Research On The Value Evaluation Of Carbon Emission Rights Based On The Background Of "Carbon Peak And Neutrality Targets"

Carbon emission trading is a powerful means for the entire international community to participate in greenhouse gas emission reduction.Over the years,many countries have established and operated regional international carbon trading markets and gradually expanded their scale in the development.China began to participate in voluntary emission reduction from the clean development mechanism,and gradually established a local pilot carbon market and a national carbon market,which also created a huge market demand for the evaluation of the value of carbon emission rights.In the future,under the "double carbon" goal,China will further develop and improve the carbon market to promote carbon emission reduction.Therefore,carbon emission trading and carbon emission value evaluation will become a crucial research focus for a long time in the future.Carbon emission rights have different characteristics from general commodities.This paper first sorts out the theory and concept of carbon emission rights,summarizes the carbon market trading situation,and proposes the evaluation model based on in-depth understanding of carbon emission rights evaluation methods,and uses appropriate cases to verify it,providing practical reference for carbon asset evaluation.The main contents of this paper are as follows: First,it defines the relevant theories and concepts of carbon emission rights,summarizes and expounds the market body composition,trading mechanism and pricing mechanism of carbon emission rights market,as well as the development status of carbon emission rights trading market.Secondly,the influencing factors of the value of carbon emission rights are discussed,and the quantitative long-term equilibrium relationship is obtained by modeling and analyzing the historical transaction price of the carbon emission rights market in Hubei and its influencing factors;In addition,based on the analysis of the attribute of carbon emission option and the applicability of the B-S option pricing model,a B-S model evaluation method considering transaction costs is proposed.Thirdly,this paper selects Yong’an Pharmaceutical,an emission control enterprise participating in the carbon market in Hubei Province,for case analysis,and compares the modeling results with the results of the B-S option pricing model.This paper believes that the current use of the B-S model still has certain limitations,and the comparison finds that the carbon emission right value evaluation model constructed in this paper is more practical.Finally,this paper puts forward suggestions for the domestic carbon market trading system and the asset evaluation industry to participate in the evaluation of carbon emission rights.