Research on the Value Evaluation of Carbon Neutral Bonds Based on Improved Income Method and BS Model
Against the background of the"dual carbon"policy,the development momentum of China's carbon neutral bond market is rapid.Given the problems of limited practical cases,single method,and complex evaluation factors in the current value evaluation of carbon neutral bonds,this article provides a new perspective for the value evaluation of carbon neutral bonds.Based on the mechanism of financial market risk transmission,the traditional income method has been modified with a discount rate to reduce the deviation between the valuation results and the actual situation,The BS model was used to evaluate the environmental benefits that are difficult to manifest in carbon neutral bonds.Finally,combined with case studies,it was found that the evaluation value was higher than the issuance price,and the value of carbon neutral bonds were underestimated.The valuation model is reasonable.Research can help improve the market activity of carbon neutral bonds and provide some reference for the practical valuation of carbon neutral bonds.
Carbon neutral bondsGARCH modelVariance decomposition of prediction errorvalue assessment
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