Research On The Evaluation Of Coal Enterprises Value Based On Gray Theory

Coal is China’s main energy sources. As the direct provider of the coal, coal enterprises play a vital role in our national economic system. As market competition intensifies in recent years, coal enterprises only do a good job in production as well as in capital operation in order to survive in competitive market economy. Capital operation focuses more on the value of capital. Therefore, the establishing of appropriate Value Assessment system is important to accurate assessment of the target coal enterprises’value. China’s coal enterprises have seen a rapid development, but the quality of the overall business is still quite poor. Taking full advantage of the market in resource allocation and improving the quality in the operation of the existing capital of the coal enterprises is particularly urgent to achieve capital appreciation and complete the maximization of corporate value. Based on the characteristics of the coal enterprises to build an appropriate set of index system and choose the appropriate Value Assessment method, which is important to the correctly assessment of coal enterprises’value, has become imperative to promote the development of China’s coal enterprises.Based on the study of classical literature at home and abroad, this paper points out the deficiencies in the existing research, gives a systematically overview of the connotation of enterprise value analysis and the assessment of enterprise value’s definition. After deep analysis of coal enterprises’characteristics and present situation, this paper summarizes the problems faced by the Value Assessment of coal enterprises and inducts Social Responsibility and Mining Right’s assessment concepts of them. Based on the characteristics of the coal industry and Henan provinces’six large and medium-sized state-owned coal enterprises, establish value evaluation’s index system of the coal enterprises. The system includes three modules:economic efficiency, social responsibility and mining, in which economic efficiency is divided into profitability, solvency, operational capability and continued development capacity, social responsibility includes security, social security, innovation, environmental protection and sustainable development, which forms five levels and contains36indicators. In order to seek an effective way of coal enterprises’value assessment and enhance the level of theoretical research and practical application of enterprises’value assessment, this article combines quantitative analysis with qualitative analysis. On this basis, this paper uses the multi-level Grey Clustering assessment model for the valuation of coal enterprises. This article selects Henan Coal Chemical Industry Group to empirical research, which shows that an evaluation index system added social responsibility and mining rights and a multi-level Grey Clustering assessment model for the industry enhance the applicable value of the results which come from the assessment. In theory, this model not only be simple and easy, but also benefit the solution to the problems of incomplete information and inaccurate data. On the application, this system can not only evaluate the value of single coal enterprise, but also can assess the entire coal industry, which can draw a comprehensive ranking of the coal enterprises’value and facilitate comparative analysis of them. All of this further validates the feasibility and effectiveness of the model.