基于实物期权的企业项目碳资产价值评估研究
|
摘要
文章在总结现有研究文献的基础上,构建了企业开发CCER项目形成的项目碳资产的价值评估方法——B-S期权定价模型,并通过案例验证了该模型的适用性。结果发现:CCER项目的发展时间较短,项目的收益具有极大的不确定性;CCER项目的投资者可以选择履约也可以选择放弃(出售),具有较为灵活的决策自主权。收益的不确定性和决策的灵活性都表明企业项目碳资产具有较强的实物期权特性,忽略这种特性将导致企业项目碳资产的价值被低估,给项目开发企业造成收益损失。
引文
[1]Jan Bebbington,Carlos Larrinaga González.Carbon Trading:Accounting and Reporting Issues[J].European Accounting Review,2008,17(04):697-717.
[2]谭中明,刘杨.对碳资产财务会计处理的探讨[J].商业会计,2011,(31):51-52.
[3]洪芳柏.企业碳资产管理展望[J].杭州化工,2012,42(01):1-4.
[4]张鹏.碳资产的确认与计量研究[J].财会研究,2011,(05):40-42.
[5]张鹏.碳减排量的会计确认与计量[J].财会月刊,2010,(16):18-19.
[6]高建来,文晔.碳排放权交易会计的国际进展及借鉴[J].生态经济,2015,31(04):56-59.
[7]Atle C.Christiansen,J?rgen Wettestad.The EU as AFrontrunner on Greenhouse Gas Emissions Trading:How Did It Happen and Will the EU Succeed?[J].Climate Policy,2003,3(01):3-18.
[8]Convery F J,Redmond L.Market and Price Developments in the European Union Emissions Trading Scheme[J].Review of Environmental Economics&Policy,2007,1(01):88-111.
[9]陈晓红,王陟昀.欧洲碳排放权交易价格机制的实证研究[J].科技进步与对策,2010,27(19):142-147.
[10]Koch N,Bassen A.Valuing the Carbon Exposure of European Utilities.The Role of Fuel Mix,Permit Allocation and Replacement Investments[J].Energy Economics,2013,36(03):431-443.
[11]沈满洪,赵丽秋.排污权价格决定的理论探讨[J].浙江社会科学,2005,(02):26-30.
[12]Springer U,Varilek M.Estimating the Price of Tradable Permits for Greenhouse Gas Emissions in 2008-12[J].Energy Policy,2004,32(05):611-621.
[13]Klaassen G,Nentjes A,Smith M.Testing the Theory of Emissions Trading:Experimental Evidence on Alternative Mechanisms for Global Carbon Trading[J].Ecological Economics,2005,53(01):47-58.
[14]黄平,王宇露.我国碳排放权价格形成的研究--基于CDM项目的价值网络分析[J].价格理论与实践,2010,(08):24-25.
[15]胡民.排污权交易中的特征及价格形成机制[J].价格理论与实践,2007,(11):34-35.
[16]Anger N.Emissions Trading Beyond Europe:Linking Schemes in A Post-Kyoto World[J].Energy Economics,2008,30(04):2028-2049.
[17]Benz E A,Trück S.Modeling the Price Dynamics of CO2Emission Allowances[J].Energy Economics,2009,31(01):4-15.
[18]钱洁园,梁飞媛.评估行业开展碳资产评估的思考[J].财会研究,2014,(08):35-37.
[19]Lim X L,Lam W H.Review on Clean Development Mechanism(CDM)Implementation in Malaysia[J].Renewable&Sustainable Energy Reviews,2014,29(07):276-285.
[20]Isenegger P,Von Wyss R.The Valuation of Derivatives on Carbon Emission Certificates-A GARCH Approach[J].Ssrn Electronic Journal,2010,(01):1-35.
[21]陈汉明.资产评估在可转让排污权价值鉴定中的运用研究[J].首都经济贸易大学学报,2011,13(02):74-80.
[2]谭中明,刘杨.对碳资产财务会计处理的探讨[J].商业会计,2011,(31):51-52.
[3]洪芳柏.企业碳资产管理展望[J].杭州化工,2012,42(01):1-4.
[4]张鹏.碳资产的确认与计量研究[J].财会研究,2011,(05):40-42.
[5]张鹏.碳减排量的会计确认与计量[J].财会月刊,2010,(16):18-19.
[6]高建来,文晔.碳排放权交易会计的国际进展及借鉴[J].生态经济,2015,31(04):56-59.
[7]Atle C.Christiansen,J?rgen Wettestad.The EU as AFrontrunner on Greenhouse Gas Emissions Trading:How Did It Happen and Will the EU Succeed?[J].Climate Policy,2003,3(01):3-18.
[8]Convery F J,Redmond L.Market and Price Developments in the European Union Emissions Trading Scheme[J].Review of Environmental Economics&Policy,2007,1(01):88-111.
[9]陈晓红,王陟昀.欧洲碳排放权交易价格机制的实证研究[J].科技进步与对策,2010,27(19):142-147.
[10]Koch N,Bassen A.Valuing the Carbon Exposure of European Utilities.The Role of Fuel Mix,Permit Allocation and Replacement Investments[J].Energy Economics,2013,36(03):431-443.
[11]沈满洪,赵丽秋.排污权价格决定的理论探讨[J].浙江社会科学,2005,(02):26-30.
[12]Springer U,Varilek M.Estimating the Price of Tradable Permits for Greenhouse Gas Emissions in 2008-12[J].Energy Policy,2004,32(05):611-621.
[13]Klaassen G,Nentjes A,Smith M.Testing the Theory of Emissions Trading:Experimental Evidence on Alternative Mechanisms for Global Carbon Trading[J].Ecological Economics,2005,53(01):47-58.
[14]黄平,王宇露.我国碳排放权价格形成的研究--基于CDM项目的价值网络分析[J].价格理论与实践,2010,(08):24-25.
[15]胡民.排污权交易中的特征及价格形成机制[J].价格理论与实践,2007,(11):34-35.
[16]Anger N.Emissions Trading Beyond Europe:Linking Schemes in A Post-Kyoto World[J].Energy Economics,2008,30(04):2028-2049.
[17]Benz E A,Trück S.Modeling the Price Dynamics of CO2Emission Allowances[J].Energy Economics,2009,31(01):4-15.
[18]钱洁园,梁飞媛.评估行业开展碳资产评估的思考[J].财会研究,2014,(08):35-37.
[19]Lim X L,Lam W H.Review on Clean Development Mechanism(CDM)Implementation in Malaysia[J].Renewable&Sustainable Energy Reviews,2014,29(07):276-285.
[20]Isenegger P,Von Wyss R.The Valuation of Derivatives on Carbon Emission Certificates-A GARCH Approach[J].Ssrn Electronic Journal,2010,(01):1-35.
[21]陈汉明.资产评估在可转让排污权价值鉴定中的运用研究[J].首都经济贸易大学学报,2011,13(02):74-80.