Research On Value Evaluation Of New Energy Enterprises

In today’s world,environmental issues are becoming more and more obvious.Protecting the environment and preventing pollution have become the common goal of the world.With the continuous development of various industries and industries,the demand for energy is also increasing.Therefore,in the context of sustainable development,the development and utilization of new energy has become an inevitable way.The development of new energy sources has become the trend of the times.China is also actively involved in the development and utilization of new energy sources,and has introduced some relevant policies to encourage the development of new energy industries.There are high risks and uncertainties in the development of new energy industry.The investment projects have the characteristics of large initial investment,long operation cycle and relatively vulnerable to macroeconomic environment.These characteristics make investors need to invest in new energy industry.Taking on a lot of risks,while new energy companies have potential profitability,investors tend to ignore this potential profit value in the investment process.In the current wave of vigorously developing new energy industries,operators’ decision-making and investment decisions by investors require that the value of new energy companies be fully and completely reflected,so it is increasingly necessary to accurately assess the value of new energy companies.Firstly,this paper takes the basic theory of enterprise value assessment as the starting point,briefly introduces the basic concepts and traditional evaluation methods of enterprise value assessment,and combines the research viewpoints of domestic and foreign scholars to analyze and compare several traditional methods of enterprise value assessment.Analyze the advantages and disadvantages of each traditional method,explain the limitations of the traditional evaluation method,clarify the use of traditional methods to assess the new energy companies have certain defects,and introduce the expansion method of enterprise value assessment-the real option method;second,combined with new energy The overall situation of the industry and the characteristics of new energy enterprises,analyze the value composition of new energy enterprises,and point out the existence of option value in new energy enterprises,indicating the applicability and necessity of using BS model to evaluate the option value of enterprises in the valuation of new energy enterprises.Finally,constructing an improved free cash flow and BS combination model,the overall value of the enterprise is divided into two parts: the improved free cash flow method to assess the profit value of the existing assets of the enterprise,and the BS model to evaluate the potential acquisition of the enterprise investment project.Zhongli Group Co.,Ltd.in the new energy photovoltaic industry as a case study object,using the built model to evaluate its corporate value.Through the analysis of the research results,it is concluded that the improved free cash flow and B-S combined evaluation model can make up for the defects of the traditional evaluation methods to a certain extent,and is applicable to the value evaluation of new energy enterprises.Through research and analysis,this paper finds that there are certain limitations in the evaluation of the value of new energy enterprises by using traditional evaluation methods alone.Considering the characteristics and value sources of new energy enterprises,the theory of real options is introduced through research and analysis to discover the existence of new energy enterprises.The potential value provides a new way of thinking for the comprehensive and complete evaluation of the value of new energy companies.Through the actual case analysis,it is found that the improved free cash flow and BS combined model is more in line with the characteristics of new energy enterprises,and can reflect the value of options existing in new energy enterprises.This research conclusion has good practical value.It can make up for the defects in the practice of using traditional methods to evaluate the value of new energy enterprises to a certain extent,and provide research directions for the value evaluation of new energy enterprises.