基于改进B-S模型的碳权资产价值评估——以深圳福田红树林碳汇交易为例  

Research on Carbon Rights Asset Value Evaluation Based on Improved B-S Model--Taking the Carbon Sink Trading of Mangroves in Futian as an Example

作　　者：冯体一[1] 程安铭 Feng Tiyi;Cheng Anming

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]上海市价格认证中心,上海200003

出　　处：《中国资产评估》2024年第11期72-80,F0003,共10页Appraisal Journal of China

摘　　要：与发达国家相比,中国目前碳排放权交易的发展程度仍存在一定差距,需要理论及具体实践项目的助力。本文根据碳权资产的期权属性对B-S模型进行了改进,并以广东深圳福田红树林碳汇交易项目为例,运用改进模型对此项目碳权资产进行了评估。研究发现:使用改进B-S模型与传统B-S模型估值的结果存在一定差异,经分析发现交易费用可能是产生差异的主要原因。为此,本文从完善会计信息披露制度、法律法规、理论体系等三方面就碳权资产价值的评估提出了建议。At present,compared with developed countries,there is still a certain gap in the development level of carbon emission trading in China.Therefore,there is an urgent need to provide theoretical and practical support.Based on this,this article improved B-S model based on the option attributes of carbon rights assets.Taking the Futian Mangrove Carbon Sequestration Trading Project in Shenzhen,Guangdong as an example,this model was used to value the carbon rights assets of this project.Comparing the evaluation results calculated using the traditional B-S model and analyzing the reasons for the differences,this article found that the difference caused by transaction costs is more obvious and is the main reason for the difference.Regarding the valuation of carbon rights assets,this article provides suggestions from three aspects:improving the accounting information disclosure system,laws and regulations,and theoretical system.

关 键 词：碳权资产 B-S模型 深圳红树林 

分 类 号：F273[经济管理—企业管理]