Case Study On Value Evaluation Of New Energy Vehicle Enterprises

In September 2020,after lengthy discussions,China issued a statement to the world that it would formally start moving toward the "dual carbon" goal.After the statement was issued,many industries in China began to actively implement energy saving and emission reduction measures,both in terms of attitude and progress,and the automotive industry,a high carbon emitter,has reached an unprecedented peak.The Chinese government is actively urging and distributing policies to.Driven by a series of national policies,the development of the new energy vehicle industry in our country is in full swing,to December 31,2021,our new energy vehicle manufacturing technology is already in the international leading level,to help "double carbon" goal to realize at the same time,broke through the foreign traditional fuel vehicle leading for many years of technical barriers,to realize "overtaking on corners".In recent years,due to the impact of COVID-19,the overall automobile sales in China declined by one-fifth.In sharp contrast,the compound growth rate of new-energy vehicles was 40%,and the market penetration rate increased from 8.9% in 2017 to 19.1% in 2021,showing a strong growth momentum.At the same time,domestic and foreign capital also gradually see the development prospects of the new energy automobile industry,a large number of capital into the new energy automobile manufacturing enterprises,reasonable pricing of the underlying assets is the common demand of both investors,and reasonable pricing depends on accurate valuation.There are many differences between new energy automobile manufacturing enterprises and traditional automobile manufacturing enterprises,so it is difficult to apply the valuation experience of traditional automobile enterprises directly to new energy automobile manufacturing enterprises.This paper aims to explore suitable valuation methods for new energy automobile enterprises,study and consult the development of the theory of value assessment,summarize the research trends in the new energy automobile industry,through the study of the current development situation and characteristics of new energy automobile enterprises and the factors affecting enterprise value,explore whether the current mature evaluation methods are suitable for such enterprises.Through discussion,the technical means of FCFF and B-S model combined are finally adopted to evaluate new energy automobile enterprises,and BYD,the leader of new energy automobile enterprises,is selected as the case company to verify the applicability and accuracy of the joint model.After careful exploration,the following arguments emerge: first,BYD’s potential value is an important part of its total value,which can be reasonably valued using the real option model;Second,the combined model of free cash flow model and real option model is applicable to the valuation of BYD company;Thirdly,the selection of specific parameters of the B-S model will have a great impact on the final valuation results.The evaluator must pay attention to the applicable premise of the determination of relevant parameters and consider the real situation of internal and external environment,so as to ensure the accuracy of parameter determination.