| In recent years,the "carbon neutral" and "carbon compliance" strategies are strongly promoting China’s energy transformation,vigorously developing new energy is the trend,the new energy vehicle industry to follow the trend,in this opportunity,as its core power source of lithium battery industry has also ushered in an important development opportunities.However,the lithium industry in China is characterized by high technical barriers,unsound systems and high volatility risks,and the traditional valuation methods tend to ignore its potential value resulting in inaccurate valuation results,so it is of great practical significance to explore the methods suitable for the value assessment of lithium enterprises on the Science and Technology Board and to assess the value of lithium enterprises scientifically and objectively.This paper firstly analyzes the background of China’s vigorous development of lithium battery industry,collates and summarizes the research on lithium battery industry and the application of valuation portfolio model,and analyzes the current valuation problems faced by lithium battery enterprises.Secondly,it composes the lithium battery industry chain and analyzes the factors influencing the value of lithium battery enterprises by combining the development status of the lithium battery industry and the characteristics of lithium battery enterprises in the science and technology board.Then,the traditional enterprise value assessment methods and their respective applicability are analyzed,and the basic principles and basic assumptions of EVA model and real option model and their applicability to the assessment of lithium battery enterprises on the science and technology innovation board are elaborated.After the research design,the accounting accounts of EVA model are adjusted and the real option model is improved by introducing dividend payment parameters to establish the improved comprehensive valuation model.Finally,Hangke Technology,which has a promising future development in the lithium battery industry in the science and technology board,is selected as the research object,the data of the enterprise financial statements from 2017 to 2021 are collected and collated and the parameter values are determined,and the EVA model combined with the real option model is applied to evaluate the value of lithium battery enterprises in the science and technology board,and the calculation method and evaluation process of the combined model are elaborated.The evaluation results are also compared and analyzed with the valuation results of traditional methods,and in addition,sensitivity analysis is conducted on the model parameters to identify the factors affecting the value of lithium battery enterprises.Finally,conclusions are drawn on the basis of the previous study.This paper has the following conclusions: firstly,lithium-ion enterprises in KCI have the characteristics of high growth,high R&D investment,high operational risk,and unstable future cash flow with large uncertainty.Second,the introduction of dividend payment parameters makes the real option method more suitable for the characteristics of uncertainty in the development of lithium battery enterprises in the science and technology innovation board,and the results are more reasonable.Third,the comprehensive model using the combination of B-S model and EVA model can more accurately reflect the overall value of Hangke Technology.Overall,the valuation results of Hangke Technology show that the combined model can more reasonably assess the value of lithium battery enterprises in the science and technology innovation board,which can provide us with certain value references for expanding the valuation methods of lithium battery enterprises,so as to better help the healthy development of new energy vehicle industry,energy storage industry and consumer electronics industry. |
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