Study On Value Evaluation Of Wind Power Enterprise Based On Market Method

In recent years,with the increasing prominence of environmental problems,countries have put forward the concepts of "carbon peak" and "carbon neutral" and set corresponding goals.Against this backdrop,the demand for clean energy will continue to grow.Wind energy has become one of the most widely developed and applied clean energy by virtue of its advantages in resource endowment.In recent years,China’s wind power development is also very rapid,the installed capacity continues to rise,but in2019,the National Development and Reform Commission issued the "Notice on Improving the Policy on the Feed-in Price of Wind Power",clear from January 1,2021,the newly approved onshore wind power projects fully achieve parity,the state will not be subsidized.Offshore wind power,like onshore wind power,will be fully connected at affordable prices by 2022.Policy adjustment leads to the wind power industry in2019 to usher in a rush to install,in the short term in the future industry prosperity will decline,so the policy adjustment will bring greater uncertainty to the development of the industry.From the perspective of enterprise value,the choice of valuation method of wind power industry in the future is worth further study.In this paper,the combination of theoretical analysis method and case analysis method is used to evaluate the enterprise value of wind power industry companies with the improved market method,and the electric wind power is used as a case.First to the principle of the enterprise value evaluation methods,as well as the advantages and disadvantages are summarized,and analyze industry status,think the current income method and cost method can’t accurately to wind power enterprise value assessment,and marketing there is a comparable companies is difficult to find,application value ratio of the single and subjectivity strong,therefore this article is based on principal component analysis(PCA)to improve the market method.Improvement mainly reflected in two aspects of selection in comparable companies and value ratio: first of all,the choice of comparable companies method was improved,using principal component analysis(PCA),with all the main financial indicators of listed companies in the industry as sample data,the principal component analysis and scale,selection of listed companies and the score is close to the target company as a comparable companies,and then to calculate the weight of each comparable companies.Then the selection method of value ratio is improved,and the principal component analysis is used to assign factor weight to the four commonly used value ratios,namely price-to-earnings ratio,price-to-book ratio,price-to-sales ratio and enterprise value multiple(EV/EBITDA).Finally,the valuation of the evaluated enterprises is calculated based on the improvement of the above two aspects.In the case analysis,this paper takes Electric Wind Power as an example.Electric Wind Power is a holding subsidiary of Shanghai Electric,which is also a leading manufacturer and service provider of wind power complete sets in China.On January 7,2020,Shanghai Electric announced that it intends to split its holding subsidiary Electric Wind Power and listed on the Science and Technology Innovation Board.As of January 15,2021,Electric Wind Power has issued the IPO prospectus(registration draft)on the Science and Technology Innovation Board.Finally concluded that the use of principal component analysis(pca)can effectively improve marketing assessment of comparable companies and subjectivity strong value ratio selection problem,and also for the future financial indicators of listed companies is more unpredictable and industry industry,such as photovoltaic enterprise value assessment of the new energy industry to provide some train of thought,a certain reference for the decision of investors.