Research on Carbon Asset Valuation of New Energy Enterprises Based on the Improved B-S Model: A Case Study of Contemporary Amperex Technology Co., Limited

Against the backdrop of the "Dual Carbon" strategy, the accurate valuation of carbon assets of new energy enterprises has become a key challenge supporting their sustainable development. Based on the classic Black-Scholes (B-S) option pricing model, this study introduces the GARCH(1,1) model to capture the time-varying volatility characteristics of carbon prices, clearly defines the "dividend" income in the process of holding carbon assets, and conducts segmented parameter processing for their long-term validity characteristics, thus systematically addressing the three major limitations of the traditional model. On the one hand, this study provides new modeling ideas and empirical evidence for the theoretical framework of carbon asset pricing; on the other hand, it offers solutions with both theoretical basis and practical operability for new energy enterprises to promote the value realization and management upgrading of carbon assets.