively participate in it.As an important role in the carbon trading market,it is the key issue for power companies to correctly understand their own carbon assets and evaluate their value effectively.Based on the review of the relevant valuation of carbon assets at home and abroad,this paper first analyzes the development course and current situation of the carbon trading market at home and abroad,combs and analyzes the definition and connotation of carbon assets,defines the carbon assets of power enterprises and their value composition,and determines the perspective of this paper on the valuation of carbon assets of power enterprises based on the CCER project;Thus,the real option value evaluation method and its two classical models are introduced,after demonstrating the real option characteristics of the carbon assets of the power enterprise project,the carbon asset value evaluation model of the power enterprise project based on the real option model is constructed,and the applicability of the power enterprise project is verified by the case study,and finally,by analyzing the current situation and existing problems of the carbon asset valuation work of the power enterprise,the paper puts forward some suggestions for the future strengthening and enhancing the carbon asset value evaluation of power enterprise.The main innovation points of this paper are:(1)based on the real option characteristics of carbon assets of power enterprise projects,the real option value evaluation model applicable to the carbon assets of power enterprise projects is constructed;(2)select the trading data of a power enterprise from the Beijing carbon trading platform,evaluate the carbon asset value of the project by B-S option model,and calculate the actual value of the carbon assets of the power enterprise project,and verify the validity of the real option model for the evaluation of the carbon asset value of the power enterprise.