Study On The Evaluation Of Power Battery Enterprises Based On Improved Ohlson Model

With the continuous development of the new energy vehicle industry,the importance of power batteries as the core components of new energy vehicles is increasingly prominent,and the investment value of power battery enterprises is also increasingly prominent.However,as an emerging industry,power battery companies often face business issues with high risks and uncertainties such as technology acquisition and capital expansion.In this context,investing in companies related to the power battery field requires finding a suitable enterprise value evaluation method to provide reference for investors’ decision-making.Based on a summary and review of relevant research,this article finds that the three traditional evaluation methods have the following problems when evaluating power battery companies: the cost method has errors in evaluating intangible assets such as numerous technology patents;The market law cannot determine a suitable reference comparison company for power battery companies;However,due to the large initial investment of power battery companies,there is a low calculation of income value for the income method,resulting in an undervaluation of enterprise value.This article takes the indicators related to debt paying ability,profitability,operating ability,and growth ability in enterprise financial statements as a starting point,and improves the Ohlson standard model on how to determine residual income and indefinitely predict enterprise value by introducing the Du Pont financial analysis system and the practice of price to book ratio.On this basis,in order to test the applicability and effectiveness of the improved Ohlson model developed in this article,Sunwoda,a representative power battery company,was selected as the evaluation object,while the FCFF model was used for evaluation as a reference,and the two were compared with the company’s market value on the evaluation benchmark date.The study found that the deviation between the enterprise value obtained by the improved Ohlson model and the market value of Sunwoda on the benchmark date of evaluation is 4.7%,and the evaluation result is better than the FCFF model.Subsequently,sensitivity analysis was conducted on the indicators related to solvency,profitability,operating capacity,and growth capacity in the model,and it was found that operating income and sales profit margin has a positive impact on enterprise valuation;Asset turnover rate and the equity multiplier have a negative impact on enterprise valuation.At the same time,asset turnover,equity multiplier and P/B ratio in the model indicators have the greatest impact on the volatility of enterprise value,suggesting that enterprises can pay more attention to these three aspects in daily operation and management to seek better development and value creation.There are 18 pictures,30 tables and 82 references in this thesis.