A Research On New Energy Companies Based On Real Options Approach

With the growing shortage of energy and the increasing prominent of environmental issues, the development and utilization of new energy has become a necessary way for the sustainable development of human society, vigorously develop new energy industry has become a global consensus. In the future,the economic development of the New energy industry will certainly has a very important strategic position, our country also has given the support vigorously in policy and economy,actively participate in the global research and development of new energy. The New energy investment projects have high upfront costs, project operation cycle is long,the potential growth, great affected by the environment, make the development of new energy companies have a lot of uncertainty and risk. These characteristics also make the new energy companies operating business decision makers more flexibility,allowing investors to take greater risks and uncertainties, but that just shows when assessing the value of new energy companies need to consider the enterprise value option value contains. How this fluctuating market environment, give full consideration to the option value of new energy enterprise value contained in a comprehensive and accurate assessment of the value of new energy companies, it has become the focus of investors, managers and government departments of great concern.Traditional valuation methods focus more on the company’s cash flow, real value, while ignoring the new energy enterprise value of option value. Real options considered in the course of business of the enterprise strategic management flexibility,to evaluate the option value of new energy companies. This article, based on research at home and abroad are reviewed on an overview of the theory of enterprise value,business valuation, pointing out the limitations of traditional valuation methods, and elaborated the theory of real options. Subsequently, the analysis of the new features and new energy companies in the energy companies the option value, and then analyzes the advantages of real option valuation in new energy enterprises;comparative analysis of the advantages and disadvantages of binomial model and BS model, select the B-S model assessment of new energy enterprise value, to further overcome the B-S model parameter estimation subjectivity, fuzzy mathematical theory to construct a fuzzy B-S model to assess the value of new energy companies.Finally, the use of BS model and fuzzy B-S model sample cases studied comparative valuation analysis results verify the B-S model of fuzzy mathematics optimized more accurately, and by expanding the sample size to verify the fuzzy B-S model in the new energy enterprise value Evaluation of scientific and effective. The main factor sensitivity analysis of the case company data derived model parameters affect the value, desired to give policy recommendations to investors and business managers to help.