Research On Value Evaluation For The Securitization Of Sewage Treatment Right Assets Based On Improved B-S Model

In recent years,the introduction of various green environmental protection policies has promoted the rapid growth of investment in the environmental protection industry,which in turn has driven the rapid development of China’s sewage treatment industry.The application of various new technologies has greatly improved the urban sewage treatment capacity and sewage treatment rate in China.However,the construction of environmental protection infrastructure requires a huge amount of capital investment.Therefore,the problem of funding has become a major problem that hinders the construction of sewage treatment infrastructure in China.In order to promote the development of the sewage treatment industry,the state encourages environmental protection enterprises to issue green bonds,asset securitization and other bond products to expand financing channels for environmental protection enterprises.Under such a large environment,the motivation of green environmental protection enterprises to explore various financing channels such as project income rights,franchise rights and other pledge financing guarantees has been further increased.With the support of the state’s policy,most sewage treatment enterprises have begun to explore the new financing channel of asset securitization in combination with their own characteristics of "idle" assets.This financing method has been sought after by many sewage treatment companies because of its special transaction structure.Therefore,the use of asset securitization for financing by sewage treatment companies has ushered in an important opportunity in the "dual carbon" environment.Combined with the current green goal of "double carbon",this paper focuses on the evaluation of the value of sewage treatment rights for the purpose of asset securitization.First,it introduces the research background and research significance of this paper,and then introduces the asset securitization and sewage treatment rights.Basic concepts,and then expound the theory of intangible assets evaluation and real option theory.Then the B-S option pricing model in real option theory is introduced and improved,and the rationality and necessity of its improvement are analyzed.Then,the securitization product of sewage treatment rights issued by XS Group is selected as the research case of this paper,and a comprehensive analysis is carried out from multiple perspectives such as the nature of its underlying assets,the stability of cash flow,the design of transaction structure,and the prevention and control of main risks.At the same time,the linear regression method is used to predict the cash flow,and other forms are used to calculate the volatility of the B-S option pricing model.Calculate,and finally add up with the stable income value of the sewage treatment right to obtain its evaluation value.The evaluation and research on the value of sewage treatment rights for the purpose of asset securitization is of great significance to the investment decisions of both investors and financing parties,to broaden the financing channels of sewage treatment rights projects,to promote China’s infrastructure construction,and to improve local government debt.