碳权资产市场法特征因素研究

发布时间：2018-01-30 03:41

本文关键词： 碳权资产市场法特征因素实证分析　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着全球气候变暖问题的日益严重,在倡导低碳经济与可持续发展的背景下,各个国家越来越重视二氧化碳等温室气体的排放问题。碳排放权交易已在国内外全面展开,碳权资产作为一种新型资产,采取有效的方法对其正确估值,是反映和核算碳权资产公允价值以及交易碳权资产等经济行为中不可或缺的步骤,是调动企业碳权资产交易的积极性,实现企业碳减排目标的关键;也是关系到我国能否实现国家碳排放目标急需解决的问题。碳权资产与实体资产、其他类型无形资产等都有很大差别,其交易价格在很大程度上会受到区域经济发展水平、行业结构特点、社会环境因素等多方面的影响,可比案例之间存在着较大的差异,若仅从交易情况、交易日期等传统资产修正的几个方面进行调整不能完全体现其实际价值,因此需要根据碳权资产的特点,分析识别碳权资产的价值影响因素,作为利用市场法进行评估调整的特征因素,使市场法的应用更为科学合理便显得尤为重要。本文首先对碳权资产的概念以及特征、碳权资产交易市场进行了分析,根据分析选取了目前体系机制发展较为成熟、规模最大、交易活动较为活跃的欧盟碳排放权交易体系EU ETS进行分析研究,其碳权资产交易价格(EUA)具有较好的代表性,然后结合碳权资产本身的特点以及近年来的价格变动趋势,从宏观、环境以及政策这三个方面对影响碳权资产价格的因素进行定性分析,在此基础上选择了煤炭价格、原油价格、天然气价格、电力价格、欧洲工业生产指数等10个指标变量进行实证分析,通过因子分析和回归分析,认为能源、经济发展状况对碳权资产价格具有显著影响,而天气温度以及政策因素短期内并不能够对碳权资产价格产生显著影响。经过对碳权资产价格影响因素的定性与定量分析,在评估的角度对碳权资产的特征因素进行分析界定,认为在运用市场法对碳权资产价值进行评估时需要考虑到地域经济水平因素、行业能源消费因素以及企业减排成本因素的影响,将上述三个因素作为碳权资产的特征因素,在选择可比交易案例时考虑这几个因素的影响,希望有助于选择恰当的可比交易案例,然后选择适当的指标对地域经济水平因素、行业能源消费因素以及企业减排成本因素在可比交易案例之间的差异进行修正,以期望市场法的应用更为科学,估值更为合理。
[Abstract]:With the global warming problem becoming more and more serious, in the context of advocating low-carbon economy and sustainable development. Each country pays more and more attention to the issue of greenhouse gas emissions such as carbon dioxide. Carbon emissions trading has been carried out all over the world. As a new type of assets, carbon rights assets are valued correctly by effective methods. It is an indispensable step in reflecting and accounting the fair value of carbon right assets and trading carbon right assets, which is the key to mobilize the enthusiasm of carbon right assets trading and realize the carbon emission reduction target of enterprises. It is also related to whether our country can achieve the national carbon emission target to solve the problem. Carbon right assets and physical assets, other types of intangible assets are very different. To a large extent, the transaction price will be affected by the level of regional economic development, the characteristics of industry structure, social environmental factors, and so on. There are great differences between comparable cases, if only from the trading situation. Some aspects of traditional asset correction, such as trading date, can not fully reflect its actual value. Therefore, it is necessary to analyze and identify the factors affecting the value of carbon right assets according to the characteristics of carbon right assets. As a characteristic factor of evaluation and adjustment by using market method, it is particularly important to make the application of market method more scientific and reasonable. Firstly, this paper focuses on the concept and characteristics of carbon right assets. According to the analysis of carbon rights asset trading market, the current system mechanism is more mature and the scale is the largest. The European Union carbon emission trading system (EU ETS), which is more active in trading activities, is analyzed and studied, and its carbon asset trading price is fairly representative. Then combined with the characteristics of carbon right assets and the price trends in recent years, from the macro, environmental and policy aspects of the impact of carbon asset prices qualitative analysis. On this basis, 10 index variables, such as coal price, crude oil price, natural gas price, electricity price, European industrial production index and so on, are selected for empirical analysis. Through factor analysis and regression analysis, energy is considered. Economic development has a significant impact on carbon asset prices. The weather temperature and policy factors can not have a significant impact on the price of carbon assets in the short term. After qualitative and quantitative analysis of the factors affecting the price of carbon assets. In the angle of assessment, the paper analyzes and defines the characteristic factors of carbon right assets, and thinks that the factors of regional economic level should be taken into account when using market method to evaluate the value of carbon right assets. Industry energy consumption factors and enterprise emission reduction cost factors, the above three factors as carbon asset characteristics, in the selection of comparable trading cases to consider the impact of these factors. It is hoped that it will help to select the appropriate comparable transaction case and then select the appropriate indicator for the factor of geographical economic level. Industry energy consumption factors and enterprise emission reduction cost factors are corrected in the comparable trading cases in order to expect more scientific application of market approach and more reasonable valuation.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：X196

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