| Since the beginning of the industrial revolution,the amount of fossil fuels consumed by human production and living has been enormous.The greenhouse gases emitted during the process have seriously affected the global climate and have gradually threatened human survival.Reducing energy consumption,saving energy and reducing emissions has become a key point in the harmonious development of society.To this end,in addition to the technical level of transformation,the regulation function of carbon emission trading can not be ignored.For a long time,the energy needed for power supply in China is mainly coal.The carbon dioxide emissions of the power industry account for more than half of the total emissions.It is a serious source of atmospheric pollutants,so the power industry has become a country and even other countries.The preferred target for carbon emissions trading.In 2017,the power generation industry was first included in the national carbon emissions trading market.It is also hoped that the power generation industry will be able to demonstrate well and provide reference for other industries.With the gradual development of China’s carbon trading market,it will play an increasingly important role in climate governance issues.Therefore,it is of great practical significance to conduct a valuation study on the carbon emission rights of power generation enterprises.A representative valuation model can not only solve the production and operation problems for power generation enterprises,but more importantly,provide reference for improving the trading market and ensure The healthy development of carbon emissions trading.This paper firstly discusses the definition and nature of carbon emission rights.Combined with the current state of transaction development,this paper analyzes the attributes of carbon emission rights in asset evaluation,and finally defines it as intangible assets to evaluate it..Then it introduces the development of carbon emission trading and analyzes the development of China’s clean development mechanism(CDM)to quota trading.Thermal power enterprises are also an important target of carbon emission trading,so this paper then analyzes China’s power production and carbon trading market,and finds that thermal power still plays an important role in China’s current power supply.Thermal power is still difficult to be completely replaced,indicating the importance of research on the value of carbon emission rights for thermal power companies.Although China’s carbon trading market has a certain scale,there are still many places that need improvement,and it needs coordination and coordination in many aspects.Reasonable valuation pricing is an important basis in the transaction process.At the same time,the analysis of the trading market explains to some extent the attitudes and trading purposes of the company’s carbon emission rights,which is a very important support for the definition of carbon emission rights and method selection,and also lays a foundation for the subsequent valuation.A reasonable basis.Then the paper makes a detailed comparison of the current carbon emission rights valuation methods,which analyzes the limitations of the basic asset assessment methods in the carbon emission rights assessment,and then the main methods of the shadow price method,the real option method and the putty-clay vintage model.The thought is briefly introduced.On the basis of this,the applicability of each pricing method is analyzed and compared.It is considered that using the putty-clay vintage model can better think from the internal perspective of the enterprise.The model regards carbon emission rights as the production factors required for production and operation,and incorporates the costs related to carbon emissions into the profit-influencing factors.By constructing the profit function of enterprises,the value of carbon emission rights to enterprises is studied.It finds its importance to business operations and also reflects the value discovery function of asset valuation.Finally,Huaneng Power International Co.,Ltd.was selected to verify the model.The final result is close to the actual situation,which shows the rationality of the model,can provide reference for carbon emissions trading in other industries,and provide reference for the development of carbon trading market.At the same time,in the further thinking of the model,on the one hand,innovatively think about the impact of other factors on the value of corporate carbon emission rights and corporate profits,on the other hand,to provide a certain degree of advice for assessing the value of thermal power companies or similar enterprises. |
