| In recent years,environmental problems in China have become increasingly prominent,and energy security has been greatly threatened.In order to restore the green waters and green mountains of the past,ease the dependence on foreign oil and gas resources,and realize the overtaking of the automobile industry,the government strongly supports the development of the new energy automobile industry.With the continuous increase of the market share of new energy vehicles,related supporting industries have developed rapidly.As the core components of new energy vehicles,new energy batteries are closely related to the range and safety of new energy vehicles,which directly determine the development prospects of the new energy vehicle industry.Therefore,new energy battery companies have become the target of investment among major car companies and governments,and mergers and acquisitions between industries or even across industries occur from time to time.The increasingly frequent investment and financing activities require us to use more appropriate methods to accurately assess the value of new energy battery companies.However,domestic and foreign scholars are more focused on the research on the new energy vehicle industry and the performance of new energy batteries,and less research on the valuation of new energy battery companies.Based on the above reality,the thesis aims to construct a set of value evaluation models suitable for new energy battery companies.Firstly,the thesis briefly expounds the relevant theory of value evaluation,and analyzes the adaptability,advantages and disadvantages of different valuation methods.Then,by collecting relevant information of the new energy battery industry,the thesis summarizes the development status and industry characteristics of the new energy battery industry,and analyzes the value source,value influencing factors and the difficulty of value evaluation of new energy battery companies,and found that it has real option value attribute.By comparing the adaptability of different valuation methods to new energy battery companies,the thesis argues that economic value added(EVA)model can better reflect the value of existing assets of companies,but ignores the option value of companies.Therefore,the real option theory is introduced to build a combination model of EVA model and B-S model to evaluate the value of existing assets and potential option value of companies.Finally,the thesis takes F company as a case,uses the portfolio model to evaluate its value,and then compares the evaluation results with the average stock price around the evaluation base day of F company.The results show that the combined model of EVA and real option method is suitable for evaluating the overall value of new energy battery companies.This combined model can also provide reference for China’s new energy battery companies in investment and financing,mergers and acquisitions and other capital activities in the capital market,and help enterprise management to make more scientific and reasonable strategic decisions. |
