Research On Value Evaluation Of Carbon Emission Rights

Since The Industrial Revolution happened,while promoting social reform,it also inevitably caused the aggravation of air pollution.For this purpose,countries around the world jointly drew up the United Nations Framework Convention on Climate Change and the Kyoto Protocol.It proposed a new way to control carbon dioxide emissions by market means.Since then,the global carbon emission rights trading market began to emerge.In order to achieve good progress in energy conservation and pollution reduction,China put forward the "30·60" goal.So the establishment of carbon emission rights trading market has become an indispensable key part in the process of achieving the "double carbon" goal.However,China has not yet formed a standardized carbon emission trading mechanism at present.In addition,the most important factor affecting carbon price —carbon emission is not fully considered,only the direct carbon emission is considered while ignore the implicit carbon emission.It caused many problems,such as low carbon pricing and high carbon price volatility in China carbon market.Based on the above reasons,it can release positive carbon price signals with a comprehensive consideration about the influence factors and a scientific and reasonable method,and provide reasonable reference for the value assessment of enterprises’ carbon assets and the formulation of carbon tax,promote the vigorous development of the carbon emission rights trading market and the early achievement of the "double carbon" goal.In this paper,the trade embodied carbon emission is innovatively considered,and the shadow price method is adopted to evaluate the intrinsic value of carbon emission rights in Chongqing carbon market,so as to provide a basis for carbon market pricing in other provinces and even the whole country.First of all,by reviewing domestic and foreign literature on the assessment of carbon emission rights,this paper summarizes and contrasts many kinds of valuation methods,and specified the matched-degree between the shadow price method with the assessment of carbon emission rights.However,Most of the existing assessments only considered the direct carbon emissions from energy combustion,but ignored the indirect part of carbon emissions such as carbon implied by trade.Secondly,adopt the input-output model to measure the implied carbon emissions of Chongqing in 2017 based on the input-output table.Thirdly,a non-parametric model for evaluating the value of carbon emission rights was constructed,I set capital,labor and energy as input variables,the regional gross domestic product and the carbon emission,meanwhile,was set as the output variable.Then I collect and sort Panel data of 16 provinces and municipalities from 2013 to 2019 including Chongqing,and use the maxdea software to preliminarily calculate the shadow price.It is impossible to accurately obtain the panel data of the trade embodied carbon of each province and city over the years,on account of China releases input-output table every 5years.Therefore,this paper further builds a shadow price model based on operational research,and respectively calculates the impact of considering or ignoring trade embodied carbon emission on the intrinsic value of Chongqing’s carbon emission right in 2017.Then combine it with the calculation results of the non-parametric model above and the average price of Chongqing carbon emission rights market,to verify the rationality of considering trade implied carbon in the value assessment of carbon emission rights.Finally,according to the calculation results,I offer some policy suggestions for the shortcomings of the current value assessment of carbon emission rights.Due to the limitation of the release time of core data such as input-output table and regional energy consumption,in order to insure the accuracy of the research results,this paper can only take 2013-2019 as the time quantum for research.However,this paper can be seen as a useful attempt to expand our thinking on carbon emission rights valuation.And It will provide a reference about considering more factors and then determine the value of carbon emission rights from a more reasonable perspective for scholars.