煤电企业碳排放权价值评估的应用研究--以Z公司质押贷款项目为例

Research on the Application of Carbon Emission Right Value Evaluation in Coa1l Power Enterprises-Taking Z Company Pledge Loan Project as an Exampl

随着我国碳排放权交易市场正式上线,碳排放权被赋予价值和商品化,碳排放权的衍生交易随之展开,其中碳排放权质押是最基础的业务,科学评估企业碳排放权价值是碳排放权质押融资业务开展的前提。本文比较了主流估值方法的科学性和合理性,选择市场法和Putty-clay Vintage估值模型综合确定碳排放权的价值,并利用Z公司质押贷款项目验证估值模型的适用性,确定合理的估值区间。本文的研究结论可以为相关煤电企业及金融机构的碳金融业务提供参考。

With the official launch of China's carbon emission trading market,carbon emission rights have been given value and commercialization,and derivative transactions of carbon emission rights have been launched.Among them,carbon emission pledge is the most basic business.Scientific evaluation of the value of carbon emission rights is the premise of carbon emission pledge financing business.This paper compares the scientificity and rationality of the mainstream valuation methods,selects the market method and the putty-clay vintage valuation model to comprehensively determine the value of carbon emission rights,and uses the Z company pledge loan project to verify the applicability of the valuation model and determine a reasonable valuation interval.The research conclusions of this paper can provide reference for the carbon finance business of relevant coal power enterprises and financial institutions.