Research On Trinasolar’s Enterprise Value Evaluation Based On Fuzzy Real Option

In the era of "carbon neutrality" and "technological power",the photovoltaic industry has developed rapidly with the support of relevant policies,which has attracted wide attention of investors.Because most enterprises in the photovoltaic industry have the characteristics of high growth and high uncertainty,investors will also face risks because of this uncertainty.In this case,how to accurately evaluate the overall value of enterprises is particularly important.In this paper,Trinasolar,a representative enterprise in the photovoltaic industry,is selected for research.Before the evaluation of enterprise value,the internal and external environment of the enterprise is analyzed.Specifically,under the macro background of strong support of national policies,rapid progress of technology and change of people’s life concepts,the whole industrial chain of the photovoltaic industry is booming and maintains high growth.At the same time,the whole industry is also faced with opportunities and challenges.For Trina Solar,its own business conditions,core competitiveness,business strategy and financial status have a huge impact on enterprise value,so the analysis of internal and external environment is the basis of enterprise value evaluation.In addition,by studying the characteristics of the industry and the situation of the enterprise itself,it is found that Trina Solar has the characteristics of being heavily influenced by policies,high growth and high R&D investment.Therefore,the value of the enterprise is divided into current value and potential value,and the applicability of the evaluation method is analyzed respectively,so as to build the evaluation framework.For the current value,the two-stage free cash flow model is adopted to evaluate;the relevant parameters such as operating income,operating cost and working capital are predicted based on the past historical financial data and the future production and operation situation of the enterprise;for the potential value of the enterprise,the fuzzy real option method is adopted to evaluate.The research object is the project under construction of the enterprise.Through the analysis of the project under construction of the enterprise,the relevant parameters are determined as the present value of the future income and the initial investment cost of the project under construction of the enterprise.After fuzzy mathematics theory is used,the parameters are fuzzy processing,so as to evaluate the potential value of the enterprise more accurately.The total value of the enterprise is obtained through calculation.On the base date of evaluation,the overall value of the enterprise is164.903 billion yuan,which is more accurate.Through comparison,the evaluation model built in this paper has a high applicability for listed photovoltaic companies,can provide suggestions for investors and avoid risks.At the same time,the photovoltaic industry is part of the new energy field,and the research on the valuation of the photovoltaic industry can be applied to the new energy field,providing new ideas for enterprise value evaluation.