| Environmental pollution has seriously affected people’s normal life, and the government continues to pay high attention to environmental protection enterprises, which makes the environmental protection industry developrapidly with frequent mergers and acquisitions, so the evaluation of environmental protection enterprises gradually becomes the focus of research. The real option research started for more than20years ago, and the research in foreign countries has entered to theextendedand applied stage, while the research in our country is still in the beginning phase.In this paper, the sub sector of environmental protection industry--environmental engineering industry is selected, and the status, characteristics and prospects of the industry are analyzed in detail. Comparing with the traditional value methods, the paper considers that thereal options method is more suitable for value assessment of environmental protection engineering enterprise. In view of the practical application of the real option method in the value evaluation of enterprise, this paper expounds the real option pricing model of Schwartz&Moon and the Monte Carlo simulation method. Forthe existence of option characteristic with environmental protection engineeringenterprise, this paper adopts Schwartz&Moon method,use discrete time model to approach to the continuous time model, and then get the results with Monte Carlo simulation by MATLABsoftware. The results show that, the theoretical value of Beijing SPC Environment Protection Tech Co.Ltd is close to the recent stock price by using the real option method which reflects the true value of the company. Finally, through the sensitivity analysis of overall value, this paper finds out the important parameters which affectthe enterprise value. The conclusion part in this study gives corresponding suggestions to the government, investors and managers, and also points out the limitations of this research and the direction of further research. |
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