Research On The Value Assessment Of Carbon Assets Based On Real Option Theory

The scarcity of environmental resources and the severity of climate change have jeopardized the survival and development of mankind.Since the 1990 s,it has gradually become a hot issue in the world.The adoption of important documents such as the United Nations Framework Convention on Climate Change,the signing of the Kyoto Protocol,and the White Paper on Our Future Energy: Creating a Low-Carbon Economy,for the first time,a series of activities such as the concept of “low-carbon economy” reflect the countries of the world.Consensus and strong initiatives to address climate change issues.The "Paris Agreement" is a landmark climate agreement.The Paris Agreement has made specific arrangements for the detailed work on global response to climate change.Governments have responded positively and are constantly striving to improve the economic structure,promote sustainable development,and enhance international influence.China is a developing country.Although it does not assume primary responsibility and does not mandate the completion of corresponding emission reduction targets,China has a vast territory.As one of the countries with the largest greenhouse gas emissions in the world,China enjoys the economic growth benefits brought about by energy consumption.Therefore,it should bear the corresponding emission reduction responsibility as the developed countries.China has been actively responding to the call of international policy.From 2006 to 2012,China became the largest and most active market entity in the world's Clean Development Mechanism(CDM)project.In 2014,it proposed to establish a national carbon emission trading market and launch national carbon in 2017.Emissions trading mechanism.At the same time of rapid development of the carbon market economy,the corresponding management problems and the construction of the evaluation system will become a challenge and opportunity for the assessment industry in China.This paper takes the carbon assets generated under the background of low-carbon economy as the main research object,and uses comparative analysis method,qualitative and quantitative combined analysis method and case analysis method,etc.,based on the research of relevant literature at home and abroad,based on labor value theory and utility.Value theory,transaction cost theory and Coase theorem,and Pigou tax are the theoretical basis.The real option theory and model are used to systematically study the carbon asset value evaluation method.First of all,thedomestic and foreign literatures are sorted out.The search results show that the research objects of domestic and foreign scholars mainly focus on a few carbon intangible assets such as emission rights and carbon emission rights.The research topics include accounting confirmation and carbon tangible assets evaluation.In terms of carbon asset value assessment,a few scholars use the model to fully exploit the price and intrinsic value of carbon assets.Then,this paper defines the connotation of carbon asset and carbon asset value assessment,expounds the theory and influencing factors of carbon asset value assessment,analyzes the risk of carbon asset value assessment,and constructs the theoretical framework of carbon asset value assessment.Then,based on the comparative study of the traditional evaluation methods of carbon assets,the applicability of the real option method in the valuation of carbon assets is proposed and analyzed selectively.Finally,through the forestry carbon sink CCER transaction case,the option pricing model of carbon emission rights is constructed from the perspective of real options,and the CCER value is calculated by the model and further verified.The results show that the real option value of carbon intangible assets such as CERs has a significant impact on the carbon asset valuation.Compared with the traditional asset valuation method,the real option evaluation method can more fully reflect the value of carbon assets and measure more accurately.Carbon assets.The possible contributions of this paper are as follows: First,carbon asset assessment as a new research field,this paper systematically discusses the connotation,characteristics,impact assessment factors,assessment risks and method selection of carbon assets,and constructs carbon asset assessment.The theoretical framework can make up for the lack of theoretical methods and valuation techniques of carbon assets in China to a certain extent,and enrich the theoretical knowledge system of carbon asset assessment.Second,through the classification of carbon assets and value analysis,the real option method is used to evaluate the value of carbon assets based on the project,the BS model is selected to estimate the value of carbon assets,and the specific cases on the carbon trading market are used to further verify the physical objects.The applicability of the option model makes up for the shortcomings of traditional methods.