Research Of The Enterprise Value Assessment Of Electric Power Sales Company In China Based On Real Option Method

With the deepen reform of the sale of electric power in China,the government has gradually liberalized the business of electric power sale to social capital and explored more ways to cultivate the market.As a result,the electric power sales companies appeare.It is of great theoretical and practical significance to assess the value of the electric power sales company scientifically and reasonably,which provides a basis for investors and managers of these companies to make accurate and objective investment and management decisions.First of all,this paper reviews the theory of enterprise value assessment and the theory of real option,which lays the theoretical foundation for the valuation of the electric power sales company.Second,based on the analysis of the current situation of the electric power sales companies in China,the problems of low market participation,high risk of operation and weak value research are studied.Third,on the basis of comprehensive analysis of the influence factors about electric power sales companys'value,this paper constructs an evaluation system of the value influencing factors for them,reflecting its enterprise value by explicit and potential profitability.Based on the order relation method,the weights of these evaluation indexes are determined.Then,this paper,on the basis of B-S pricing method,sets parameters in the model,quantifies the relationship between model parameters and value influencing factors,and defines the adjustment method of model parameters,constructs the valuation model of China's electric power sales company based on real option method eventually.Finally,this paper,taking Guangdong Yudean electric power sales Co.,Ltd.as an example,makes an empirical analysis,sensitivity analysis and comparative analysis of the model,and verifies the feasibility and effectiveness of the model.In this paper,the results show that the value evaluation model based on real option is operable and accurate in practice and has certain reference significance to the perfection and practice of enterprise value evaluation theory.