“双碳”战略下基于实物期权法的电力企业价值评估

Power Enterprise Valuation Based on Real Option Method Under the Background of"Double Carbon"Strategy

在双碳战略的背景下,控制碳排放成为我国未来几十年的重要任务,其中电力行业碳排放量约占我国碳排放总量的40%,电力行业减排成为实现双碳目标的重要一环,故研究新时期电力行业企业价值的评估具有较强的现实意义。通过分析双碳战略背景下电力企业的特性,将电力企业的价值分为经济价值与碳资产价值两个部分,用蒙特卡洛模型改进收益法和B-S模型对两个部分分别进行了评估,最终得到企业的整体价值,并结合案例验证了该方法的科学性和合理性。结果表明:进行节能减排并大量使用清洁能源的电力企业,其价值包含减少CO_(2)排放所带来的的潜在价值,评估出企业这部分价值,有利于促进电力企业发展清洁能源设备,进一步提升企业自身价值。

Under the background of"double carbon"strategy,controlling carbon emissions has become an important task for China in the coming decades,in which the carbon emissions of the power industry account for about 40%of the total carbon emissions in China.The emission reduction of the power industry has become an important link to achieve the dual carbon goal,so it has strong practical significance to study the evaluation of the enterprise value of the power industry in the new period.By analyzing the characteristics of double carbon strategy under the background of the electric power enterprise,the value of the electric power enterprises can be divided into economic value and carbon assets value.The monte carlo model is used to improve income method and B-S model is used to evaluate two parts respectively.Finally,the overall value of the enterprise is got.Combined with case,the scientific city and rationality of the method are verified.Finally,it is concluded that the value of power enterprises that save energy and reduce emission and use a large amount of clean energy includes the potential value brought by reducing CO_(2) emissions.The evaluation of this part of the value of enterprises is conducive to promoting the development of clean energy equipment of power enterprises and further enhancing their own value.