Rescearch On The Value Evaliuation Of Coal-Fired Power Generation Enterprise In China

Electric power industry is the basic industry of our national economy,which closely related to people's life,production and economic sustainable development.The power industry is also due to the stability of the economic benefit has been favored by investors.The evaluation of generation enterprise value become a hot spot in the capital market.Under the background of the transformation of low carbon energy,it is of practical significance to evaluate the value of coal-fired power generation enterprises.With the constraints of the environment and the implementation of policy tightening,safe and economic operation of the construction of environmental friendly society and the protection of the electric power industry,the coal power industry needs to be taken to reduce power consumption and improve operation efficiency,reduce the cost of power generation units and other series of actions to ensure the enterprise to maintain a reasonable economic benefit.Starting from theory,this paper first expounds the theory of enterprise valuation in China and abroad,and then introduces the research status of coal-fired power generation enterprise value evaluation.The second part of enterprise valuation theory is analyzed,considering the three kinds of evaluation methods.Finally,this paper chooses the discounted cash flow model to valuate,then using Monte Carlo simulation for evaluation results correction.The third part describes the development background of coal-fired power generation enterprises in China,analyzes the characteristics,current situation and main risks faced by the coal-fired power plants in China.Last,the JT coal-fired power plant is selected as the object of the case analysis.The discounted cash flow model and Monte Carlo simulation are applied to evaluate the enterprise value of the coal-fired power plant.The probability distribution of the risk factors that affect the value of the enterprise is fully considered,and the impact of various risks on the enterprise value is quantified.Finally,the estimated JT power plant enterprise value,and analysis of the results of the assessment and evaluation.The evaluation results have a certain guiding significance for all kinds of investors.