Research On Value Evaluation Of Electric Power Listed Companies In China

As the electric reformation and the power capital market's development progressed in our county, electric listed companies is proceeding with a new round of system and management innovations to optimize corporate governance structure, strengthen internal control and improve value creation system. At the same time, they put forward the business philosophy that to maximize shareholder's interests is the company's target. As special trade goods, electric listed companies are increasingly noticed by people. So, how to choose an appropriate method to value electric listed companies' evaluation scientifically, provide basis of decision-making for the trading behavior in the stock market and guide the company's owners and operators better understand the value of the factors driving has become a hot and difficult question of the power capital market. Based on the standpoint of maximizing shareholder's value, this paper started by the angle of creating value for shareholders, trying to use the residual income evaluation model established by Ohlson (1995), and combining the relevant accounting data to show up electric listed company's value through the basic financial indicators. The value evaluation method based on the concept of residual income not only incorporated the reliability and verifiability features of accounting measurement, but also taken the expectations of the company's residual income into consideration. So it met the shareholders or investors' requirements of maximizing the value and maintained the shareholders' benefit farthest.This paper takes normative analysis and the combination of theoretical and empirical as research methods. It is divided into four parts:The first part summarized the enterprise value evaluation theory. Firstly we introduced the concept of the enterprise, and then focused on the understanding of enterprise value through value evaluation, based on it we made electric listed companies' value clear and summed up the connotation, characteristics and motivation about enterprise value evaluation. At the second part we firstly expounded the basic characteristics of the electric power industry and the prospects and development environment of the electric listed companies during the "twelfth five-year's planning", then we analyzed the impact factors about electric listed companies' value evaluation, thus we can reasonable choose the value evaluation method. And then we discussed the domestic value evaluation method in our country, and pointed out their limits when using in the electric power industry value evaluation. In the third part we firstly proved that choosing residual income evaluation model to value electric listed companies evaluation has many advantages through the introduction of its connotation and the analysis of the affection about the new accounting standards' using on its application; And then we improved the residual income evaluation model to make it more suitable for electric listed companies' value evaluation, mainly including the decomposition of residual income and the confirmation of adaptation value in this model. In the fourth part we used the improved residual income evaluation model to value the evaluation of the Beijing can thermoelectric. By comparing the results and the market value of shares, we concluded that the residual income evaluation model has strong explanatory about the value evaluation of electric listed companies in our country; At the same time, the improved model increased a lot of applications of accounting index and rate, so it also proved that accounting data information has strong explanatory power in corporate value evaluation.