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Research On The Value Evaluation Of Carbon Emission Rights Of Chinese Energy Enterprises Based On Modified B-S Model

Posted on:2023-05-10Degree:MasterType:Thesis
Country:ChinaCandidate:E R LiFull Text:PDF
GTID:2531306806471654Subject:Asset assessment
Abstract/Summary:PDF Full Text Request
In recent years,how to further promote green economy has become the core problem of modern macroeconomic development.Based on this,China has put forward the strategic objectives of “carbon peak”and “carbon neutralization”,which is conducive to the realization of China’s low-carbon economic development model.From the perspective of practical development,the trading of carbon emission right market is becoming more and more active in China,but the core problem is that the theory and method of carbon emission right value evaluation are still not perfect.The assessment of the value of carbon emission rights is different from that of traditional carbon emission rights,which further promotes the prosperity of many new carbon emission rights markets.In this context,how to scientifically evaluate the value of carbon emission rights has become a problem that needs in-depth research.Based on the literature review,combined with the principle of real options,this thesis studies the theory and method of carbon emission right valuation,and carries out relevant case studies.The research object of this thesis is the valuation of carbon emission rights.The purpose of this thesis is to make a scientific valuation of carbon emission rights by using the modified B-S Option model.The main contents of this thesis are as follows: first,this thesis scientifically defines the theoretical connotation of carbon emission rights and analyzes the value composition of carbon emission rights.Secondly,this thesis studies the influencing factors of the value of carbon emission rights,and focuses on the applicability between B-S Option Model and carbon emission rights valuation.Thirdly,this thesis compares the applicability of traditional evaluation methods and B-S Option Model in evaluating the value of carbon emission rights,improves the option model by modifying the relevant parameters in the model,and constructs the modified B-S Option model.Fourth,this thesis selects projects in the traditional energy industry for case analysis,and uses the modified B-S Option Method to analyze the value of carbon emission rights.Fifthly,through the case analysis of energy enterprises with the modified B-S Option model,this thesis puts forward some suggestions,such as promoting the use of the modified B-S Option Model to evaluate carbon emission rights,constructing the analysis database of carbon emission rights evaluation cases and strengthening the quality supervision of carbon emission rights evaluation,which has relative reference significance for the valuation of carbon emission rights in the future.The main conclusions of this thesis are as follows: first,there are still some problems in the value evaluation of carbon emission rights in China,such as the immature carbon emission rights trading market,the low combination of carbon emission rights evaluation theory and practice,and the lack of corresponding data case base in the carbon emission rights evaluation market.Second,the modified B-S model can improve the scientificity of the value evaluation of carbon emission rights.Compared with the traditional evaluation methods,the evaluation results of this method are more accurate,which is a further expansion of the value evaluation method of carbon emission rights.Third,when using the modified B-S to evaluate the value of carbon emission rights,it is necessary to modify the research assumptions and parameters to improve the accuracy of the evaluation results of carbon emission rights.The innovation of this thesis lies in the revision of the B-S Option model,which is mainly reflected in the revision of the assumptions and relevant parameters in the B-S Option model,such as the current price of the underlying asset,transaction cost,risk-free interest rate and maturity time.
Keywords/Search Tags:Carbon Emission Rights, Option Model, Modified B-S Model, Value Assessment
PDF Full Text Request
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