Evaluation Of Carbon Asset Value Based On Improved B-S Model

The massive emission of carbon dioxide has caused the global temperature to rise,which has attracted the attention of the public and has become the focus of global attention.International organizations have begun to implement effective public policies to control greenhouse gas emissions.For example,many governments have implemented stricter regulation of greenhouse gas emissions by enacting corresponding laws and regulations to implement mandatory carbon emission trading mechanisms.As the public's awareness of environmental protection increases and the cost of pollution increases,market players begin to recognize the economic value and potential benefits of acquiring carbon emission rights.However,most enterprises today are not active in responding to energy conservation and emission reduction,which affects the normal role of carbon trading mechanism to a certain extent,and is not conducive to carbon asset management,carbon finance industry development and the operation of low carbon economy.On December 19,2017,China has officially launched the national carbon emission trading system and built a national carbon emission trading market,marking a new chapter in China's carbon emissions trading.After the reform of the carbon emissions trading system,whether it is a carbon exchange,an emission reduction enterprise,or a carbon asset development enterprise,the demand for carbon assets assessment by various stakeholders is gradually increasing.This paper first expounds the background of the research,the significance of the research,the research methods and ideas,and summarizes the development history and current situation of the carbon trading market at home and abroad.Secondly,this paper compares and selects carbon emission assessment methods,and proposes an attempt to evaluate carbon emission rights using B-S pricing model,and builds a carbon asset valuation model based on quotas and project-based.In the construction of the valuation model of carbon assets based on quotas,this paper has made some improvements to the research model of previous scholars,that is,fully considers the situation in which the control enterprises sell surplus quotas,and comprehensively discusses the two situations to get more in line with the market.The actual situation of the quota carbon asset value assessment model.In the construction of project-based carbon asset value assessment model,the ROE is used to replace the logarithmic rate of return to improve the BS pricing model,and is applied in the case evaluation of carbon asset value,and verified by sensitivity analysis and sample internal prediction.Rationality of parameter substitution.Finally,the article is summarized.The main conclusions of this paper are as follows: First,the current carbon assets based on quotas are not necessarily the negative assets of enterprises,and they also have great evaluation value for enterprises.Second,they are verified.Using the rate of return to replace the logarithmic rate of return to fit the price volatility of carbon assets can better describe the fluctuations in the price of carbon assets,making the evaluation results more accurate.Therefore,the improved B-S carbon asset assessment model has certain reference value for future carbon asset assessment.