Appraisal Of Emission Right Value Based On Optimal Design Of Emission Trading System

Nowadays,as the growing concerns about sustainable and harmonious development of economy and environment,the government is constantly promoting the protection of the ecological environment through institutional innovation.Since having been put into practice in 2007,the basic framework of emission trading system has been taken shape.However,there are problems such as the unclear legal status of emissions trading and the inactive secondary market.The inadequacy of the design of the emissions trading system caused the polluting enterprises to have insufficient understanding of the emission rights trading,and thus could not reasonably assess the price of emission rights.As the trials continue to deepen,how to further optimize the emissions trading system has become an important issue.Therefore,from the perspective of optimizing the design of emissions trading system,this paper focuses on how to provide enterprises with a reasonable evaluation method for the value of emission rights.This paper,taking the optimization design of emission trading system as the starting point,studies the emission rights value of inter-enterprise transactions in the secondary market.First,emission rights value is condensed in the labor enterprise pay for governance pollution,and reflected in the form of emission rights prices.Then,through the Equilibrium Theory,The Market Failure Model and other theories to analyze the formation mechanism of emission rights price,getting the conclusion that the evaluation of emission rights value can optimize the emission trading system is reasonable.Based on the analysis of three factors which affect the value of emission right: economic,social and policy factors,the application conditions of three evaluation methods and the feasibility of obtaining parameters,it is considered that the market method model of cloud model can evaluate the value of emission right.Then,it chooses Nanjing SO2 emission right value as the case evaluation object,Wenzhou,Changsha and Fujian as the comparable object,through the market method based on cloud model realizes the qualitative influence factor to the quantitative transformation,in order to reasonably determine the results of evaluation.Finally,based on the evaluation result and the present situation analysis,optimal suggestions to China's emission trading system will be given in the end of this paper.The results show that:(1)Among the factors affecting the regional emission rights value,policy factors have the greatest impact,followed by social factors,and again economic factors;(2)Emission rights value can be evaluated by the market method based on cloud model.The model can transform qualitative factors into quantitative and has advantages in application;(3)The emissions trading system can be optimized in terms of clarifying the legal status of emissions trading,expanding transaction scope,and so on.The establishment of a third-party trading platform with evaluation services for emissions rights is also a major innovation.