Value Evaluation Of A New Energy Listed Companies Based On EVA And Real Options

In recent years,with the rapid development of the global economy,the demand for energy has also increased rapidly.Traditional energy sources are non-renewable and have been declining,and at the same time have caused great pollution to the environment during use.In the face of economic and environmental pressures,countries around the world have turned their attention to the field of new energy that is both environmentally friendly and renewable.In addition,China's capital market is gradually improving,and the industry is strongly supported by the government.Therefore,China's new energy industry has a huge development prospects and potential.The value assessment of new energy companies is also increasingly important for improving corporate governance and for investors to make investment and financing decisions.However,due to the lack of research on the valuation of new energy companies in China and the lack of specific applications of theory and methods,the value of new energy companies is often underestimated.In order to be able to obtain the true value of new energy companies,and to further improve the theoretical research of China's enterprise value assessment and improve the accuracy of investor investment decisions,this article takes the typical representative of A new energy industry in China's new energy industry development as a new energy listed company as an example.Carry out real option research on new energy companies,aiming to build a scientific and reasonable new energy company value evaluation model.This article first sorts out the relevant literature on enterprise value assessment,summarizes the relevant theories and methods of enterprise value assessment,and then combines the specific characteristics of A new energy listed companies with comparative analysis to analyze the applicability of various enterprise value assessment methods.It is obtained that the value of new energy companies contains real option values,and traditional corporate value assessment methods cannot fully reflect the conclusion of the overall value of the enterprise.Then,the real option method is introduced as an important supplement to builda comprehensive model of EVA and real option methods,which are used to Calculate the existing profitability value and option value.Finally,taking A new energy listed company as an example,the traditional free cash flow discount method and the above-mentioned comprehensive evaluation model were used to calculate its overall value,and compared with the stock price on the evaluation base date and the full-year 2018,respectively,and conclusions were reached.The research results show that the comprehensive model is suitable for evaluating the entire value of new energy companies.By comparing and analyzing with traditional value evaluation methods,the overall value calculated by the comprehensive model combining EVA and real options more accurately reflects the intrinsic value of the enterprise.Provide accurate information to enterprises and their stakeholders,and provide a scientific basis for making scientific and reasonable decisions;it is of great significance for the standardization of China's securities market,timely avoidance of investment risks,and realization of reasonable investment;it also provides other new energy Enterprise value assessment provides reference and reference for better promotion of the development of new energy industry.