Evaluation On Value Of Pesticide Chemical Enterprises Based On Real Option Model

Pesticides are an indispensable means of production in modern agricultural production and have played an important role in the healthy development of modern economy.Although China's pesticide industry has achieved significant development,there are still some problems,such as the small scale of most enterprises and the low concentration of the industry.In recent years,with the advancement of supply-side reforms and the strengthening of the safety and environmental supervision of the pesticide chemical industry,China's pesticide industry has come to a period of transformation,and backward production capacity has been accelerated.In order to objectively reflect the intrinsic value of current pesticide and chemical companies,it is particularly necessary to evaluate the value of pesticide and chemical companies.Based on asset evaluation theory and enterprise value evaluation theory,this paper uses literature analysis,factor analysis,case analysis and other research methods to evaluate the value of pesticide chemical companies.Through the analysis of the pesticide chemical industry,this paper finds that the pesticide chemical industry has the characteristics of weak periodicity,high industry concentration,high barriers to entry,and industrial chain profit distribution mainly concentrated in R & D and sales.The value of China's pesticide chemical enterprises is affected by external and Influenced by internal factors,external factors mainly include macro-policy policies,industrial policies,industry regulatory policies,external market demand,popularization of biotechnology and the impact of trade conflicts;internal factors include corporate brand influence,independent research and development capabilities,corporate management System construction,supporting capabilities of the industry chain,and the company's own financial situation.There are many uncertain factors facing the development of China's pesticide and chemical enterprises.Based on the above research and the applicability analysis of the market method,cost method,and income method to evaluate pesticide and chemical enterprises,this paper concludes that the use of traditional value evaluation methods is more restrictive.,Can not reasonably assess the true value of the enterprise,so the article introduces real option theory to measure the impact of expected items on the enterprise value.This article combines the income method and the real option method to construct a pesticide chemical enterprise value evaluation model,and analyzes the value of the case company Yanggong Chemical;at the same time,in order to compare the evaluation results more intuitively,the article also uses the market method to evaluate the value of the case enterprise Comparing the evaluation value,the case results show that the enterprise value evaluated by the income method and the real option evaluation model is closer to the enterprise market value,which verifies the scientificity and rationality of the evaluation method in this paper.This paper explores a new method suitable for the value evaluation of pesticide and chemical enterprises in the new era,which has a certain theoretical significance and has a good practical guidance for the value evaluation of pesticide and chemical enterprises.