Research On Carbon Asset Value Evaluation Based On Market Method

The global climate and environmental problems are common problems faced by all mankind.The adoption of the United Nations Framework Convention on Climate Change,the signing of the Kyoto Protocol,the convening of the Copenhagen Climate Conference and the signing of the Paris Agreement has opening of a new era of emission reduction.The establishment of carbon trading system all around the world has put forward new requirements for the quantification of carbon asset valuation.On the background of the trading of the carbon asset,this paper systematically studies the value of the narrow carbon rights assets in the secondary market in China from the perspective of market method.Firstly,the definition of carbon rights assets is summarized from the perspective of asset appraisal.Then,the rationality and feasibility of the market method in the assessment of carbon right assets are analyzed,and the valuation model of market method is determined.The first adjustment factor is the transaction time factor.In this paper,through the empirical study of co-integration test and Granger causality test,it is proved that there is a long-term equilibrium relationship between carbon right assets price and coal price.Coal price is the Granger reason of carbon right assets price,So the transaction time factor can be adjusted through the coal price index.The second adjustment factor for the industry factors,by measuring the impact of carbon costs on the competitiveness of the industry to reflect the industry's energy-saving costs and the difficulty of reducing the pollution,and then 41 industrial sub-sectors has been classified and scored,and the industry correction factor is obtained.The third is the adjustment of regional factors.From the perspective of market supply and demand,the index system is constructed from the aspects of economic development and industrial structure.The regional adjustment and scoring are carried out by the main component and cluster analysis,and the regional correction factor is obtained.Finally,the example is used to verify the market method.The contribution of this paper is to establish a set of market law amendment system,and the rationality of the adjustment of comparable factors has been analyzed and tested.