Carbon Asset Valuation Based On Real Options Method

The increasingly serious issue of global climate change has led to the development of a low-carbon economy as an inevitable choice for mankind.And many countries and relevant organizations have attached great importance for carbon assets that generated under "carbon constraints".Increased efforts have been put by our government on energy saving and emission reduction,which has increased transaction activities related to carbon assets and led to rapidly growth of carbon assets valuation and management demand.At present,carbon assets valuation industry is in the initial stage,and there are big differences in the aspects of theory,method and practice,compared with traditional assets valuation.Therefore,it is of great theoretical and practical significance to study the relevant theories and methods of carbon assets valuation.This study firstly systematically reviews the concept of carbon assets from different perspectives,defines the concept of carbon assets,analyzes the characteristics of carbon assets and classifies them according to different standards,and studies the development situation of international carbon emission trading market and China's carbon emission trading market;secondly analyzes the applicability of the three traditional methods of asset valuation and Real Option Techniques,introduces the Real Option Techniques from the aspect of real option principle,feature,application and common model,and discusses the real option nature of carbon assets;thirdly constructs a model of the quota-based carbon assets through the analysis of value,and uses B-S Model of Real Option Techniques to evaluate the value of the project-based carbon assets from the perspective of case-study.Estimation results show that Real Option Techniques can evaluate the value of the project-based carbon assets more comprehensively,including both current deterministic value and future uncertain value.Finally puts forward carbon assets development proposals from the aspect of theoretical research,institution,supervision,personnel,data and carbon assets management.