Research On Value Evaluation Of Wind Power Enterprises Based On Modified EVA And B-S Models

In recent years,in order to achieve the goal of carbon peak and carbon neutrality,China actively promotes economic transformation and upgrading and energy structure adjustment.In the process of the thorough transformation of energy production,transportation and consumption mode,the new power enterprises with photovoltaic,wind power,hydrogen energy and nuclear energy as the main body develop rapidly.Among them,the field of wind power generation has become a competitive place for many investors because of its wide distribution,high time utilization rate,environmental protection in the production and development process and other incomparable advantages of other energy sources.At the same time,the uncertainty of influencing factors and the problem of enterprise value is also followed.Therefore,evaluating enterprise value reasonably and accurately is an urgent problem to be solved.In this thesis,by sorting out the factors affecting the value of wind power enterprises and assessment methods,combined with the life cycle theory to make a brief analysis of the limitations and applicability of the method,it is found that new energy wind power enterprises not only have certain social benefits,but also bear the social responsibility of sustainable development and resource conservation,which also has environmental benefits.This part of external value can be transformed into economic benefits under certain conditions,so enterprise value is divided into explicit value and potential growth value brought by environmental benefits.Among them,when Goldwind Technology is in the growth stage and free cash flow is negative,EVA method is adopted in this thesis to explore its explicit value,and then Monte Carlo simulation technology is used to correct the valuation of EVA in the forecast period,so as to eliminate the influence of subjective factors.The B-S model is used to evaluate the potential value of wind power enterprises’ environmental protection investment by taking advantage of the fact that it is consistent with the real option.Through research,this thesis confirms that the combination of modified EVA and B-S model will help grasp the influence of external and internal environment on enterprise value,and has a certain rationality and accuracy for evaluating the value of wind power enterprises in the growth stage.Finally,this thesis puts forward some suggestions,hoping to provide some references for investors and help the long-term development of wind power enterprises.