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Prim-Lex自然資本：会計から資産化へ——RCE-B/S 2.0アップグレードに基づく取引可能な自然資本資産価格モデル

Prim‑Lex Natural Capital: From Accounting to Assetization —— A Tradable Natural Capital Asset Pricing Model Based on the RCE‑B/S 2.0 Upgrade (原題)

Xiaowang, Shen

プレプリント2026-07-18#気候金融Origin: Global経営インパクト: 資金調達対象セクター: finance
DOI: 10.5281/zenodo.21426310
原典: https://doi.org/10.5281/zenodo.21426310

🤖 gxceed AI 要約

日本語

本論文は、自然資本会計を「開示」から「価格付け」へ移行させるため、RCE-B/S 2.0モデルを提案する。8次元割引式と自然資本リスクプレミアムの定量化により、自然資本資産の格付け精度を20-35%、担保評価精度を25-40%向上させるとする。コンゴ盆地の債務自然交換、チリの生物多様性KPI連動債、中国麗水のGEP融資の3事例で実証する。

English

This paper proposes the RCE-B/S 2.0 model to shift natural capital accounting from disclosure to pricing. It introduces an eight-dimensional discount formula and quantitative natural capital risk premium, claiming to improve credit rating precision by 20-35% and collateral valuation accuracy by 25-40%. Three case studies (Congo Basin debt-for-nature swap, Chile biodiversity bond, China Lishui GEP loans) demonstrate applications.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ開示が進むが、自然資本の価格付けは未整備。本モデルは、生物多様性や自然資本を金融商品化する際の数学的基盤を提供し、今後の自然関連開示やトランジション・ファイナンスに示唆を与える。

In the global GX context

Globally, TNFD and GRI 101 are pushing natural capital disclosure, but pricing remains a gap. This model offers a standardized pricing approach that could support emerging nature markets and biodiversity credits, aligning with ISSB and transition finance trends.

👥 読者別の含意

🔬研究者:自然資本の資産価格モデルとリスクプレミアムの定量化手法を学ぶ価値がある。

🏢実務担当者:自然資本関連の金融商品設計や開示対応に応用可能な価格モデルの知見を得られる。

🏛政策担当者:自然資本市場の制度設計や価格付けの標準化に示唆を与える。

📄 Abstract（原文）

The year 2026 marks a historic turning point in which global natural capital accounting is transitioning from institutional construction toward substantive capital deployment. The IPBES Business and Biodiversity Assessment was officially released, and the GRI 101 Biodiversity Standard entered into full effect, signaling that global natural capital accounting is moving from "what to disclose" toward "how to price." However, natural capital financialization faces a fundamental bottleneck: the lack of a unified mathematical model capable of transforming ecological assets into tradable, priced, and auditable financial assets. Based on the Wood·RCE‑B/S (Regional Carbon Endowment Balance Sheet) model within the eight-dimensional framework of Prim‑Lex theory, this paper upgrades the Net Climate Equity equation  from an "accounting tool" to a "pricing model for tradable natural capital assets." This paper constructs complete mathematical expressions, clarifies the physical-economic meaning and data sources of each symbol, proposes an "eight-dimensional discount formula" for natural capital asset pricing and a quantitative method for "natural capital risk premium," and uses three empirical cases——the Congo Basin debt-for-nature swap, Chile's biodiversity KPI-linked bond, and Lishui's GEP-backed loans in China——to demonstrate the standardized application pathway of RCE‑B/S 2.0 in natural capital financialization. The research shows that through RCE‑B/S 2.0 standardized pricing, the credit rating precision of natural capital assets can be improved by approximately 20%-35%, and the accuracy of asset collateral valuation can be enhanced by approximately 25%-40%, providing a quantifiable, certifiable, and auditable mathematical language and financial instrument for the transition of global natural capital from "accounting" to "assetization."

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