Value Evaluation Of New Energy Vehicle Enterprises Based On The Eva And B-S Combination Model

In recent years,the exploitation and utilization of fossil energy has promoted the world economy and technology.However,the accompanying problems such as energy shortage and environmental damage have also attracted attention.In order to reduce reliance on non-renewable energy and protect the environment,various new energy industries that are green and environmentally friendly are valued by all countries.Our country put forward the green initiatives of "carbon peak" and"carbon neutrality" at the 75th United Nations General Assembly.Thanks to the encouragement of policies,new energy vehicle industry has developed rapidly,and many enterprises have transformed into new energy sources.As a result,the problem of evaluating the value of new energy enterprises has arisen.Appropriate valuation methods could support managers and investors in making better strategic decisions and provide support for corporate mergers and acquisitions and other matters.This paper attempts to explore and verify a valuation method suitable for the industry.Different from traditional enterprises,new energy vehicle enterprises possess the features of high R&D,high proportion of intangible assets and unstable cash flow.Besides,due to the impact of the COVID-19 and the decline of subsidies,problems have arisen in general valuation methods.This paper first elaborates the state of new energy vehicle industry and finds out its characteristics,and then explores the applicability of different valuation methods accordingly.After assessing the pros and cons of each method,the EVA method was finally chosen to measure the real value of the new energy vehicle enterprises,and the real option method was used to evaluate the potential value of the enterprise’s investment projects and make corresponding improvements.Finally,the paper collects the data of S company to verify valuation model,and compares the results with its stock market price in the past three years.The assessment results indicate that EVA is within the range of fluctuation of the stock price,and after adding the potential value,the actual value of S company is slightly higher than the stock price,indicating that the value of S company is underestimated,which is also in line with the prediction analysis of professional research institutions,proving that the model shows a sound reflection of true value.This paper improves the relevant theoretical system of enterprise valuation,and provides case support for how to evaluate new energy vehicle enterprises.