| Since the reform and opening up,the reform and improvement of China’s socialist market economy system have provided an environment for the rapid development of the capital market.Investors have regarded the capital market as an important means of asset allocation,and value investment has gradually become an important consideration factor for investors in the process of securities investment.Investors’ accurate estimation of the intrinsic value of listed companies plays an important role in their analysis of the investment profit space of the target companies,and thus guides investment decisions.After the proposal of the"30 and 60 dual carbon targets",the development of the new energy industry has become an important guarantee for achieving this goal.The successively introduced policies have also provided support for the new energy industry and pointed out its development direction.Currently,we are in a period of rising new energy while traditional energy is slowly withdrawing,and companies in the new energy field have great development potential.And new energy companies also need to obtain the necessary funds for development through the securities market.For investors,the new energy industry has high development certainty and great potential,making it a very worthwhile area to invest in.However,the value of companies with rapid development also changes greatly,and the traditional valuation methods can no longer meet the needs of practical applications.Therefore,the research on the investment value of companies in the new energy field in this paper is of great significance to help investors analyze the intrinsic value of new energy companies and make more reasonable investment decisions,and it is also a reference for company managers to improve the company’s value.Based on this background,this article first summarizes the theories and methods of corporate value investment,and analyzes and compares the advantages and disadvantages of various valuation methods.Then,the development status and characteristics of China’s new energy industry were analyzed,and it was found that as a strategic emerging industry in China,the new energy industry has a fast development speed,large development space,intensive capital and technology,a relatively complete industrial chain,fierce competition,and high industry risks.Based on the industry characteristics and research objectives of new energy companies,this article constructs a composite model of EVA and real option method suitable for value evaluation of new energy companies,The option value of the company is evaluated using the real option method,and the existing asset value of the company is evaluated using the EVA method.Finally,this article selects Longji Green Energy,a representative listed company specializing in photovoltaic equipment in the new energy industry,as the research object.It analyzes its business model and company characteristics,uses the constructed model to conduct valuation research on the company,studies its current asset value based on financial information,and calculates its option value based on its potential profit projects under construction,And the calculation results were compared with the results of other valuation methods.The main conclusions of this paper are as follows:Compared with the single traditional company valuation method,the combination of EVA and real option model is more suitable for the comprehensive estimation of the intrinsic value of new energy companies;Accurately estimating the parameters of a company’s option value is crucial as it can have a significant impact on the results of the real option model.Moreover,the option value of a company accounts for a significant proportion of the total value of the company and should not be ignored;The stock price of the company studied in this article may be overvalued on the benchmark date. |
