Value Evaluation Of The Wind Power Enterprise Under Different Wind Power Policies

Wind energy is a kind of renewable clean energy. The development of new energy attracts more and more attention around the world. It has a huge amount, and a better commercial development prospect. The demand for new energy is growing because of the energy shortage, so the new energy enterprises become popular. Compared with the thermal power generation, wind power is widely welcomed by all countries because it is not only save energy and non-polluting, but also has the advantage of protecting ecological environment. Denmark, the United States, Germany, Canada and other countries all devote themselves to develop wind power, set up wind power companies and issue wind power policies, in order to accelerate the development of wind energy industry.In the prior study of wind power enterprises, the impact of wind power policy on enterprise value is not clear, but the impact has an important reference for how to choose the policy and make investment decisions. So we need existing wind power policies as object to establish the measurement method to explore the effect of wind power policies to the value of the enterprise, extending the conclusion to the general level:the wind power policy has an impact on the value of the wind power enterprise.Although the analysis of the wind power policies in the world, the main wind power policies are summarized:the tax policy, the price policy, the national industrial policy, the quota system policy, the science and technology research and development policy, the net metering policy, publicity and education training policy, wind power concession bidding policy. According to the existing theories, we know that there is a relationship between wind power policies and the value of wind power enterprises. In this paper, we introduce the Black-Scholes model and its applicability, and the related variables are treated by the conditions, according to the conclusion that the net income of the enterprise is influenced by the wind power policy, then create and combine formulas in order to establish a new measurement method, and apply it to the wind power enterprise value evaluation. This article make a detail introduction about Black-Scholes real option model and its applicability, then us this model to evaluate the Wind Power enterprise values.The affect between wind power policies and wind power enterprise value as a bright spot, using Black-Scholes real option model to obtain the result that perform the price policy and the tax policy separately. The result is that both policies make wind power enterprise stock option is higher than the result that wind power enterprise is not executed any policy. Under the two policies, the price of the stock option is higher than the price of a stock option which performs a separate policy.then extended to a variety of policies. Although the formula about enterprise value, the answer is that wind power policies lead to different enterprise values. The result confirms that existing different wind power policies have impacts to the wind power enterprise values, demonstrating that real option Black-Scholes model is applicable to the evaluate the wind power enterprise value and have some significance. The research of this article hopes to make a useful exploration about the feasibility of wind power policies, demonstrate the relationship between policies and wind power enterprise values, help real option pricing theory get more achievements, improve and perfect wind power enterprise value evaluation methods.