| With the development of the economy and the progress of society,China’s electricity demand is also growing.In the 20 years from 1980 to 2014,China’s social power consumption has increased by 18.7 times,with an average annual growth of 9%.Social power consumption reached 5,523,300 million kwh,which was a year-on-year increase of 3.8%.At the same time,in March 2015,the State issued the"Several Opinions on Further Deepening the Reform of the Electric Power System”in Circular No.9 and implemented market liberalization on the power generation side and the power sales side to introduce competition and further deepen the reform of the electric power market.With the gradual development of the electricity market and the gradual deepening of the power system reform,the power companies have undergone tremendous changes in their management models and profit models.The monopoly of the power capital market has gradually broken down.The main investors have begun to show diversified development.The expansion of the power company’s business and development,economic activities related to property rights transactions,such as restructuring,mergers and acquisitions,and listing,have become increasingly common.The corporate value of listed companies can provide relatively objective decision-making basis for investors in the electric capital market.Under the background of the frequent property right transactions of power companies in China and the strong demand assessment of power companies,the purpose of this paper is to establish a value evaluation system for thermal power enterprises based on the real option method.Therefore,from the perspective of the value characteristics of thermal power generation enterprises,based on the uncertainty of their future growth value,this paper evaluates the value of China’s thermal power generation enterprises based on the real option method.Based on the value management theory and the literature related to corporate value,this paper classifies the value drivers of thermal power generation companies according to the existing operational value and future growth value,and summarizes the existing sources of value theory based on the evaluation methods of relevant companies.After that,the advantages and disadvantages of various evaluation methods were compared and analyzed,and then the real option method was introduced.Subsequently,through the analysis of the fit of the real option method with the value characteristics of China’s thermal power generation enterprises,a method of value evaluation for thermal power generation enterprises based on the real option method was constructed.Finally,this paper compares the evaluation results with the market value of the sample companies,finds out the reasons for the differences,and provides suggestions for the application of the practical option method in the evaluation of thermal power enterprises. |
