Research On Investment Value Evaluation Of New Energy: Stocks Based On Cumulative Prospect Theory

Since the establishment of the first National Low-Carbon Day in 2013,carbon-related topics have entered our daily life,and reducing greenhouse gas emissions has become our top priority in building a beautiful home.Social and economic development needs to take into account ecological and environmental protection,and a win-win situation between the two can achieve an economic form of long-term sustainable development.In recent years,under the influence of national policies,the new energy industry has ushered in rapid development.From the perspective of investment,the amount and quantity of investment in the new energy industry are increasing year by year.In terms of financing,due to the fact that our country new energy industry is still in the early stage of development,some new energy companies have problems such as low credit rating,small asset scale and limited transaction channels,which make financing difficult.At the same time,Chinese stock market fluctuates greatly,and issues such as price-earnings ratio and other important financial indicators that are difficult to accurately calculate lead to valuation deviations and other issues that restrict the economic development of the new energy industry.Therefore,it is necessary to build a scientific and effective new energy stock investment value evaluation model,reduce the valuation deviation,and provide a reference for investors to choose.The evaluation of the investment value of new energy stocks mainly considers the impact of some precise financial indicators on the investment value,and also considers the impact of vague non-financial indicators on the investment value.Therefore,the evaluation of the investment value of new energy stocks is regarded as a mixed-information multi-criteria evaluation problem.In view of the large proportion of individual investors in my Chinese capital market,it is difficult for most people to remain completely rational when investing in stocks.Psychological factors,risk appetite and rational thinking will affect the valuation results.Therefore,in order to effectively reflect the expectations and behavioral characteristics of decision makers in the evaluation process of new energy stocks,this paper proposes a new energy stock investment value evaluation method based on cumulative prospect theory and multi-criteria decision-making.This paper firstly introduces and reviews the evaluation method of new energy stock investment value.Secondly,analyze the factors affecting the value of new energy stocks,standardize various influencing information,and take into account the different expectations of decision makers on profit and loss,and set the expectations of decision makers as the reference point for decision-making.The profit and loss matrix is then constructed from the reference points.On this basis,the expected value of the indicator is calculated based on the value function of the cumulative prospect theory.Then,through the simple weighting of the indicator weight and the cumulative prospect value,the comprehensive prospect value is obtained,and the investment value of new energy stocks is calculated based on this.Finally,a variety of different types of new energy listed companies are selected as examples to carry out example calculation and analysis,and the E-VIKOR method is used for comparative analysis to prove the feasibility and effectiveness of this method in the evaluation of new energy stocks.