發(fā)布時(shí)間：2018-04-09 01:28

  本文選題：CDM碳資產(chǎn)　切入點(diǎn)：CDM項(xiàng)目　出處：《華北電力大學(xué)》2017年碩士論文

【摘要】：面對(duì)全球性的節(jié)能減排、保護(hù)環(huán)境和發(fā)展低碳經(jīng)濟(jì)的大趨勢(shì),碳交易市場(chǎng)的崛起成為必然。在《聯(lián)合國(guó)氣候變化框架公約》和《京都議定書》等交易機(jī)制的約束下,碳排放額等成為一種稀缺資源,具有了進(jìn)行交易的商品屬性,針對(duì)碳排放權(quán)和減排量的國(guó)際碳交易市場(chǎng)由此產(chǎn)生。以碳排放權(quán)和減排量為主的碳交易市場(chǎng)機(jī)制主要有三種:清潔發(fā)展機(jī)制(CDM)、聯(lián)合履行機(jī)制(JI)和國(guó)際排放貿(mào)易機(jī)制(ET)。整體來(lái)看,發(fā)展中國(guó)家現(xiàn)階段參與碳交易市場(chǎng)主要是通過(guò)CDM,因此發(fā)展中國(guó)家現(xiàn)階段的碳資產(chǎn)主要由CDM項(xiàng)目所產(chǎn)生的碳資產(chǎn),即CDM碳資產(chǎn)。目前,我國(guó)是CDM碳資產(chǎn)最大的供給方,CDM碳資產(chǎn)價(jià)值對(duì)于我國(guó)相關(guān)CDM項(xiàng)目投資決策和項(xiàng)目?jī)r(jià)值最大化具有重要意義。本文首先從全球碳市場(chǎng)和國(guó)內(nèi)碳市場(chǎng)角度,總結(jié)了國(guó)際碳市場(chǎng)種類和國(guó)內(nèi)碳市場(chǎng)的發(fā)展現(xiàn)狀及趨勢(shì),分析了碳資產(chǎn)的由來(lái),概念和特征及碳資產(chǎn)評(píng)估的經(jīng)濟(jì)學(xué)基礎(chǔ),在此基礎(chǔ)上闡述了清潔發(fā)展機(jī)制運(yùn)行原理和明確界定了CDM碳資產(chǎn)的內(nèi)涵及其特殊性。其次,對(duì)CDM碳資產(chǎn)“量”和“價(jià)”兩個(gè)方面分析了CDM碳資產(chǎn)價(jià)值評(píng)估的影響因素。把影響因素分為對(duì)CDM碳資產(chǎn)排放量的測(cè)定過(guò)程、市場(chǎng)供需因素、CDM項(xiàng)目交易成本、CDM項(xiàng)目風(fēng)險(xiǎn)因素以及CDM項(xiàng)目供需雙方的議價(jià)能力這幾個(gè)方面。最后,結(jié)合傳統(tǒng)評(píng)估方法構(gòu)建了CDM碳資產(chǎn)評(píng)估模型并實(shí)證分析。對(duì)傳統(tǒng)評(píng)估方法在CDM碳資產(chǎn)中的適用性進(jìn)行了分析,引入蒙特卡洛模擬法進(jìn)行改進(jìn)收益法的思想,利用蒙特卡洛模擬CERs價(jià)格,建立CDM碳資產(chǎn)評(píng)估模型,并用內(nèi)蒙古商都縣吉慶梁風(fēng)電場(chǎng)二期49.5MW工程作為實(shí)例分析,得出項(xiàng)目中CDM碳資產(chǎn)的價(jià)值。本文構(gòu)建了結(jié)合蒙特卡洛模擬法的CDM碳資產(chǎn)評(píng)估模型,為企業(yè)內(nèi)的CDM碳資產(chǎn)價(jià)值評(píng)估及管理提供理論支持,也為其他類型碳資產(chǎn)的評(píng)估實(shí)踐提供了理論支持,豐富了碳資產(chǎn)評(píng)估的研究。CDM碳資產(chǎn)是一種新型資產(chǎn),其評(píng)估理論研究處于探索階段。國(guó)際和國(guó)內(nèi)尚未建立有關(guān)CDM碳資產(chǎn)評(píng)估標(biāo)準(zhǔn)和規(guī)范,相關(guān)研究亟須開展。限于時(shí)間、精力和能力,本文對(duì)于CDM碳資產(chǎn)評(píng)估的研究仍存在很多不完善之處,仍需要不斷地開展和完善。
[Abstract]:In the face of global energy saving and emission reduction, environmental protection and the development of low carbon economy, the rise of carbon trading market is inevitable.Subject to trading mechanisms such as the United Nations Framework Convention on Climate change and the Kyoto Protocol, carbon emissions have become a scarce resource with commodity attributes for trading,The international carbon trading market for carbon emission rights and emission reductions has thus emerged.There are three kinds of carbon trading market mechanisms, which are mainly carbon emission rights and emission reduction: clean development mechanism (CDM), joint implementation mechanism (JI) and international emissions trading mechanism (ETT).As a whole, developing countries participate in the carbon trading market mainly through CDMs at this stage. Therefore, the carbon assets in developing countries at this stage are mainly produced by the carbon assets generated by CDM projects, that is, CDM carbon assets.At present, China is the largest supplier of CDM carbon assets.In this paper, from the perspective of global carbon market and domestic carbon market, this paper summarizes the types of international carbon market and the current situation and trend of domestic carbon market, analyzes the origin, concept and characteristics of carbon assets and the economic basis of carbon asset evaluation.On this basis, the operating principle of clean development mechanism (CDM) and the connotation and particularity of CDM carbon assets are clearly defined.Secondly, the paper analyzes the influence factors of CDM carbon asset valuation from two aspects: quantity and price.The influencing factors are divided into the measurement process of CDM carbon asset emissions, the market supply and demand factors, the transaction cost of CDM project and the risk factors of CDM project, as well as the bargaining power of both suppliers and suppliers of CDM project.Finally, combined with the traditional assessment method, the CDM carbon assets assessment model is constructed and empirical analysis.This paper analyzes the applicability of traditional evaluation methods in CDM carbon assets, introduces the idea of Monte Carlo simulation to improve the income method, uses Monte Carlo to simulate the CERs price, and establishes the CDM carbon assets evaluation model.The second phase 49.5MW project of Jiqing Liang wind farm in Shangdu County Inner Mongolia is analyzed as an example and the value of CDM carbon assets in the project is obtained.This paper constructs a CDM carbon asset evaluation model combined with Monte Carlo simulation, which provides theoretical support for the valuation and management of CDM carbon assets in enterprises, and also provides theoretical support for the evaluation practice of other types of carbon assets.CDM carbon assets is a new type of assets, and its evaluation theory research is in the exploratory stage.International and domestic CDM carbon assets assessment standards and norms have not been established, the relevant research needs to be carried out.Due to the limitation of time, energy and ability, there are still many imperfections in the study of CDM carbon assets assessment, which still need to be carried out and perfected continuously.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：X196;F832.5;O242.2

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