Research On The Valuation Of New Energy Automotive Enterprises Based On Schwartz-moon Model

In recent years,as a means of travel,cars have been widely welcomed by people.The emergence of automobile not only facilitates people’s life,but also drives the development of society.It is an important milestone in the history of human civilization.However,vehicle exhaust emissions have caused environmental pollution,and the massive use of oil has led to energy shortage,which has caused widespread public concern.In order to alleviate energy and environmental problems,automotive technology innovation has begun to move towards energy conservation and environmental protection.The use of clean energy in new energy vehicles can effectively alleviate environmental pollution and reduce resource pressure,which is in line with the current concept of green development and has become the strategic focus of China’s current development.Therefore,China has formulated a series of incentive policies for the development of new energy automobile enterprises.At the same time,the new energy automobile industry has also been popular with major capitals.The number of enterprises has increased rapidly,the internal competition in the industry has become increasingly fierce,and the property rights change transactions have continued.In order to adapt to the current development situation of the new energy vehicle industry,the scientificity and rationality of the new energy vehicle enterprise value evaluation has become an urgent subject to study.The new energy automobile industry has the characteristics of high risk,high growth and high R&D,which makes the market method,income method,cost method and other evaluation methods not suitable for the new energy automobile enterprise value evaluation.Therefore,this paper introduces a new method-Schwartz-Moon model to evaluate the value of new energy vehicles.First of all,this paper uses the literature research method to sort out the literature related to the basis of enterprise value evaluation,and summarizes the existing basic knowledge and methods of evaluation as a whole to provide a theoretical basis for this paper and find appropriate theories and methods.Secondly,it analyzes the value factors and characteristics of the new energy vehicle industry,and draws the conclusion that Schwartz-Moon model is applicable to the value evaluation of new energy vehicle enterprises.This paper takes BYD,a new energy automobile enterprise,as an example,uses the Schwartz-Moon model to evaluate the value of the new energy automobile enterprise,improves the calculation of the final value multiplier of the model parameters by applying the exit multiple method,and judges the relationship between each enterprise and the case enterprise through the grey correlation analysis,so as to reduce the subjectivity of calculating the exit multiple of the associated enterprises,and finally obtains a scientific and reasonable value of BYD’s enterprise.Finally,the sensitivity of the model parameters is tested to determine the parameters that have a greater impact on the enterprise value.At the same time,a comparative analysis is made with the traditional B-S model to test the accuracy of the enterprise value.Through theoretical analysis and case application,this paper draws the conclusion that the improved Schwartz-Moon model is suitable for the value evaluation of new energy vehicle enterprises.