Research Of Value Assessment On The Listed Power Companies

As the basic industry and public utility of economic and social development in China, power sector plays an important role in China’s energy industry. With continuous development of power capital market and constant deepening of power reform, the listed power company has been paid more and more attention by investors. How to choose the appropriate method to make scientific evaluation for the enterprise value of listed power company has increasingly become the focus of attention of numerous investors in electric power. However,the traditional assessment method could not make comprehensive and precise assessment for the enterprise value of listed power companies. Therefore, this paper will introduce the theory of real option into the enterprise value assessment of listed power companies.With the enterprise value of listed power companies as research object, this paper reviews the theoretical methods of enterprise value evaluation and real option, and gives a definition of the concept of enterprise value from the perspective ofevaluation firstly. Then, this paper puts forward that the enterprise value of listed power companies are composed of dominant value created by dominant profitability and potential value created by potential profitability, and analyzes the influencing factors and evaluation difficulties of the enterprise value of listed power companies. Subsequently, this paper explores the limitations of traditional enterprise value assessment theory in enterprise value evaluation of listed power companies and applicability of applying real option theory into the enterprise value assessment, and then selects Black-Scholes model to assess the enterprise value of listed power companies, and introduces the assumed condition treatment of Black-Scholes model. At the end of this paper, it makes a case study taking six listed power companies as an example, and evaluation results show that the enterprise value considering the evaluation value of listed power companies was higher than the market value,and the stability ofevaluation value is stronger than the market value.This paper aims to promote the improvement and perfection of assessment methods of enterprise value, and looks forward to enriching research results of our country’s real option pricing theory, as well as making useful exploration to the enterprise value assessment system of listed power companies in China.