Case Study On Value Evaluation Of Wuhan A Hydrogen Energy Vehicle Project

When autumn and winter come,most cities in the country are shrouded in fog and haze,everyone has a deep understanding.The use of fossil fuels has brought about serious environmental pollution and energy depletion,so the new energy industry has become the focus of development in each country in the next stage.According to <the relevant decision-making of the Action Plan for Energy Technological Revolution and Innovation(2016-2030)>,China classifies "hydrogen and fuel cell technological innovation" as one of the fifteen key innovative projects of the energy technological revolution,which indicates that the hydrogen energy industry has been identified as China's national energy strategy.Under the background of incorporating hydrogen energy into the national energy strategy,hydrogen energy investment projects are the trend of the times.However,when evaluating hydrogen energy related projects,some professional service organizations and enterprises will still use the traditional NPV method,while hydrogen energy industry projects belong to strategic investment projects.The traditional project valuation method may cause the project value to be underestimated,which will lead to the decrease of investment enthusiasm of enterprises in the new energy industry.Therefore,how to evaluate the project value has become a thorny problem in the development of hydrogen energy industry.Firstly,this paper briefly describes the development background of hydrogen energy automobile project,and introduces the current development status and future development prospects of hydrogen energy automobile.Then,through the analysis and comparison of traditional evaluation theory and real option theory,combining with the characteristics of hydrogen energy automobile project,the BLACK-SCHOLES model suitable for the evaluation of hydrogen energy automobile project value is constructed.Then,the BLACK-SCHOLES model is used to evaluate the value of Wuhan A company's hydrogen energy automobile project,and the BLACK-SCHOLES model is also built.Sensitivity analysis was performed on the subjective key data.At the same time,the traditional project evaluation method(DCF model)was used to evaluate the project.Combined with the evaluation results,the two evaluation methods are compared and analyzed andsummarized the differences between the two methods,the reason why the real option theory evaluation method is suitable for the evaluation of hydrogen energy automobile project value.Finally,combined with the problems found in the evaluation of hydrogen energy projects,some suggestions and suggestions are put forward for business operators.Generally speaking,the use of real option theory(B-S model)to evaluate the value of hydrogen energy automotive projects has solved the uncertainty of investment in such projects,and can calculate the value of projects objectively,which provides the corresponding theoretical support for the investors of enterprises to carry out research and development and promotion of projects.