Application Of Real Option Pricing Method In Cangzhou Pearl Enterprise Value Evaluation

With real options is more and more applied in the evaluation of assets and project,"real options evaluation guidance (trial)" was issued by the China association of assets evaluation in February2012, promoted the domestic research on real option theory and application.Real options pricing method, on the basis of financial option pricing ideas, define the physical assets of the enterprise as the underlying asset, to make a reasonable evaluation to the enterprise value. Real options pricing method fully consider the future uncertainty factors to the impact of enterprise development, is suitable for evaluation of high risk and uncertain future development companies or real investment projects. Evaluation target for the future development of the greater the uncertainty is, the more can real options pricing method reflect the value. Real option pricing method is a very good excavation of the future potential of Cangzhou Mingzhu in the lithium battery diaphragm of new energy materials, measuring the option value of the program in numbers.The article carries on simply to the concept of real options first, and summarizes the research achievements in recent years domestic and abroad in the field of application of real options. Then under the principle of theory guiding practice, the representative of the real options pricing model:Black-Scholes option pricing model is applied to a public company:Cangzhou Mingzhu, calculating the value of equity under the real options pricing method. At the same time, calculating out the guiding price per share, finally to provide the reference for the investment decision makers in the face of the real option model enterprise.after validating the outcome between DCF model with real options. Finally combining with the practical application process, this article gives some suggestions in the process of using the real option pricing method, respectively from:the combination of quantitative and qualitative, selecting the appropriate evaluation and scientific evaluation model and properly determine the parameters of the option pricing model. In the end, we draw the conclusion:compared with defects in traditional evaluation methods in the assessment of enterprise value, real options pricing method can be better in digging out the growth opportunities in the future of the enterprise.