Value Assessment and Financial Product Pricing of Forestry Carbon Sink Projects in Fujian Province——Based on Real Option Theory
Combining the features of large-scale forestry carbon sink investment,long recovery cycle,and difficult pricing of carbon sink products,the article conducts an empirical study on the value of carbon sink afforestation projects and carbon sink transaction price in Fujian province based on the theory of real options pricing and using the Black-Scholes model.The results show that the project value calculated based on the conventional Net Present Value(NPV)method is lower than that calculated based on the introduction of the real options valuation model,while the results calculated according to the gray prediction model are higher than the average deal price of forest carbon sink in Fujian province in 2022,which indicates the value of forest carbon sink projects and the trading price of carbon sink products are seriously underestimated.The valuation method of forest carbon sink product pricing based on the real options theory is more scientific and reasonable.In order to further enrich the trading system of forest carbon sink products and increase the activity of the carbon sink market,the article puts forward countermeasures as follow:①Deepen the reform of forest rights system,encourage forest farmers to build forests.②Account investment returns scientifically to improve operators'enthusiasm.③Innovate carbon financial products to avoid the risk of price fluctuations.④Introduce diversified trading entities to promote the circulation and trading of carbon sinks.
Fujian provinceforest carbon sinkpricing of financial productsreal optionsBlack-Scholes model
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