New Environmental Protection Enterprise Value Evaluation Based On The Real Option

In recent years, the air environmental quality attracts more and more people’s attention. Heavy fog day, polluted rivers and lakes make people have to face up to Chinese current environmental problems. In the past, we exchange the green hills and water for money, now can only use more money to recover the environment. Since 2015, the government allows and encourages social insurance and pension funds to enter the field of environmental protection. There are thousands of private equity funds focusing on environmental protection industry, the big capital era of environmental protection industry is coming, capital inflows can solve the shortage of predicament of R&D funding in the current industry development. With the deepening economic globalization and the booming of the world environmental protection market, all the world are advocating environmental protection. The developed countries and regions has absolute technology advantage and considerable market share in the field of environmental protection industry.The government’s policy support and the growth of the world environmental protection market supply a good foundation for the development of environmental protection industry. Environmental protection enterprises’disadvantage in the technology and competitive ability, complex and changeable market environment, make Chinese environmental protection enterprise owners and investors face the risk of the enterprise development and capital market uncertainty. The risk and uncertainty make the investment in environmental protection enterprise have the characteristic of options.This article chooses an environmental protection enterprise as the research object, on the basis of predecessors’ theory, using the enterprise vitality assessment model to estimate the expiration time. At the same time, the article considers the dividend distribution’s influence on the corporate value when selecting model.By comparing the evaluation results equity value per share and stock price, this paper finds that the object’s stock is seriously overrated. This paper recommends that investors in stock market should not only focus on the industry’s development prospects but also pay attention to the risk and uncertainty in the industry and enterprise development.