| The 20 th National Congress of the Communist Party of China stressed that we should accelerate the planning and construction of a new energy system,focus on controlling fossil energy consumption by improving the regulation of total energy consumption and intensity,gradually shift to the "double control" system of total carbon emissions and intensity,and actively and steadily promote carbon peaking and carbon neutrality.In this context,as a new energy industry closely related to Carbon Peak carbon neutrality,it is bound to usher in rapid development and face broader development space in the future.Especially in the solar photovoltaic industry,which is not only clean and pollution-free,but also has the advantages of strong renew-ability and low cost,it is bound to become a key area of concern for investors and mergers and acquisitions in the capital market.Reasonably evaluating the enterprise value of investment and mergers and acquisitions can provide value references for investors and mergers and acquisitions,helping them seize investment opportunities while reducing the risks brought by investment and mergers and acquisitions.Therefore,studying the issue of enterprise value evaluation in the photovoltaic industry has important practical significance for investors’ investment decisions,mergers and acquisitions in the photovoltaic industry,and the value enhancement strategies of enterprise management.This paper takes Y PV company as the research object,and uses the free cash flow method to evaluate its enterprise value.Firstly,it systematically combs the relevant concepts and theories of domestic and foreign scholars on enterprise value evaluation,and on this basis,it compares the advantages and disadvantages of different methods of enterprise value evaluation and the application conditions of free cash flow method;Secondly,combined with the internal and external business environment of Y PV company,the necessity and feasibility of using free cash flow method to evaluate the enterprise value of Y PV company are analyzed;Then,combined with the free cash flow model,the trend analysis method and proportion analysis method are used to predict the cash flow and Discount rate of the enterprise in the next seven years,and the enterprise value of Y PV company is calculated,and the above calculation results are compared with the market value on the base date;Finally,according to the evaluation process of the free cash flow method on the enterprise value of Y PV company,the paper use the sensitivity analysis method to find out the key factors that affect the enterprise value of Y PV company,and propose targeted countermeasures and suggestions to enhance the enterprise value of Y PV company,hoping to provide some reference for the company in the practice of value management.Through the research,it is found that it is applicable and necessary to use the free cash flow method to evaluate the enterprise value of Y PV company,The enterprise value of Y PV Company calculated under the free cash flow method is higher than the market value of the enterprise on the benchmark date(December 31,2022).In view of the differences in assumptions,the imperfection of China’s capital market,changes in the macroeconomic environment and other factors,the difference is within the normal error range.This article believes that the calculation results have certain reference value and the enterprise value of Y Photovoltaic Company in the market is underestimated.At the same time,through sensitivity analysis,it was found that the operating income,operating costs,and capital structure of the enterprise are the most critical factors affecting the value changes of Y Photovoltaic Company.Based on these factors,this article proposes value management strategies and suggestions for Y Photovoltaic Company,such as reducing costs and increasing income,optimizing capital structure,focusing on the enterprise value chain,improving operational efficiency,and enhancing profitability. |
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