Research On The Market Approach Feature Factors Of Carbon Asset

As the global warm gets increasingly serious as well as low-carbon economy and sustainable development are advocated,countries in the world have attached more and more importance to the emission of greenhouse gases like carbon dioxide.Emission permit trading of carbon has been in full swing at home and abroad.As a new type of asset,carbon asset valued in effective ways can reflect and check the fair value of carbon asset and it is a necessary step to economic behaviors,for example,trading carbon asset.It plays a key part in motivating enterprises to trade carbon asset and achieve the goal of carbon emission reduction.Besides,it concerns whether China can deal with the pressing issues in accomplishing the goal of carbon emission abatement.Carbon asset distinguishes from real assets or other intangible assets.Its trade price can be greatly influenced by many aspects such as regional economic development,structural features of industries and social environment.Great differences exist in comparative cases.If only modifies the transaction and trade date like it does to traditional assets,the real value cannot be exemplified.Therefore,it should,with the characteristics of carbon asset as the base,identify and analyze the factors that influence the value of carbon asset,and use those factors as the characteristic factors for the market approach to value and adjust.To make the market approach be applied in a more scientific and reasonable way is quite significant.This paper has firstly analyzed the concept of carbon asset,its features and carbon asset trading market.Based on the analysis,it has chosen the EU ETS as a case to analyze since it is full-fledged in system,large in scale and active in trading activity.The trading value of carbon asset(EUA)is representative.Then,the paper,by combining the characteristics of carbon asset and the trend on the price in recent years,has made a qualitative analysis on factors influencing carbon asset price from the aspects of macro,environment and policies.It has also made empirical analysis on ten target variables such as coal price,crude oil price,natural gas price,electricity price and European industrial production index.With the factor analysis and regression analysis,it has come to a conclusion that energy and economic development can exert remarkable influence on carbon asset price,while weather,temperature and policies cannot in a short time.With the qualitative and quantitative analysis on factors influencing carbon asset price,and an analysis on the feature factors of carbon asset from the aspect of evaluation,the author thinks,when applying the market approach to value the carbon asset,considerations should be given to the regional economy,energy consumption of industries and emission reduction cost of enterprises.With the above three factors as feature factors of carbon asset,take their influence into consideration when choosing comparative cases,which may be helpful to choose proper comparative cases.Besides,choose proper indicators which have differences in regional economy,energy consumption of industries and emission reduction cost of enterprises in comparative cases and then modify them,so as to make the market approach more scientific and the valuation more reasonable.