摘要
我国碳中和目标的提出,为推动建立全国碳交易市场,促进企业绿色低碳转型指明了方向。本文利用实物期权方法,通过构建企业减排项目投资相关的价值函数,研究碳交易市场和碳税两种不同的绿色政策下企业的最优投资时机、碳排放量以及企业价值,同时对两种政策优缺点进行比较分析。结果表明,不同财务状况和市场环境下,两种政策所产生的效应具有显著差异。
The proposal of China’s carbon neutrality target has provided clear guidance for establishing a national carbon trading market and promoting green and low-carbon transformation among enterprises.This paper utilizes the real options approach to construct a valuation function for corporate emission reduction projects.We investigate the optimal investment timing for companies,their carbon emission levels,and enterprise value under two distinct green policies:carbon trading markets and carbon taxes.Furthermore,we conduct a comparative analysis of the advantages and disadvantages of these two policies.Our findings indicate that the effects generated by these policies vary significantly depending on a company’s financial status and market conditions.
作者
宋丹丹
时瑜
SONG Dandan;SHI Yu(School of Finance and statistics,Hunan University,Changsha,Hunan 410079,China)
出处
《财经理论与实践》
北大核心
2025年第4期51-58,共8页
The Theory and Practice of Finance and Economics
基金
国家自然科学基金项目(72373039)。
关键词
碳交易
碳税
实物期权
carbon trading market
carbon tax
real options
