The Research Of The Forestry Small Micro Processing Enterprise Real Options Value

The reasonable use of the forestry resources is important for looking for the path out of poverty in the forest area, is also important for the forest economic development and the protection of forest resources. Therefore the local government and the competent forestry departments attach great importance to the development of the main forestry industry body through the policy support and guidance. In this paper the main body of forestry resources development and utilization were analyzed, finding that the little micro processing enterprises have the problems such as unstable product quality, low r&d investment proportion, but also have advantages such as low investment, closing to raw materials, flexible labor employment and so on. The flexibility allows small micro enterprise has a certain competitiveness.Considering the flexibility of enterprise, it is appropriate to use the real options. In this paper, based on the real option model, in combination with characteristics of forestry small micro enterprise flexibility, especially the limited supply of raw materials, it measures the enterprise value with the typical sampling on the basis of the characteristics of model correction. From the results, real option value of forestry small micro processing enterprises is about half of the total, it is much higher than the medium one. That further proves that the value of forestry small micro processing enterprises is derived from the flexibility. So the protection of the flexibility is the key of the development of forestry small micro enterprises.The first chapter is the introduction, introduces the research background,question,purpose and meanings. Based on the domestic and abroad research, the article content and frame is planned. The second chapter is the theoretical basis and the definition of the article. It mainly reviews the past research and introduces traditional project evaluation methods and real option evaluation method and finds that the latter is better. The third chapter summarizes the present situation of the forestry small micro enterprise and analyzes its characters. The fourth and fifth chapters are the key of this article. They analyze the flexibility characteristics influence on the corporate value with the theory of real options. It analyzes the flexibility value and builds the model. At last relevant policy suggestions are given through the analysis of the results of the typical sample enterprise. This article aims to giving the government a clear policy guidance to develop the forestry small processing enterprises.