Research On The Value Evaluation Of New Energy Automobile Enterprises Based On The Fuzzy Real Options

With the strengthening of people's awareness of ecological environment protection,energy saving and emission reduction,energy structure adjustment and development of new energy have become the only way to national sustainable development.Therefore,the state has provided strong support for its development.The country has provided strong support measures for the development of new energy vehicles,and the industry has great potential for development.However,as the development of new energy automobile industry has not yet entered the mature stage,and has the characteristics of large environmental impact and potential growth,it is also uncertain and risky.These characteristics make investors take more risks and uncertainties,so the option value contained in the enterprise value of new energy vehicles should be considered when evaluating the enterprise value.Because the parameter estimation of the real option model needs to get an exact value,but in reality,some parameters cannot get an exact value.Therefore,the real option method lacks certain accuracy in evaluating the value of new energy automobile enterprises.Through the research,it is found that many scholars at home and abroad have studied the application and improvement of real options,but most of them focus on the research of traditional industries or Internet and high-tech enterprises,few on new energy automobile enterprises,and the improvement of real options is also different.Based on this,this paper takes the new energy automobile enterprise as the research object,and adopts the real period,development status and option characteristics of it,uses the B-S model of real option to calculate the option value of the enterprise,and then calculates the overall value of it.However,since the parameter estimation of B-S model is subjective,it will still have an impact on the accuracy of the value assessment results of new energy automobile enterprises.Therefore,this paper introduces fuzzy number theory to improve the B-S model and build a fuzzy real option model.At last,taking BYD Auto as an example,the enterprise value of the company is evaluated by B-S model and fuzzy real option model,and the feasibility and superiority of fuzzy real option model in the enterprise value evaluation of new energy automobile are verified by comparison.