Research On The Application Of Real Option Model In The Valuation Of Listed Companies In Photovoltaic Industry ——A Case Study Of Trina Solar Energy

Under the background of the "dual carbon" goal boosting the transformation and upgrading of China's energy structure,photovoltaic listed companies have a strong development momentum,resulting in high investment enthusiasm of investors.However,due to the characteristics of listed photovoltaic companies,such as large R?D investment,high growth,and vulnerability to the impact of policy environment,traditional valuation methods are not applicable to the valuation of photovoltaic listed companies,which is not conducive to companies making scientific decisions in mergers and acquisitions and other fields,and is not conducive to investors making accurate investment choices.Therefore,reasonable value evaluation brings significance to the benign development of photovoltaic listed companies and rational investment of investors.On the basis of comparing the characteristics and application scope of various valuation methods and combining with the characteristics and valuation difficulties of photovoltaic listed companies,the paper holds that real option method can better assess the value of listed photovoltaic companies in uncertain development.In order to improve the shortcomings of the real option model,EVA valuation method is introduced into the original model to make the selection of model parameters more reasonable.At the same time,the dividend rate is introduced to solve the hypothesis limitation that the model does not consider the existence of dividend.The model parameters are treated with fuzziness,and the option value is expressed in the form of interval,which solves the application difficulty of the original model and makes the evaluation result more accurate.In addition,trina Solar,a company with typical characteristics of listed photovoltaic companies,is selected as a case company to verify the application effect of the model.The result shows that the accuracy of the evaluation results of the optimized real option model is better than that of the original valuation model and the relative valuation model.This paper studies the valuation application of photovoltaic listed companies based on the optimized real option model.The research shows that the optimized real option model has high applicability to the valuation of photovoltaic listed companies.The research of this paper can provide value reference for companies and investors,inject new momentum into photovoltaic companies,and provide new methods for photovoltaic industry enterprise valuation research.