Research On TYN Photovoltaic Enterprise Value Evaluation And Its Influencing Factors

In the context of global warming and fossil energy depletion,the development of new energy has become the consensus of the world.More than 120 countries around the world have set carbon neutral targets,and China has clearly proposed the "3060" dual carbon target in 2020.In this context,the global clean energy industry has a huge space for future development.Photovoltaic,as the world’s most abundant,clean and cost-effective clean energy,has a particularly bright future.For managers and shareholders,the scientific evaluation of enterprise value and its influence factors,is the foundation of enterprise value management,and to maximize the enterprise value management idea and enterprise daily business activities,help management to a deeper understanding of the company’s value creation process,the management focus on the key factors that enhance the value of the company,It is helpful for enterprises to allocate resources rationally,invest resources in the field that can create the maximum value,and help enterprises to achieve the goal of value maximization.For investors,scientific evaluation of enterprise value and understanding of the factors affecting enterprise value can help investors make investment analysis decisions,reduce investment risks and obtain the maximum investment income.In this paper,case analysis was adopted to take TYN Photovoltaic enterprise,the leading photovoltaic operator with integrated production and operation,as the case.Firstly,relevant domestic and foreign literature and theories were sorted out and summarized.Combined with the characteristics of TYN photovoltaic enterprise,the value composition of TYN photovoltaic enterprise was studied,and then the enterprise value evaluation model was constructed.Secondly,according to the enterprise evaluation base period,comprehensively consider the enterprise’s plan for future business development,use the sales percentage method to predict the future development of the enterprise,and then evaluate the value of the case company on the evaluation base date according to the enterprise’s future development and the enterprise value evaluation model.The accuracy and rationality of the model are verified by comparing the evaluated enterprise value with the equity market price of the capital market on the base date of evaluation and combining with the changes of the market price after the base date of evaluation.Then,based on the established enterprise value evaluation model,the factors affecting enterprise value are analyzed,and sensitivity analysis method is introduced to analyze the key factors that have a great impact on enterprise value.Finally,some suggestions are put forward to improve enterprise value and help enterprises achieve the goal of maximizing enterprise value.Research results show that the value of TYN photovoltaic enterprises by the dominant asset value and potential value of two parts,can be respectively using the method of EVA and B-S option pricing method to evaluate the value of two parts,the evaluation results illustrate the enterprise value evaluation model of the building is relatively reasonable.Found in the analysis of the influencing factors of enterprise value,TYN photovoltaic key influencing factors of enterprise value,according to the influence from the order for operating income,operating cost,fixed assets acquisition cost,accounts receivable amount,and the weighted average cost of capital,the influence of other factors on the TYN photovoltaic enterprise value are relatively small,Among them,the factors that have a greater impact on operating income are the electricity sold in photovoltaic power station module,the construction cost of fixed assets and the raw material cost of photovoltaic manufacturing module have a greater impact on operating cost.Finally combining with the characteristics of TYN photovoltaic enterprises,and points out that the enterprises can expand the scale of photovoltaic power station and operating cost control,especially in the photovoltaic manufacturing section in raw material costs,improve the operational efficiency of assets,optimize the financing way,reduce the weighted average cost of capital and R&D innovation and improve enterprise value.