The Valuation Of Forestry Listed Companies Based On Real Option Pricing

Recently,because of the fast growth in economy,China has now become the world's second-largest country. With the growing of economy, sustainable development should be getting more and more attention.The president Xi Jinping has proposed the law such as"economic and environment are both demanded", "ecological damage are lifelong liability". This suggests that our country is gradually getting into the ecological and economic coordination development pattern.Forestry enterprise's development can not only promote the development of economy, but also has the high ecological value, the forestry enterprise is directly related to the sustainable development strategy in our country. The forestry enterprise is key to the enterprise mergers, acquisitions, restructuring and other enterprise management behavior. Enterprise value assessment is the basis of modern enterprise management.However, due to the increasingly frequent international flows of capital, the forestry enterprise value appraisal business should gradually integrate with the world.And compared with other industries, the natural environment is very difficult to control and predict, the forestry industry is faced with lots of risk. The commonly enterprise value evaluation methods is difficult to estimate the forestry enterprise value,causing the enterprise value devaluated.Now,how to evaluate the value of the listed company of forestry in China has become a new popular research fields in the financial environment, and the introduction of real option method solve this problem, in order to evaluate the enterprise value of the forestry listed companies more accurately.It is signifeicant to promote the sustainable development of ecological environment and economy of our country.This article is to evaluate the value of the forestry listed companies based on real option pricing model,which is divided into six chapters.The first chapter is the introduction.The second chapter illustrates four kinds of enterprise value evaluation method which are widely used at present, the emerging of real option pricing method has carried on the detailed introduction, highlight the advantage of the real option pricing method in enterprise value evaluation.The third chapter is the industry analysis, mainly talk about the development status of forestry, industry characteristics, analyzed the options features in forestry, lay a foundation for forestry enterprise value evaluation of below.The fourth chapter use the revised Black-Scholes option pricing model to make the value assessment of the six forestry listed company.The fifth chapter is the further verification of the evaluation results, prove the scientific and stability of the evaluation results, comparing the assessment of enterprise value and market value, then, sensitivity analysis was carried out on the parameters again. Chapter vi to summarize the full text.