The Intrinsic Value Of Carbon Emission Permit

With the development of the world economy,Various pollution problems,such as the inhalation of nitrogen dioxide and particulate matter,have also appeared in people's field of vision.In order to balance the environment and the economy,The theory of sewerage rights has been mentioned and has been promoted and developed continuously,the greenhouse effect of carbon dioxide has also attracted more and more attention.Paris Agreement formulated in 2015 have provided a good opportunity to tackle the climate crisis for Countries around the world.Meanwhile,our country launched a pilot project to trade carbon emission rights and will launch the national unified market for carbon emission rights in 2017.So Carbon emission right is becoming an indispensable new development right and is more and more important for enterprises.As the pilot city of China's first carbon trading market,Beijing is also the political center of our country.Compared to other pilots,Beijing has been controlling on carbon dioxide emissions tighter and tighter.Therefore,it is more realistic to choose Beijing as the case study object of this paper to analyze the relation between the intrinsic value and the transaction price of carbon emission right.Research ideas of this paper:firstly,introduce the study background and analyze the definition and market of Carbon emission right,then define that the paper is basic on intangible assets and secondary market.Meanwhile,summary valuation methods of carbon emission right.Secondly,analyze the root of the intrinsic value of carbon emission right from the perspective of economics and asset valuation theory.Thirdly,analyze the unworthiness of cost method,income method and market approach and analyze the suitability of the shadow price theory.In the last,figure up the shadow price by using shadow price theory.Conclusion of the paper:Affected by carbon intensity and ratio of profit,the shadow price of carbon emission right is higher than the transaction price of carbon emission right.Innovation points of the paper:Firstly,take the carbon market of Beijing as an example to make a targeted analysis;secondly,besides industrial engineering,the paper considered the influence caused by carbon emission right to transportation industry.