Value Assessment Of Power Companies In A Carbon Emission Reduction Environment

With air pollution problem more and more serious,people pay higher attention to it.The government has developed a series of policy about carbon emissions.What's more,as high carbon emissions industry,the electricity company mainly in thermal power faces many problems of reduction technology and clean energy investment affecting the enterprise value creation process.Therefore electricity enterprise value evaluation has a certain particularity in carbon reduction environment.Through analyzing the influence of electric power enterprises in the environment of carbon emission reduction,it is rational that the value of electric power enterprise will be divided into economic value and environmental value based on value evaluation theory.Environmental value is the external benefit created by enterprises investing emission reduction technology,that is,the external value created by environmental benefits in the process of implementing carbon emission reduction tasks.Therefore,selecting the cash flow discount method and real option method,the paper evaluate economic value and environmental value of electric power enterprise in the carbon emissions environment in order to provide decision-making basis for managers and investors.Taking Huaneng power international for example,the paper analyzes the macroeconomic background,industry background and their own present financial situation and then obtains the enterprise evaluation of economic value using the discount cash flow method and environmental value using real options method.Eventually the paper gets the total value of Huaneng power international of carbon reduction environment.Comparing with the market value,it is found that market negatively react to Huaneng power international in carbon reduction environment.So evaluating of electric power enterprise in carbon emission reduction environment,it is necessary to consider the impact of enterprise value affected by external factors and internalize external benefits to assess the real enterprise value.