Research On The Assessment Of The Wind Electric Power Enterprise Value

With the rapid growth of demand for energy electricity，energy shortages becomesmore serious, Energy electricity situation is undergoing profound changes. As a cleanenergy source,Wind power can not only ease tensions in electricity demand, but alsohas significant environmental benefits by its prominent energy saving effect. As energycompanies,wind power generation companies are different with general corporate pursuitof profit maximization, wind power companies bear more social responsibility. However,the business valuation theory is not perfect, even though it includes a significantenvironmental benefit. So wind power has been greatly underestimated the value of theenterprise. In the context of developing wind power by government, a comprehensiveand scientific assessment of the enterprise value of wind power will provide strongtheoretical support for investment decisions of wind power project.Firstly,this paper described the background, significance and research status of windpower business valuation.Secondly, studied the the basic theory and assessment methodsto assess the value of the enterprise, and defined the the concept of enterprise value fromthe perspective of assessment. Thirdly, this paper analyzes the characteristics of the windpower enterprise, the factors that influence valuation, value content which is composedof conventional value and potential value. Finally, on the basis of the value content ofwind power enterprise, used NPV method to assess the conventional value and appliedreal options method to assess the potential value.In the assessment of the potential value,this paper the designed parameters in the B-S model and lead competition coefficient intothe model which improved the model; ultimately constructed the model of the windpower business valuation.t and took X wind farms in Inner Mongolia as an example thecase analysis. The evaluation showed that, the valuation of enterprise that includinguncertainly value of wind power enterprise is more than that just consider the case underthe status quo of traditional income approach, provided some reference value For thegovernment and investors.