Study On The Value Evaluation Of The Financialization Of Basic Home Appliance Enterprises

In recent years,China’s economy is facing structural adjustment,and the trend of "reverse globalization" is intensifying,Chinese manufacturing industry is facing an unprecedented double challenge,with increasing pressure on operation and continuous downturn in industrial investment.On the other hand,the financialization pattern of the economy is accelerating,and the proportion and scale of manufacturing enterprises seeking short-term returns are growing in financial channels,which has a "substitution" effect on industrial investment.In this context,the financialization of enterprises has become a hot issue in economic development,and the degree of financialization also affects the value of enterprises to a certain extent.This paper selects home appliance enterprises as the research object,introduces the current situation of the home appliance industry and target enterprises after financialization,analyzes the impact of financialization on enterprises,explores in detail the key points of the valuation model of home appliance enterprises after financialization,incorporates enterprise financialization and its influencing factors into the valuation index system on the basis of the market approach model,and combines the principal component analysis to optimize the valuation model.The article focuses on the analysis that corporate financialization crowds out part of investment funds,reduces fixed asset investment and R&D investment,inhibits the improvement of corporate innovation ability,and affects the long-term value of enterprises.After comparing and analyzing different valuation methods,this article selects the market approach as the basis of the valuation model,improves it by using principal component analysis,and incorporates the degree of enterprise financialization and innovation capability indicators into the evaluation,and constructs a valuation index system that can reflect the value of enterprises after financialization.The case selects the leading air conditioner and refrigerator compressor company in the home appliance industry,Haili,for valuation.Firstly,the company after financialization is introduced specifically,then the comparable companies and value ratios are screened and assigned with the principal component analysis method,and finally the value of Haili after financialization is estimated.Finally,the estimated value of the financialized Haili shares is compared with the actual market value to verify the reasonableness of the valuation model in this paper,and the relevant empirical insights on corporate financialization and investment valuation are also summarized.Through the analysis of the financialized home appliance enterprises and the optimization of the valuation model,we hope that this paper can serve as a reference for the valuation of other financialized manufacturing enterprises.