A Study On The Valuation Of Carbon Emissions Based On The Modified B-S Option Pricing Model

As the process of the world’s industrialization intensifies,large amounts of greenhouse gases emitted from energy consumption cause global temperatures to rise every year,the natural ecosystem was severely damaged,has threatened human survival,so control carbon emissions become the mainstream method to deal with global warming,carbon market gradually development of trading volume,rising sharply,evaluation and management of carbon emissions assets produced a huge market demand.Therefore,in the critical period of promoting the in-depth construction of carbon market trading system,it is very important to explain the concept of carbon emission right,how the carbon emission right is identified as a carbon emission right asset,how to reflect its value and choose what appropriate method to study its value.As a special asset,the carbon emission right assets cannot be compared with the general commodities,and the traditional methods cannot be adopted to accurately estimate their value.Therefore,on the basis of the analysis of the nature of carbon emission assets,value characteristics and influencing factors,we compare and choose a variety of methods,and adopt the B-S option pricing model to evaluate the carbon emission assets,which provides theoretical and practical support for the further understanding of the value of carbon emission assets and the effective management of carbon emission assets.Firstly,describing the domestic and foreign background and literature research on carbon emission right;secondly,theoretically analyze carbon emission rights and carbon emission right assets,analyze measurement problems and evaluate the value of carbon emission rights and the shortcomings of traditional evaluation method;Then,Analyzing the reasons for choosing B-S option pricing model as the research method and the applicability of B-S option pricing model,selects the real trading activities in the market,further discusses the value connotation of such assets,and adds the proportion of transaction cost to the traditional B-S option pricing model,and obtains the revised B-S option pricing model,and then selects the company case for evidence;Finally,the thesis compares the differences with the traditional B-S option pricing model and analyzes the rationality of the revised model,thus drawing the conclusion of this thesis.This thesis extends the application of B-S option pricing model to the valuation of carbon emission rights.On the one hand,B-S option pricing model is revised to make it more consistent with carbon emission right trading in all aspects,which improves the reliability of carbon emission right valuation and enriches the theory of carbon emission right asset valuation for carbon emission rights in our country.On the other hand,domestic carbon emission research is mainly aimed at power enterprises.This evaluation is a good attempt.The reasonable carbon price can make the carbon market used to the greatest extent,so as to reduce the cost of carbon emissions and create new investment opportunities for the sustainable development of society and economy.