Research On Asset Value Evaluation Of Carbon Emission Right Assets Based On Improved B-S Model

With the continuous development of the industrialization era in human society,about 51 billion tons of greenhouse gases currently are released into the atmosphere every year worldwide,leading to global warming and climate anomalies.In order to avoid climate disasters,it is necessary to control and reduce carbon emissions,resulting in the emergence of a carbon emission right trading system.With the establishment and steady development of international and domestic carbon emission right markets,the trading volume of carbon emissions right assets has significantly increased,and a large demand for the evaluation,investment,and management of carbon emissions right assets has also emerged.Currently,China’s carbon emission right market is at a critical stage of moving from a regional pilot to establishing and improving a unified national market.The approval of China’s certified voluntary emission reduction projects will also be restarted.How to scientifically select appropriate evaluation methods to evaluate carbon emission right assets,especially for project carbon emission right assets,has become an urgent problem to be solved.This article summarizes existing research,according to the option attributes of carbon emission right,establishes evaluation models for quota carbon emission right assets and project carbon emission right assets respectively,enriching the evaluation theory of carbon emission right assets.The main contents of this article are as follows:Firstly,this article expounds the value composition and market transaction characteristics of carbon emission right assets,and analyzes the option attribute of carbon emission right assets;Secondly,this article analyzes the applicability of various evaluation methods to carbon emission right asset evaluation,chooses to use the market approach to evaluate quota carbon emission right assets,and uses the B-S option pricing model to evaluate project carbon emission right assets;Thirdly,a valuation model of quota carbon emission right assets based on market approach is constructed;considering the transaction costs of carbon emissions right and using range returns to replace logarithmic returns,the B-S option pricing model is improved,and an improved B-S option pricing model suitable for project carbon emissions right assets is constructed;Fourth,use the improved B-S option pricing model to evaluate the case of Shangbahe Forestry Carbon Sink Transaction.The benchmark date for the evaluation is June 17,2022.The evaluation object is forestry carbon sinks traded in the form of option contract.After calculating the evaluation results,this article compares the evaluation results with those of the cost method and the traditional B-S option pricing model,analyzes the internal reasons for the differences in the evaluation results,explains the advantages of the improved B-S option pricing model in the evaluation of carbon emission right assets,and puts forward suggestions for the future evaluation of carbon emission right assets.The research conclusions of this article are as follows: Firstly,the quota carbon emission right assets owned by an enterprise can bring benefits to the enterprise,and may also cause losses.Therefore,the quota carbon emission right assets may be a positive asset of the enterprise,or may be a negative asset,in others words liability of the enterprise;Secondly,the improved B-S option pricing model not only considers the option value of carbon emission right assets,but also considers transaction costs,replaces the logarithmic rate of return with the range rate of return,which is more in line with the actual market situation,improving the accuracy of carbon emission right asset evaluation.This thesis has 85 references,4 figures and 5 tables.