Research On Carbon Right Asset Valuation Based On Shadow Price And Real Option Method

In recent years,the global climate change problem has become increasingly serious and threatens the sustainable development of mankind.It has been highly valued by countries and related organizations around the world and has taken relevant measures.At the same time,under the requirements of low carbon emission reduction,the global carbon trading market has gradually developed and improved.With the increasing emphasis on environmental and climate issues by the Chinese government,since the end of 2017,the national carbon emission trading system has been officially launched,and the trading activities related to carbon rights assets have been gradually enriched,and the demand related to the evaluation and management of carbon rights assets is also rapidly increasing.At present,the carbon rights asset assessment industry is still in its infancy,and because of its particularity,there is a big difference in all aspects compared with the assessment of carbon assets.Therefore,the research on the relevant theories and methods of carbon rights asset evaluation is of great significance to the development of China’s carbon assets assessment industry and the improvement of the carbon trading market system.This paper first systematically combs the concept of carbon rights assets,clarifies the definition of carbon rights assets,analyzes its characteristics and classifies carbon rights assets according to different standards,and then analyzes the development of global carbon rights asset trading market.Secondly,it analyzes the traditional asset valuation method,shadow price method and real option method,studies the calculation method of shadow price,and discusses the real option attribute of carbon rights asset.Furthermore,the article uses the directional environmental distance function and the SBM model to construct the carbon weight asset valuation model based on the shadow price,and uses the B-S option pricing model to construct the carbon rights asset valuation model based on the real option method.After that,the appropriate case was selected and the carbon rights assets under different conditions were evaluated according to the above model.Finally,the article is summarized,and personal recommendations are made for the carbon assets assessment and carbon trading market,and the shortcomings of this paper and the issues that need further discussion and attention are pointed out.