Research On The Value Evaluation For Power Generation Enterprise With New Energy Structure

The power industry is the basic industry and public utility to China's economic and social development,what's more,it is almost consistent with the development of the national economy cycle.Along with the further reform of electric power,the power capital market develops quickly,the monopoly was broken gradually,presenting a diversified investment subject.Power companies carry out a series of activities such as acquisition,assets reorganization,and financing in order to seek greater development,which causes the attention of people increasingly.Evaluating the value of listed power companies,providing the basis for transactions of listed power companies has become the hotspot and difficulty of capital market.Nowadays,with the pollution problem of conventional energy sources,such as coal,oil,etc.,due to technical or irregularities,it is urgent to learn about how to use conventional energy reasonably,and actively develop the use of new energy.China has supported the new energy development vigorously,and the current domestic power generation enterprises respond to the nation policy actively to change the energy structure,transferring from thermal power gradually into the new energy,even if the thermal power is dominant for a long time,the proportion of new energy gradually improved.Under the new energy structure,the enterprise value will also be affected.In this background,this paper studies the tendency of the enterprise value under the new energy structure.This article reviewes the related literature at home and abroad on the whole and expounds the theory of enterprise value evaluation method,determing the meaning of enterprise value in the assessment.According to current situation of the development of new energy in China,the paper specific studies for five listed power enterprise energy structure,finding that the new energy ratio gradually increased,at the same time,contrasting the relationship between stock price and energy structure find that the market for new energy development have positive expectations,through the analysis of new energy and thermal power of return on net assets and total assets return rate,it is concluded that the new energy development have a certain influence on the value of the enterprise.This paper determines the enterprise assets structure by the proportion of various assets amount,and through the correlation analysis to determine the change of energy structure and the relationship between the enterprise cash profit,at the same time,using factor analysis method to determine the influence of enterprise performance with asset structure,the total assets of the enterprise and thermal power cash profit margins and new energy assets profit margins,this article thinks the assets structure currently have certain inhibitory effect to corporate performance,but the inhibition to reduce gradually,so that the future development prospects.Finally,this paper uses the income method respectively to predict corporate cash flow under the new energy structure,it is concluded that the enterprise value after discount,according to the results of the assessment of enterprise value to determine the impact on the enterprise value and new energy development also use the factor analysis method to determine the effects of assets structure on corporate cash flow every year,determined by the discount asset structure on corporate value,the influence of the conclusions have a certain influence on the assets structure on corporate value,the existing assets structure for enterprise value inhibitory effect,but with the continuous development of new energy,assets structure is reduced inhibitory effect on corporate value,therefore the development of new energy have the positive effect to the enterprise value.This paper argues that the effect that the development of new energy has improved enterprise value now is not obvious,but in the long term,the market holds a positive attitude to the development of new energy,the new energy development can promote the intrinsic value of the enterprise,which is of great significance for the enterprise.With the comparison of the enterprise value under the different energy structure,the paper aims to learn about the value of the development of new energy for power generation enterprises,giving suggestions for the development of new energy in China.