低碳经济背景下企业清洁技术投资最优化的实物期权分析

The Real Options Analysis on the Optimal Timing of Clean Technology Investment Based on Low-Carbon Economy

摘要:

在全球应对气候变化的背景下,碳排放权交易日益成为调节环境资源配置的市场机制。未来企业的发展必将受到碳交易价格和能源价格的双重影响。结合目前我国碳排放权交易体系尚不明朗的实际情况,构建实物期权模型研究能源价格和碳交易价格波动下企业清洁技术投资的最优投资阈值点,采用二叉树定量分析实物期权的价值,并评估能源价格和碳交易价格波动对企业清洁技术投资的影响,以期指导企业的技术投资管理以及为低碳政策和政府激励机制提供参考。

Abstract:

Under the climate change background, carbon emission trading is a mechanism that utilizes market forces to allocate environmental resources. The price of carbon emission and energy can definitely affect the company’s investment and development. Considering our carbon trading system is not very clear, the paper states an illustrative example using real option model to evaluate the optimal time and the value of clean technology investment based on the carbon emission and energy price fluctuation. Furthermore, we discuss the impact of carbon emission and energy price on enterprises’ clean technology investment. This paper presents a strategy plan that helps enterprises to optimize technology investment and management. It provides a reference for low-carbon economy policy and government incentives.