Value Assessment Of The New Energy Listed Company Based On The Improved Real Options Model

With the rapid development of economy, the traditional energy become increasinglyscarce. As the countries’ sustainable development strategy, it is paid more and moreattention by the countries to develop and utilize new energy. New energy listed companyis the listed companies publicly traded in the stock market which can develop, product andsale new energy products. How to reasonably evaluate the enterprise value accurately hasbecome the focus of the government, investors, and the public.Enterprise managers can make flexible decision when the new energy enterprisesface great uncertainty, the value of the flexible management is the value of real options.Traditional evaluation methods can not evaluate the value of future investmentopportunities of the enterprise, which ignores the real option value of the enterprise. Thispaper uses genetic algorithm to optimize artificial neural network to improved the B-Smodel. In this way, we build a more comprehensive and accurate assessment of newenergy enterprise value of listed companies.First of all, on the basis of summarizing the research status at home and abroad, thispaper introduces the method of the traditional enterprise value evaluation. And the realoption theory is introduced in detail in this paper.Secondly, this paper analyses the characteristics of new energy listed companies, itsvalue evaluation environmental and its types of real options. And then it illustrates thedisadvantage of traditional value evaluation methods and the disadvantage of using realoptions to evaluate the enterprise value.Thirdly, although B-S model has some shortcomings, it provides five parameterswhich affect enterprise value. With the five parameters as the BP neural network inputvariables, using genetic algorithm to determine the optimal weights of network, this paperestablish the improved real option model to assess of enterprise value of new energy listedcompanies.Finally, this paper makes empirical study with typical listed companies of new energyplate. Respectively compared the equity value calculated by improved real option model and calculation results of B-S model with the actual value, the accuracy of the improvedmodel is verified. Further more, share price can be predicted using the equity valueobtained by the improved model. Comparing with the actual average closing price, it ishelpful to judge the trend of stock price in the future, which can help investors to makecorrect investment decisions. In addition, based on the five parameters sensitivity analysisof the sample company, this paper find out the key factors affecting the enterprise valueand give advice to the managers to take steps to improve the enterprise value.