The Applied Research Of B-S Model In Wind Power Enterprise Valuation Under The Influence Of Industrial Policy

As an important renewable energy,wind energy has attracted the attention of the world’s largest energy-consuming countries,It gradually get all the energy in the new energy development power,wind power market is steadily grow rapidly and the trend of wind power gradually grow into a mainstream energy clear.As wind power enters the era of large-scale and rapid development of parity,the cost competitiveness of wind power per kilowatt hour increases.As an important source of clean fuel and clean electricity,wind power will become the main force of China’s energy development during the "14th Five-Year Plan" and under the goal of "carbon neutrality",enter a new period of great development.The wind power industry is highly dependent on wind power policies because of its technology intensity and externality.At present,China’s wind power enterprises in different segments and regions,enjoy different policies.At the same time,in 2020,the state introduced policies such as electricity subsidy and retrogradation,consumption guarantee,and implementation of grid connection to ensure the smooth transition of the industry to an affordable market.In the existing researches on wind power enterprises,the influence and degree of wind power policy factors on enterprise value are not considered,and the evaluation of wind power enterprise value is rarely considered.Therefore,in the evaluation of wind power enterprises,how to determine the impact of wind power policies on enterprise value has become an urgent problem to be solved.By constructing an econometric model,this paper takes the enterprise value as the explained variable and the wind power industry policy as the explanatory variable to explore the value effect of the industrial policy.so as to introduce the wind power policy parameters into the enterprise value evaluation,so as to improve the existing wind power enterprise value evaluation system.Firstly,based on the theory of enterprise value,aiming at the particularity of wind power enterprises,the applicability of existing enterprise value evaluation methods is analyzed,and the B-S model with high applicability is selected.Secondly,the existing wind power policy system in China is sorted out,and the main policiesare as follows: After analyzing the action path and influence mechanism of government subsidies,tax incentives and low-interest loans policies on enterprise value,variables were selected and a model was built.Stata was used to conduct regression analysis on panel data to confirm the value effect of wind power policies and calculate the influence degree parameters.Thirdly,the b-S model formula is revised to introduce the influence parameters of wind power policies into the prediction of the underlying asset prices,so as to enhance the feasibility of the formula for evaluating enterprise values under wind power policies.The last,selected a specific case as the research object,and compared the evaluation results of enterprise value under the traditional income method with the evaluation results of B-S model under the influence of wind power policies.It is concluded that the wind power policy will affect the wind power enterprise value and the traditional income method will underestimate the enterprise value.This promotes the perfection and improvement of the evaluation methods of wind power enterprises and adds a new direction.