Research On The Evaluation Of Catl Enterprise Considering Real Options

Enterprise valuation is an independent branch of asset valuation.Since Irving Fisher first expounded the concept of enterprise valuation in his book The Nature of Capital and Income,the theoretical system of enterprise valuation has been quite mature and perfect after more than 100 years of development.Different from the traditional method which regards uncertainty as risk,the real option method can reasonably estimate the value of potential profitability in the uncertainty of enterprises.Domestic academic circles have made a lot of achievements on real option theory,but in practice,the application of real option method is seriously lagging behind.In 2017,the China Asset Appraisal Association issued a new "Real Options Evaluation Guidelines" to replace the previous "Real Options Guidelines(Trial)".The implementation of the "Real Options Evaluation Guidelines" will help to further promote the real options law in practice.With the continuous development of China's economy,in recent years under the promotion of the country's economic transformation and upgrading of the whole remarkable results,a large number of emerging high-tech enterprises ushered in a golden period of rapid development.Many of these high-tech enterprises are quite large and occupy a considerable position in the domestic business community.CATL is a power battery company established in 2011.With the help of the industry policy and its own efforts,CATL has grown into a global leader in power battery in just a few years.This paper holds that the CATL is quite representative among the new high-tech enterprises in China,and the study of the enterprise value in the CATL is of great significance to the further development of this type of enterprises.Firstly,this paper gives a brief overview of the theory and methods of enterprise value evaluation,and then analyzes the applicability of various evaluation methods in evaluating the enterprise value in CATL according to the characteristics of the industry and the enterprise itself.According to the analysis,this paper argues that the combination of income method and real option method is more reasonable in evaluating the enterprise value in CATL era.In view of the specific situation of CATL,the free cash flow model is used to calculate the value of existing assets in CATL era,and the B-S model is used to calculate the real option value of CATL era.Finally,the evaluation results are compared with the stock price of CATL era,and the reasons for the difference are analyzed.The results show that the real estate option valuation of CATL enterprises is more accurate.Real option method can effectively evaluate the value of the potential profitability of such enterprises in highly uncertain environment,and this part of the value as an important part of the value of such enterprises,should not be ignored.