Research On Value Evaluation Of Emission Rights Of SO₂ In Electric Power Industry Based On B-S Model

China introduced the emission trading system in 1988,and began the research and practice of China's emissions trading system.Emission trading is a new way to solve the negative externality of environmental pollution.Through the transaction of emission rights,the emission right is flowing in the market,which is beneficial to the optimization of environmental resources.In recent years,the emission trading system has attracted more and more attention because of its active role in environmental protection.Through the analysis of the current research status and implementation of the emission trading system at home and abroad,this paper finds that the research on emission trading in China is not thorough and incomplete.The theoretical basis of emission trading is analyzed,and the inherent logic of emission trading is explained.On the basis of the introduction of the background and theory,the article also analyzes the feasibility of applying the B-S model to evaluate the value of emission rights,and puts forward the idea of introducing the technical influence parameters to the model,and takes the sulfur dioxide emission trading of the power industry as an example,and evaluates the value of the sulfur dioxide emission right by using the B-S model.By comparing the results evaluated with the B-S model and the results obtained by the use of income method,we find that both the classic model and the revised model are higher than the value evaluated by the income method.The value of this part is the value of the decision flexibility to the enterprise.This reflects the rationality of the B-S model.In addition,because the evaluation process is simple and the data can be obtained,the B-S model can be used to evaluate the value of emission rights,and the value of its use can be more reflected in the evaluation practice.This article thinks that to promote the development of emission trading in China and make it play a greater role in environmental governance,we can start from the following three points:First,we should appropriately reduce government administrative intervention in environmental governance.Of course,at the present stage,China is still in a stage of serious industrial pollution,and the role of administrative intervention in pollution control can not be replaced.However,for pollutants which are more active in the emission trading,administrative intervention can be relaxed,the means of market play a greater role,and administrative intervention will be reduced as an important part of the next pilot.Second,to strengthen the research on the pricing mechanism of emission rights.An important reason for the inactive market of emission trading is that there is no perfect pricing mechanism for emission permits.To improve the pricing mechanism of emission rights and give full play to the financial attributes of the emission rights,we can excavate the power of the enterprise to deal with the emission rights,and further activate the market for the emission trading.Third,improve the relevant laws and regulations on emission trading.The laws and regulations on emission trading in China are only a programmatic regulation,lack of regulations and guidance on the transaction process,which also leads to the lack of specific legal basis for the local government to carry out the transaction pilot,which makes the experimental results discounted.Perfecting the relevant laws and regulations of emission trading,stipulates the process of emission trading from the legal point of view,so that the enterprises and the government will be able to abide by the law when dealing with the emission rights,and will inject new vitality into the market for the emission trading.