A Study On The Valuation Of Lithium-ion Battery Separator Enterprises Based On Real Options Approach

With the outbreak of a new round of technological revolution,new energy,new materials and other fields will usher in unprecedented industrial changes,and lithium-ion battery separator enterprises will also embrace the opportunities of global development and rapid growth.Many lithium-ion battery separator companies are not only limited to providing materials,but are also actively involved in the research,development,production and manufacturing of new energy materials.As they grow,there will be significant capital investment and the process will inevitably face new risks and opportunities,making it particularly important to correctly estimate the value of a lithium-ion battery separator business.This thesis summarises the theories and methods relating to enterprise value assessment and provides a systematic analysis of the available research results.The current theories and models related to enterprise value assessment in China are reviewed,and through the literature,we are able to understand that the field has a complete theoretical foundation and institutional framework system.However,along with the development of the industry,a sound evaluation system has not yet been formed to assess the emerging industry.The article delves into the high-risk,high-growth and optionality characteristics of the lithium-ion battery diaphragm industry and determines its characteristics and applicability through a comparative analysis of enterprise value assessment.As a result of the comparison,we find that the traditional valuation model has a number of shortcomings.This is due to the fact that the industry incorporates both traditional valuation characteristics and advanced high-tech features.As a result,a single valuation method no longer meets this need and a diversified approach to valuation is required.Next,a real options valuation model is used to estimate the enterprise value of the lithium-ion battery film industry and an EVA-BS model is applied to assess enterprise value.The choice of parameters in the real options valuation model is explored and the volatility of the real options approach is calculated using a grey forecasting model.Lithium-ion battery diaphragm companies were selected for case studies.Based on the annual report data of Star Source Materials,the EVA method and the BS option pricing model were used to assess the value of the company’s existing assets and the value of options respectively.The grey forecasting method was applied to the forecasting of the volatility of the parameters of the real options method and compared with the forecasting results under the historical volatility method,which proved that the grey forecasting method is more accurate.Through relevant analysis,the EVA-BS model constructed in this thesis can more accurately assess the value of Star Source Materials,making the valuation results more reasonable and accurate,and thus more accurately reflecting its current value and potential value.The comprehensive analysis concludes that the EVA-BS model has applicability and advantages in the valuation of lithium-ion battery separator enterprises.And recommendations are made to safeguard the interests of corporate managers,regulators and investors.Managers should accelerate the progress of their projects and bring in favourable technology and talent to enhance the effectiveness and output of their projects.Investors need to consider multiple aspects when investing and not just focus on popular areas,otherwise they may face investment risks.Regulators need to set stricter standards for subsidies and at the same time regulate and discipline corporate values.