Research On The Value Evaluation Of New Energy Listed Enterprise Under The Carbon Neutrality Goal

After the carbon neutrality goal is pledged,vigorously boosting the development of the new energy industry,promoting the structure adjustment of energy supply and consumption,and solving the problems of energy security and environmental pollution,have become the inherent requirements of China’s high-quality economic development,and the new energy industry will be confronted with the good opportunities of development.Meanwhile,in reality,the value evaluation,investment and financing,mergers and acquisitions of new energy enterprises have also become hot issues,however new energy enterprises have the characteristics of high risk,high growth,and high income expectations,which makes a single traditional valuation method having limitations when used for the valuation of new energy enterprises.Establishing a reasonable value evaluation model,so as to objectively and effectively assess the value of new energy enterprise,is not only a great significance to the construction of China’s enterprise value evaluation system,but also particularly important for the management and development of enterprises and the investment and financing decisions of the capital market.Based on the above conditions,at the first this thesis introduces the theory of the value evaluation,analyzes the current research status of enterprise value evaluation at home and abroad,at the same time,the difficulties in evaluating the value of new energy enterprises are considered,the rationality of using real options to evaluate the value of new energy enterprises has been expounded.After that,using a free cash flow model to assess the existing value of enterprises,and using the B-S model in real options to assess the potential value of enterprises,finally it is superimposed the two parts to form the overall value of new energy enterprises.In this thesis,a representative listed new energy company,CATL is selected as the research object.Its value is evaluated by using the model which established in this thesis,and then the enterprise value is compared with the value of the stock market,sensitivity analysis of parameters that affect the value of the enterprise is also conducted.According to the research of the thesis,it is concluded that when evaluating the value of new energy enterprises,it is necessary to consider its characteristics and value sources,choose an appropriate and reasonable valuation method,and focus on the option value of the company’s investment project.The existing value of the enterprise is calculated by using the FCFF model and the option value of the investment project of the enterprise is calculated by the real option B-S model,then the overall value of the enterprise can be obtained after the superposition,and the evaluation model which established in this thesis can accurately reflect the value of the enterprise,also it provides a reference for investors to evaluate and analyze these kinds of new energy enterprises.It also should be noted that whether the FCFF model or the B-S model is used,the prediction and selection of relevant parameters are involved in the evaluation.There will be significant impact on the evaluation of the enterprise when choosing different parameters,so it needs to be assessed the value of the enterprise cautiously by the evaluator.