Abstract
With the continuous advancement of the power system reform, especially after the introduction of equipment capital to participate in the competition, the business development of power grid companies is facing increasingly severe internal and external tests. While continuing to do a good job in regulated businesses centered on transmission and distribution business, vigorously develop new businesses and strive to achieve high-quality development in a complex market environment. Through the evaluation of the intrinsic value of new businesses of power grid companies, investors can clarify the true value of new businesses, better identify and avoid potential risks, and encourage investors to invest rationally. This article first expounds the types of new businesses of power grid companies, introduces the basic overview of real option theory, and constructs a value evaluation model of discounted cash flow model plus real option theory pricing model, and through case analysis, the feasibility of empirical option theory in the evaluation of new business of power grid investment value is verified.
Highlights
At present, the most important core business of power grid companies is to build a safe, reliable, green, and efficient smart grid [1], to provide high-quality power supply services to customers in the region, and to meet the demand for electricity for economic and social development
Through the evaluation of the intrinsic value of new businesses of power grid companies, investors can clarify the true value of new businesses, better identify and avoid potential risks, and encourage investors to invest rationally
Power grid companies will have different strategic choices in the layout of new business development according to their own development positioning, but they generally rely on "Internet +" to develop e-commerce, integrated energy services, information communications, high-end equipment manufacturing and other new businesses [3]
Summary
The most important core business of power grid companies is to build a safe, reliable, green, and efficient smart grid [1], to provide high-quality power supply services to customers in the region, and to meet the demand for electricity for economic and social development. 3.Investment value evaluation model based on real options 3.1.The applicability of real options in the investment value analysis of new businesses of power grid companies
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