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With the development of the carbon-based market,the valuation of carbon-based asset becomes a new hot issue in financial theoretic studies.Owing to the uncertainty in life cycle of the asset and overlap between the life cycles of the assets,the traditional methods are almost invalid in pricing these assets.This paper concerning the characteristics of carbon-based asset develops a special multiperiod pricing model based upon related research.Using the model,emitting company is allowed to decide on over-or-under-emission during different trading periods according to such variables as emission situation,carbon-related market expects and so on.When the market reaches the equilibrium,the carbon emissions show a kind of regular distribution over trading periods and price levels.Such a distribution could explain in theory the interrelationship between the market equilibrium and arbitrage.Under the conditions of no arbitrage and complete market,the equilibrium price of carbon-related market can be determined.