Construction of an enterprise carbon asset valuation model based on fuzzy real options

doi:10.3969/j.issn.2097-0706.2024.08.004

Abstract

Abstract:

Scientific and effective carbon asset assessment is a major boost for enterprises to achieve their efficient carbon management and the prosperity and development of the national carbon emission trading market.In order to improve the assessment efficiency of enterprises' carbon assets and enhance their enthusiasm to participate in the national carbon emission rights trading market，the characteristics of enterprises' carbon assets are analyzed on the basis of fully studying the trading and compliance processes of enterprises' participation in the market. Based on the real option theory and fuzzy mathematics theory，a comprehensive enterprise carbon asset valuation model is constructed to solve the inaccurate evaluation results resulting from sharp fluctuations of carbon prices and the neglect of the correlation between two carbon assets.The effectiveness and stability of the model are fully verified by numerical examples.The results show that the carbon asset valuation model proposed based on the fuzzy real option theory can be used as a basis for judging the enterprises' carbon reduction performances，an assistance to realize efficient carbon asset management and a boost for enterprises to participate in the carbon market. It is a methodology exploration of enterprises' low-carbon transformation.

Key words: carbon market, carbon assets, valuation model, real options, fuzzy mathematics

CLC Number:

TK01：X322：X196：F275

ZHAO Dan, ZHU Limin, HU Shen, HAN Shiqi. Construction of an enterprise carbon asset valuation model based on fuzzy real options[J]. Integrated Intelligent Energy, 2024, 46(8): 28-35.

Figures/Tables 5

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Table 1

Table 2

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债券代码	剩余年限/a	到期收益率/%
180005	1.75	3.770
200005	1.83	1.990
180013	2.00	3.610
180020	2.25	3.600
200013	2.38	3.020
平均值		3.198

项目	变动率/%						敏感性
项目	15	10	5	-5	-10	-15	敏感性
当前价值	10 921.840	7 216.327	3 572.826	-3 492.250	-6 892.630	-10 188.300	1
执行价值	-4 937.060	-3 368.750	-1 723.740	1 804.166	3 690.037	5 658.373	2
有效期	2 191.063	1 477.258	747.174	-765.161	-1 549.300	-2 353.540	3
中国经济政策不确定性指数	2 252.734	1 496.589	745.219	-737.470	-1 465.320	-2 181.360	4
无风险利率	1 329.828	887.204	443.896	-444.385	-889.162	-1 334.230	5