Research On Intrinsic-Value Evaluation Of Carbon Emission Rights Under Low-carbon Economies

Global warming has become a focus issue, thus the international community has spread global cooperation to face global warming. Especially the Paris Conference on Climate Change held several days ago has improve the importance of carbon reduction. The carbon trading is both economic and marketing means to solve this problem. The EU, USA and other countries have established the emissions trading system. H.E. Xi JingPing has promised to establish a national carbon trading system by 2017 in which the enterprises are required to pay for the carbon emission rights issued by the government. The first thing is to definite the value of carbon emission rights in order to set a reasonable price on them and finally promote the operation of carbon market.After analysis, the author decided to take the carbon emission rights as intangible assets and the author elaborated their assets essence and value features. When evaluating the intrinsic value, the author first conducted a comparable analysis of those traditional evaluation methods and the author found them inadequate to utilize. Thus the author introduced the cost-volume-profit(CVP) method. As for enterprises, carbon emission rights are assembling as production elements such as land, especially in those enterprises that are highly emitted and polluted. The contribution the carbon emission rights made to the profit is exactly the intrinsic value of them. Therefore, the author set up an evaluation model based on the CVP method and then calculate the margin profit generated by the margin carbon emission right. At last, the author conducted the empirical study to verify the effectiveness of the model in wish to help companies make carbon emission rights obtaining decisions and provide basis of the carbon pricing.There are five parts all of the paper. The first chapter is introduction and it mainly introduces the background and significance, the innovation points and shortcomings. The second chapter is theoretical basis, which provided theoretical references for the next chapter. The third chapter is the establishment of intrinsic-value evaluation model of carbon emission rights, which compared the traditional evaluation methods and introduced the CVP method to set up parameters and establish the model. The fourth chapter is empirical research, which took a thermal company case to verify the effectiveness of the model. The fifth chapter is conclusions and further research.