Research On The Value Evaluation Of Distributed Photovoltaic Power Generation Enterprise

In recent years,energy shortage and environmental deterioration problems have become increasingly significant due to the over-consumption of the conventional fossil energy.People's over-reliance on traditional energy sources in the process of economic development aggravates the environmental pollution.In consequence,domestic and foreign experts have reached an agreement on accelerating the transformation of the mode of energy use to resolve the crisis.Besides,scaling up the development and utilization of clean energy is also a significant measure to achieve the energy transformation towards green energy,low-carbon energy and clean energy.Thanks to the rich solar energy resources,the photovoltaic power generation industry in China has gradually become a pillar industry in the field of new energy power generation.Distributed photovoltaic power generation,as an important supplement to the centralized power station,which is expected to become the mainstay of the new energy investment market,will have a vast prospect.At present,as a new industry,the domestic distributed photovoltaic power generation is still an emerging industry,on which the academic researches mainly rely on project feasibility study,policy interpretation,industry analysis and other reports.Compared with centralized photovoltaic power station,distributed photovoltaic system has more advantages such as investment flexibility,easy to operate and maintain and it can be consumed locally.With the growing trend,its investment value is more and more prominent.This paper,based on the principle of objectivity,effectiveness,authenticity and reliability,takes distributed photovoltaic enterprises as the research object,takes the enterprise value assessment as the research direction,provides a valuable report in order to promote the development of distributed photovoltaic industry.In the process of the photovoltaic enterprise value assessment,this paper,based on the understanding of the value composition,the assets characteristics,the operation mode and the development of the distributed photovoltaic industry,will analyze the relevant factors and choose the income approach to evaluate and estimate the value of distributed photovoltaic enterprises.On the basis of calculated discount rate corresponding to the expected risk of the distributed photovoltaic enterprises by using the free cash flow discount model,there will be a discounting of enterprises' expected returns to ensure the present value of the enterprises.Meanwhile,in view of the value evaluation of the distributed photovoltaic enterprises is based on certain assumptions,the economic value of enterprise will change with the key parameters in actual operation.In this paper,analytic hierarchy process is used to achieve a quantitative research on the key parameters that affect on the enterprise value evaluation results.Combing and summarizing the related factors that cause the change of indicators,determining the reasonable change interval of the key parameters and studying the trend of future value of the enterprise through the sensitivity analysis method,which in order to reflect the value of the enterprise more truly and completely.