The Study Of Power Generation Enterprises Value Evaluation Based On Refined Economic Value Added

The State Council passed "On the further deepening of the reform of electric power system in a number of opinions", on December 2014, indicating that a new round of electricity reform has kicked off. Reasonable enterprise valuation, performance evaluation and so on are the necessary foundation to promote the reform of electric power, because the reform and development of our country’s socialist market economy has some special characteristics.This paper introduces the traditional enterprise value assessment theory, through the specific analysis of the advantages and disadvantages of the assessment method, and then from the problem of the formation process of REVA theory, build the REVA evaluation model, the comparison of the REVA and the traditional financial indicators of enterprise value. At the same time, this paper selects the traditional financial indicators, operating net cash flow, economic value added and revised economic value added as independent variables, the market value of the 40 listing Corporation as a sample to establish a comparison model, empirical analysis of REVA in the power generation enterprises and the applicability of the REVA model in the power generation enterprise value assessment.This paper draws the following conclusions:(1) Through the analysis of the securities market, the market value of enterprises in the Yangtze River Power reflects is undervalued, so the enterprise has potential investment value, at the same time, the study found that China’s securities market is still in the development stage, to be further improved; (2) NOCF model lost the author thinks that the statistical significance of evaluation for power generation enterprises should take NOCF index assessment, because of the power plants as high investment, high income industry, capital flow is larger, but the flow of funds can be adjusted, the net cash flow and can not effectively reflect the operation status of the enterprise, and the future development trend; (3) the REVA model on market the environment at the same time, at the same time, the higher requirement on the corporate financial indicators, selection of appropriate adjustments, the financial index adjustment. This paper is the theoretical expansion provides an instance based, so as to enrich our country enterprise value evaluation theory system, in order to protect the development of enterprises, and create a better enterprise value assessment of atmosphere.