Byd Enterprise Value Assessment Based On Improved FCFF Model

As a strategic emerging industry,the new energy automobile industry has been greatly supported by national policies.In recent years,the number of enterprises in the industry has been increasing,the market scale has been expanding,and the property rights transaction has become more and more active.However,since 2017,the national subsidy policy began to decline,and the government has lifted restrictions on the proportion of foreign investment in shares,the development of domestic new-energy automobile enterprises is facing more uncertainties.The change of the external environment has put forward higher requirements for the enterprise value assessment of new energy vehicles.In order to evaluate the intrinsic value of new energy automobile enterprises more accurately,new models should be explored on the basis of existing research.This paper aims to find the most suitable assessment method for new energy automobile enterprises.I consult the development context,theoretical basis and evaluation method of value assessment.By studying the development status and enterprise characteristics of the new energy automobile industry,analyzing the applicability of different evaluation methods in the new energy automobile industry,finally choose the improved FCFF model to evaluate the value of new energy automobile enterprises.BYD,which ranks the first in new-energy vehicle sales,is selected as the case study object to analyze the applicability of the improved FCFF model to new-energy vehicle enterprises.In order to verify the accuracy of the evaluation results of the improved FCFF model,this paper uses the FCFF model and the EVA model to evaluate the value of BYD.The results show that the improved FCFF model is feasible to evaluate the intrinsic value of new energy automobile enterprises.The improved FCFF model’s evaluation value is higher than FCFF model’s and EVA model’s.Among the three evaluation methods,the intrinsic value of the improved FCFF model is the closest to the market value.The improve FCFF model’s evaluation result is reliable,and closer to the intrinsic value of the enterprise.It can provide more accurate judgment basis for decision-makers and investors to make scientific decisions.