Enterprise Carbon Asset Evaluation Based On Improved Real Option Method And Shadow Price Model

With the continuous advancement of industrialization,while promoting the rapid development of social productivity level,it also inevitably causes the worsening of air pollution.The endless environmental problems brought by pollution make human beings worry about their own sustainable development.Therefore,countries all over the world signed the United Nations Framework Convention on Climate Change,in order to confirm the responsibility of countries in reducing carbon emissions.Since2011,Shanghai,Chongqing,Guangdong and other places have launched carbon emission trading pilot programs.At the end of 2017,China gradually established a national carbon trading system.With the development in recent years,the trading volume and transaction volume of carbon assets have increased year by year,but a complete and standardized carbon emission trading mechanism has not been established,nor a complete carbon asset evaluation system has been established,which is unfavorable to the development of the national carbon trading market.Due to the particularity of carbon assets,the traditional three asset evaluation methods are not fully applicable to the evaluation of carbon assets.Therefore,it is particularly important to study the relevant methods and theories of carbon asset evaluation,which is of great significance to promote the vigorous development of China’s carbon asset evaluation industry and improve the carbon asset trading market system,thus contributing to the realization of the central government’s "two-carbon" strategic goal as soon as possible.This paper firstly introduces the current situation of global carbon emissions and carbon trading market,discusses the significance of studying the theoretical system and methods of carbon asset assessment,reviews and summarizes the relevant literature on carbon asset assessment at home and abroad,systematically sorts out the concept of carbon asset,clearly puts forward the relevant definition of carbon asset and makes a brief analysis of its characteristics,and classifies carbon asset according to different standards.It categorizes it into emission reduction carbon assets and quota carbon assets,and then studies the development of China’s carbon asset trading market and the international carbon asset trading market.Secondly,it summarizes the three traditional methods of asset evaluation and studies the applicability of carbon asset evaluation,which is a special case.It finds that traditional evaluation methods are not suitable for carbon asset evaluation,and further defines the applicability of shadow price method and real option method to carbon asset evaluation.Furthermore,this paper constructs a translogarithmic production function on the basis of Cordgrass function,taking real GDP as output variable and labor,carbon emission and capital stock data as input variables.Considering the availability of data,panel data of 30 provinces and cities in China from 2015 to 2020 are selected.The linear regression method is used to estimate the coefficient of the model with matlab software,and then the shadow prices of carbon assets of quota and carbon assets of emission reduction are calculated according to the carbon emission data of the case enterprise,so as to obtain the complete shadow prices of carbon assets of the enterprise.The calculated results are compared with those calculated by the real option method which takes transaction cost into account.According to the comparative analysis,it is found that the real option method is more suitable for the evaluation of carbon assets.Finally,according to the deficiencies exposed in the process of actual research,the paper summarizes and puts forward corresponding suggestions for the subsequent development of carbon market.