CAJ | 학술논문

碳交易是为促进全球二氧化碳减排所采用的市场机制。碳交易的价格直接影响到企业对能耗优化技术的投资、利润与经营状况。本文结合我国国情以及当前经济低迷情况构建了实物期权投资分析模型，应用案例进行数值分析，得到案例项目的最佳投资阈值点，分析碳交易价格由不同跳跃状态下对石化企业选择的能耗优化项目价值、投资规模和投资时机的影响，指导石化企业能耗优化项目的投资风险管理以及做好排放权的战略储备及其战略规划。
탄교역시위촉진전구이양화탄감배소채용적시장궤제。탄교역적개격직접영향도기업대능모우화기술적투자、리윤여경영상황。본문결합아국국정이급당전경제저미정황구건료실물기권투자분석모형，응용안례진행수치분석，득도안례항목적최가투자역치점，분석탄교역개격유불동도약상태하대석화기업선택적능모우화항목개치、투자규모화투자시궤적영향，지도석화기업능모우화항목적투자풍험관리이급주호배방권적전략저비급기전략규화。
The trading on carbon emission permission is a scheme that utilizes market forces to reduce carbon dioxide emissions and tackle the problem of climate change. The price of carbon emission permission can directly affect the company＇s investment, income and its situation of business. A real practice of the petrochemical firm is considered as a case study to evaluate the optimal time and the value of the cost saving effect and amount of C02 emission reduction through investing in an energy efficiency enhancement of the project. Further- more, we discuss the impact of the different jump states of the carbon trade price on investment size and threshold based on the analysis and numerical simulation of this model, qlais paper presents a strategy plan that helps petrochemical enterprises to manage risk, utilize and re- serve the carbon emission permission.