Research On The Value Appraisal Of Listed Enterprises In China's Energy Conservation And Environmental Protection Industries

The energy-saving and environmental protection industry is a strategic emerging industry highlighted by the country.As the main force for development of industries through the capital market,the listed companies' value statuses are an important indicator for the status quo and development prospects of the entire industry.Therefore,the value evaluation of listed companies in energy-saving and environmental protection industries is particularly important.From a view of theoretical point,despite that there is no lack of researches on the valuation of listed companies,there are less researches on the emerging industry energy conservation and environmental protection.The enterprise value evaluation system constructed from a financial point of view is not perfect.The use of traditional enterprise value evaluation methods is relatively simple.And follow-up analysis based on corporate valuation is still scarce.From a view of practical point,studying the value status of listed companies in the energy-saving and environmental protection industry will enable the business operators to identify problems that are easily overlooked and identify the key factors for the increase in the value of the company.It will enable the government to grasp the trends of industries and enterprises to take effective encouragement and supervision measures,and enable stakeholders to aware of the actual operating conditions of listed companies so as to make reasonable decisions.Based on the background,the paper uses data literature method,the combination of induction and deduction,qualitative and quantitative analysis and empirical research,and mainly completes the following aspects: First,by reviewing the research status both domestic and overseas,we point out the development trend and development space of the research.Second,collect and summarize and compare various methods that can be used to evaluate the value of listed companies.Thirdly,take 54 listed companies in five sub-sectors of energy conservation and environmental protection industries as samples,and collect sample data through the annual report of listed companies and the website of securities companies.Fourth,according to the characteristics of industries,build a four-level value evaluation index system with 21 indicators from the financial level,strategic level and the emerging level.Fifth,based on comparing the advantages and disadvantages of each evaluation method,establish an entropy value-the catastrophe series model,and use SPSS,EXCEL and other research tools to accurately measure the value of 54 listed companies.Sixth,based on the results of value evaluation,build the coupling degree model,further analyze the coordinated development of listed companies in energy conservation and environmental protection industries,and propose a value-added strategy for listed companies.After in-depth research,the paper has reached the following conclusions: First,the value appraisal index system constructed with financial indicators and non-financial indicators can reflect systematically the essence of the enterprise value,which has certain practical value.Second,entropy values-mutations Model can avoid effectively the subjectivity of the index system's empowerment,and the systemic perspective can make the results of value appraisal more scientific and reliable.Third,according to the measurement results of the coupling degree model,the relationship between value promotion of listed companies and coordinated development of various indicators in the evaluation system is inseparable.The research results of the paper can provide reference for future academic research,and provide a basis for the listed companies,governments and stakeholders to manage,supervise or make decision.