Research On Carbon Emissions Pricing Method Based On B-S Option Pricing Model

China is the world’s largest carbon emitter and is facing tremendous pressure to reduce emissions.In this context,as one of the core policy tools to achieve carbon emission reduction,the development of carbon emissions trading is strongly supported by the state.However,energy-consuming companies do not know enough about the value of carbon emissions,resulting in low transaction enthusiasm.At present,the relevant research on the value evaluation of carbon emissions is mostly concentrated on the macro perspective such as the country,the research data mostly comes from the EU market or the domestic pilot market in the early stage of construction,and the pricing research of carbon emissions is separated from the fluctuation characteristics of the data,which plays a limited role in understanding the value of carbon emissions for energy consuming enterprises at the current stage.From the perspective of energy consuming companies,on the basis of clarifying the attributes of real options for carbon emissions and combining the characteristics of carbon emissions trading,this thesis evaluates the applicability of the three types of real option pricing models that are currently widely used,the matching of B-S Option Pricing Model to the research content of this thesis is clarified.In view of the conflict between B-S option pricing model assumptions and actual conditions,this thesis supplements the transaction cost parameters in the form of transaction cost ratios and derives a pricing model that includes transaction costs,uses the GARCH model to investigate the volatility characteristics of China’s carbon emissions trading market and model the volatility,determines the volatility value describing the fluctuation of carbon prices in China’s carbon emissions trading market,and the application process of the model is described in detail by using a case.This thesis also provides suggestions for the optimization of China’s carbon emissions value evaluation methods and the future construction of the carbon emissions trading market.The carbon emissions pricing method proposed in this thesis enriches and perfects the relevant research in the field of carbon emissions pricing.By helping energy consuming enterprises evaluate the future value of carbon emissions and form an effective emission reduction incentive,this thesis has a certain reference significance for improving the enthusiasm of enterprises for carbon emissions trading and promoting the rapid development of China’s carbon emissions trading market.