本文選題：碳權(quán)資產(chǎn)　切入點(diǎn)：評(píng)估方法　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來(lái),隨著全球碳交易市場(chǎng)的興起,圍繞以二氧化碳等溫室氣體排放權(quán)為代表的碳權(quán)資產(chǎn)所展開的學(xué)術(shù)研究成為熱點(diǎn),其中,針對(duì)碳權(quán)資產(chǎn)價(jià)值評(píng)估的理論研究亦不在少數(shù),然而以往的研究大多從碳金融衍生品市場(chǎng)或者企業(yè)自身的角度對(duì)碳權(quán)價(jià)值進(jìn)行衡量,如期權(quán)定價(jià)模型、影子價(jià)格、成本模型等,鮮有從傳統(tǒng)評(píng)估方法的角度對(duì)碳權(quán)資產(chǎn)價(jià)值進(jìn)行評(píng)估的研究。本文在前人研究成果的基礎(chǔ)上,結(jié)合現(xiàn)階段碳交易的特點(diǎn),選取資產(chǎn)評(píng)估中的市場(chǎng)法為理論研究的切入點(diǎn),進(jìn)行有關(guān)碳權(quán)資產(chǎn)價(jià)值評(píng)估問題的探討;利用模糊數(shù)學(xué)中的貼近度和灰色關(guān)聯(lián)理論中的灰色關(guān)聯(lián)度,結(jié)合當(dāng)前交易市場(chǎng)上的交易數(shù)據(jù),選取與被評(píng)估對(duì)象最相近的交易,實(shí)現(xiàn)對(duì)碳權(quán)資產(chǎn)價(jià)值的評(píng)估。具體而言,本文首先對(duì)國(guó)內(nèi)外圍繞碳權(quán)資產(chǎn)的價(jià)值所展開的理論研究進(jìn)行梳理,結(jié)合國(guó)內(nèi)外學(xué)者的碳權(quán)價(jià)值影響因素的研究成果,并根據(jù)現(xiàn)實(shí)情況進(jìn)行相應(yīng)調(diào)整,從中挑選出影響碳權(quán)資產(chǎn)價(jià)值(以EUA現(xiàn)貨市場(chǎng)價(jià)值為代表)的主要特征因素;其次,對(duì)當(dāng)前較為普遍的碳權(quán)資產(chǎn)評(píng)估方法進(jìn)行介紹,討論市場(chǎng)法途徑的可行性及重點(diǎn)、難點(diǎn)問題;再者,引入“模糊關(guān)聯(lián)度”分析思路,對(duì)模糊-關(guān)聯(lián)理論進(jìn)行介紹,包括模糊數(shù)學(xué)的貼近度和灰色關(guān)聯(lián)度的概念和原理,指出利用二者衡量碳權(quán)資產(chǎn)評(píng)估可比交易案例之間的近似程度的可行性;隨后,通過(guò)主要特征因素建立數(shù)列矩陣和模糊矩陣,構(gòu)建出模糊關(guān)聯(lián)估值模型;最后,以歐盟EUA市場(chǎng)交易數(shù)據(jù)進(jìn)行實(shí)證案例分析并得出研究結(jié)論。
[Abstract]:In recent years, with the rise of the global carbon trading market, the academic research on carbon right assets, such as carbon dioxide and other greenhouse gas emission rights, has become a hot spot. However, previous studies mostly measure the value of carbon right from the perspective of carbon financial derivatives market or enterprises themselves, such as option pricing model, shadow price, cost model, etc. Based on the previous research results and the characteristics of carbon trading at the present stage, this paper selects the market method in asset evaluation as the starting point of theoretical research. This paper discusses the value evaluation of carbon right assets, utilizes the degree of closeness in fuzzy mathematics and the grey correlation degree in grey relational theory, and combines the trading data in the current trading market to select the most close transactions to the evaluated object. To realize the evaluation of the value of carbon right assets. Specifically, this paper firstly combed the theoretical research around the value of carbon right assets at home and abroad, combined with the research results of the factors influencing carbon right value of domestic and foreign scholars. According to the actual situation, the paper selects the main characteristic factors that affect the value of carbon right assets (represented by the spot market value of EUA). Secondly, the paper introduces the current methods of carbon right assets evaluation. The feasibility, key points and difficult problems of the market approach are discussed. Furthermore, the fuzzy-relevance theory is introduced, including the concepts and principles of the closeness degree of fuzzy mathematics and the grey correlation degree, by introducing the idea of "fuzzy correlation degree". The paper points out the feasibility of using the two methods to measure the approximate degree between the comparable trading cases of carbon right assets evaluation. Then, by establishing the series matrix and fuzzy matrix through the main characteristic factors, the fuzzy association valuation model is constructed. The empirical case study is carried out with the EU EUA market transaction data and the conclusion is drawn.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：X196;F831.5

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