实物期权视角下的企业碳无形资产价值评估  

Enterprise Low-carbon Intangible Assets Evaluation Based on Real Option Angle

作　　者：刘鹤[1] 范莉莉[1] 

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《中国科技论坛》2016年第8期116-121,129,共7页Forum on Science and Technology in China

基　　金：国家自然科学基金"碳无形资产视角下的企业低碳竞争力系统评价研究"(71271177);四川省教育厅基金"互联网碳无形资产评价空间研究"(14SB0508);四川省成都市科技计划资助项目"多目标视角下创新型城市建设中节能减排政策体系的系统评价研究"(11RKYB031ZF)

摘　　要：本文应用实物期权理论探讨企业碳无形资产实物期权特性及来源,通过比较分析几种常见实物期权评估法,讨论基于布莱尔-舒尔斯模型评估企业碳无形资产实物期权价值的可能性和适用性,使用公开碳交易市场价格数据实例演算案例企业碳无形资产实物期权价值,以此计量该价值对传统资产评估值增量的影响,并对演算结果做了拓展性分析。研究结果显示企业碳无形资产实物期权价值主要来源于资产柔性管理,而非资产本身;核证减排量等企业减排碳无形资产实物期权价值对传统资产评估值影响显著,与传统资产评估方法相比,实物期权评估方法能更加精确地计量它们的价值;而以碳配额为代表的企业配额碳无形资产实物期权价值趋近于零。Firstly, by applying real options theory, this paper discusses the real option＇s characteristics and sources of enterprise low-carbon intangible asset. Secondly, through a comparative analysis of several conunon real option evaluation methods, the paper talks over the possibility and applicability of enterprise low-carbon intangible assets＇ evaluation on Black-Scholes model. Thirdly, the paper evaluates a case of company＇s low-carbon intangible assets on the open carbon trading market＇s price data, and studies the evaluated value impacts of the result of traditional asset evaluation method. And then the calculation results are analyzed by the expansion. The research shows real option value of enterprise low-carbon intangible assets comes mainly from flexible management of managers, rather than the assets itself; Certified emissions reduction and other reduction low-carbon intangible assets significantly afffect the result of traditional asset evaluation method; Compared with traditional asset evaluation method, real option evaluation method can be used to calculate the value more accurately; However emission allocation and other quota low-carbon intangible assets＇ real option value close to zero.

关 键 词：企业碳无形资产 碳配额 核证减排量 实物期权 布莱尔-舒尔斯模型 

分 类 号：F27[经济管理—企业管理]