Valuation Of Listed New Energy Vehicle Enterprises During The Development Period

In October 2020,the General Office of the State Council issued the " Development Plan for New Energy Automobile Industry(2021-2035)," marking that the development of China ’s new energy automobile industry has entered a new stage driven by both government and market.With the proposal of China ’s "carbon peaking and carbon neutrality " goal and the urgent need for energy conservation and consumption reduction,the future development of the new energy automobile industry has a thriving trend.Therefore,the evaluation of the value of new energy vehicles will help promote the layout of funds and provide guidance for enterprise management decisions,and further promote the development of new energy vehicle enterprises.Based on the literature research,this paper combs the theory and method of enterprise value evaluation and the application of value evaluation of high-tech enterprises such as new energy vehicles,and believes that there is a research gap in the field of new energy vehicles in the development period.Secondly,combined with the enterprise life cycle theory,this paper explores the characteristics and development of new energy vehicle listed enterprises in the development period,and analyzes the influencing factors of the value of new energy vehicle listed enterprises.Then,according to the value composition and valuation difficulties of listed companies of new energy vehicles in the development period,the applicability of various evaluation methods in the study of the value of listed companies of new energy vehicles in the development period is analyzed and compared.The DCF method and the B-S method combination model are used with reference to the existing literature.The model combines the real option theory to divide the value of new energy vehicle listed companies into current asset value and potential asset value.The application of current asset value combines the tax shield effect of MM theory,the life cycle characteristics of the development period and the characteristics of the new energy automobile industry.The model is constructed into a three-stage model,and the management costs and R &D costs are adjusted to accurately calculate the net operating profit of the enterprise after tax and ensure the accuracy of cash flow.The potential value adjusts the current price of the underlying asset according to the current asset value.Finally,the evaluation model is applied to the evaluation object,and the rationality of the model is tested by historical data to verify the applicability of the evaluation model in the field of value evaluation of new energy vehicle listed companies,and then predict the value of new energy vehicle listed companies in the current development period.Through relevant theoretical research and case analysis,this paper draws the following conclusions : First,the value of new energy vehicle listed companies in the development period includes current asset value and potential asset value.Second,the combined model has applicability.Based on the characteristics of the industry and the characteristics of the enterprise,the model compares the selection of each evaluation method and has theoretical applicability.After that,the model has been tested by data,and then the valuation prediction is carried out to ensure the practical applicability of the model.Third,in the prediction results,the BYD valuation results are consistent with the market value fluctuations of the company in this year.Finally,this paper puts forward the following suggestions : First,it puts forward suggestions on the application of the model to the evaluation institutions.Professional evaluation institutions can properly use the value evaluation model of this paper and improve the introduction of non-financial indicators.Secondly,it puts forward suggestions for enterprise managers to attach importance to research investment and reduce the cost of capital,so as to ensure the subsequent stable operation of enterprises.Thirdly,it puts forward suggestions for investors to clarify the research object and master the evaluation professional indicators to ensure the accuracy of investment decisions.