Research On The Application Of Improved B-S Option Pricing Model In The Valuation Of Carbon Emission Rights

Global warming is a realistic problem that mankind must face and cannot escape.Nowadays,people gradually realize that the traditional energy economic model is not the best economic model for sustainable development of human beings,and the low-carbon economy based on low energy consumption,low pollution and low emissions is the mainstream of future development.With the gradual formation of the global carbon trading market,carbon emission rights,as a valuable asset,are gradually recognized by the market.The prosperity of the carbon market has expanded the sources of low-carbon technology research and development and financing for low-carbon projects,spawned new businesses such as carbon verification,carbon accounting,carbon auditing,carbon asset management,carbon finance and carbon trading,and indirectly expanded the market's demand for the value assessment of carbon emission rights.Therefore,in the critical period of the construction of China's carbon market system,it is necessary to study what is carbon emission rights,how to embody the value connotation,and how to evaluate the value of such carbon emission rights.First of all,based on the domestic and foreign background of the carbon trading market and existing research theories,this paper expounds the significance of the research on the value assessment of carbon emission rights,and sorts out the research ideas of the whole paper.Then,theoretical analysis and summary of carbon emission rights and B-S option pricing model are carried out to solve the problem of carbon emission rights evaluation object,and three demands of carbon trading market are put forward.Again,B-S option pricing model in the applicability of the carbon emission rights value evaluation,by analyzing based on the project value of carbon emissions,to further explore the value of the asset class connotation,at the same time,combined with the actual situation of carbon trading market,the B-S option pricing model of a hypothesis(there is no transaction costs),to join the proportion of transaction cost M,through mathematical analysis,the improved B-S option pricing model,then select the carbon market bamboo forest carbon sink project case evidence analysis;Finally,through the summary of the above research content,the rationality of the method is analyzed,and the thinking on the value assessment of carbon emission rights and the carbon trading market is deepened to help the construction of China's carbon trading market system.In this paper,the research on carbon emission rights value evaluation is an expansion of the application field of B-S option pricing model.On the one hand,the B-S option pricing model is optimized to make the model more close to the characteristics of carbon emission rights value in all aspects,so as to improve the reliability of carbon emission rights value evaluation.,on the other hand,this article research is for carbon trading market value assessment of the hot issues to explore,is a useful attempt about carbon assets value assessment,a reasonable carbon price will help give full play to the carbon market to optimize cost,create a new investment opportunity,to promote the sustainable development of social economy has important significance.