Research On The Valuation Of Paper Enterprises In The Context Of Carbon Emission Trading

In recent years,low-carbon economy has become a key challenge for modern macroeconomic development.To this end,China has proposed the strategic goals of "carbon peaking" and "carbon neutrality",and opened up the carbon emission trading market to further strengthen the environmental regulation of high pollution and high emission enterprises by market-based means,with a view to driving the low-carbon transformation of such industries.As one of the first industries to be included in the carbon trading market,the benefits of paper enterprises actively engaging in carbon reduction activities cannot be ignored,and the connotation of enterprise value has also changed,so how to accurately assess the value of paper enterprises in the context of carbon emissions trading has become one of the urgent issues to be resolved.This paper focuses on the value of paper enterprises and finds that,in the context of the current opening of carbon emissions trading,the connotation of the value of paper enterprises has changed as an industry significantly influenced by environmental constraints.The value of paper enterprises not only includes traditional economic value,but also generates environmental benefit value due to the policy drive.If traditional valuation methods are still used to assess the value of paper enterprises,there are two major problems: strong subjectivity in parameter prediction and failure to consider the value of environmental benefits brought by paper enterprises engaged in carbon reduction activities.To solve the above problems,this paper introduces Monte Carlo simulation to determine the EVA value in the forecast period based on the traditional EVA model,which improves the subjectivity of parameter prediction.At the same time,an accounting method for environmental costs and carbon emission-related environmental benefits of paper enterprises is proposed in combination with the analysis of environmental benefits of paper enterprises,which further adjusts the above EVA prediction values and makes the assessment results take into account the influence of environmental benefit values of paper enterprises.Finally,the improved valuation model was applied to assess the value of YL paper enterprises and compared with the market value on the valuation base date.The results showed that the difference rate of the assessed value derived from the traditional EVA model before the application of the improvement was about 25%,and the difference rate of the assessed value was significantly lower after the improved EVA projection using Monte Carlo simulation,but both of them underestimated the value of YL paper enterprises.After considering the environmental benefits of the YL paper company,the difference in the assessed value is 5%,which is a more reasonable and scientific result.Through this study,the EVA valuation model using Monte Carlo simulation to consider the environmental benefit value can more accurately assess the value of paper enterprises and improve the theoretical study on the value of paper enterprises,and it is also expected to have some reference significance for the enterprise value assessment of more environmentally constrained enterprises considering the environmental benefit value in the context of the gradual improvement of the carbon trading market in the future.