Analysis Of The Factors Affecting The Value Of Listed Companies In China's Energy Conservation And Environmental Protection Industry

With the development of energy saving and environmental protection enterprises,our government has invested more for thedevelopment of energy saving and environmental protectionenterprises.From the 12 th five-yearplan,much more attention has been given to energy saving and environmental protection field,the direct performance is the increase of investment and substantial increase in investment in the propotion of GDP.In the process of constantdevelopment of energy saving and environmental protection enterprises,whether it is the flow of funds from the nationalindustrial policy,or from the self-development of enterprises,the assessment of the value of energy saving and environmental protection enterprises should be paid more attention.Only with the value management,correct assessment of their enterprise value and continue to enhance corporate value,could energy saving and environmental protection enterprises enhance the market competitiveness and maintain the healthy and stable development.Given our current research of the value of energy saving and environmental protection enterprises,the most reseaches are mainly based on qualitative analysis.However,judging from the situation and characteristics of the development of energy saving and environmental protection enterprises in China,the method of qualitative analysis can not evaluate the enterprise value accurately.So,this paper submits a new method to evaluate the enterprise value.Through studying the domestic and foreign relevant literatures,this paper structures a linear equation to calculate the value.Firstly,this paper will analysis that what the characteristics of the domestic enterprises are,what the conditions of the enterprises are now and what the external factors on the enterprise valuation are now.Secondly,This paper selects the sample data of 63 energy saving and environmental protection enterprises from 2011 to 2013 and selects 24 factors from the sample data.Finally,this paper selects 7 common factors from the 24 factors with factor analysis method and structure a regression model that we set the Tobin' Q as the value of the enterprise.The research result shows that in certain conditions,the enterprise value of energy saving and environmental protection enterprises will increase,if the enterprise scale decrease and innovation ability get enhanced and ownership dispersion degree get increased.