Research On Valuation Of BH Gas Company Under The Background Of Mixed Ownership Reform

In 2013,the reform of mixed ownership was formally put forward at the Third Plenary Session of the 18 th CPC Central Committee.The document of the decision of the CPC Central Committee on several major issues of comprehensively deepening reform first proposed "actively developing the mixed ownership economy".The guiding opinions of the CPC Central Committee and the State Council on deepening the reform of state-owned enterprises issued in September 2015 further clarified the implementation of mixed ownership reform of state-owned enterprises and put forward specific reform opinions.China’s 14 th five year plan also mentioned that in accordance with the requirements of improving governance,strengthening incentives,highlighting the main business and improving efficiency,we should deepen the reform of mixed ownership of state-owned enterprises,deeply transform the operation mechanism,and explore and implement a governance mechanism and supervision system for mixed ownership enterprises that is different from wholly state-owned and wholly-owned companies.However,while actively exploring and promoting the reform of mixed ownership,the phenomenon of the loss of state-owned assets caused by the underestimation of high value of state-owned assets and the failure to evaluate state-owned assets is still serious.In the past few decades,with China’s reform and opening up and the development of urbanization,China has become the largest infrastructure construction market in the world.As the basic industry of the national economy,the reform and development of the energy industry has attracted much attention.The practice of promoting the reform of mixed ownership in the energy industry is being carried out nationwide and has achieved rapid development in recent years,especially in power enterprises and gas enterprises.Firstly,this paper discusses the related problems of mixed ownership reform and the research status of asset evaluation in the mixed ownership reform of state-owned enterprises,and then studies the real case of mixed ownership reform of BH gas company on May 31,2021,using two basic evaluation methods: asset-based method and income method,The final evaluation result of BH gas company is obtained by integrating the industry environment,enterprise operation status and future development planning.When using the asset-based method to evaluate cases,the key is to identify intangible assets,including on balance sheet intangible assets and off balance sheet intangible assets.Off balance sheet intangible assets need to communicate with enterprise accountants and read relevant vouchers for reasonable determination.Not omitting any off balance sheet intangible assets is the key to the effectiveness of the asset-based method.The key point of income method is to judge the future development trend of gas companies.As BH gas company has carried out large-scale infrastructure construction projects in previous years,it has spent more in previous years,and its operating income has decreased slightly due to the impact of the epidemic in previous years.According to these factors and the factors of the development of urban gas industry,it is the key of income method to judge the future growth trend of enterprises.Finally,according to the characteristics of the gas industry,the asset-based method and income method are respectively determined in a reasonable proportion,and then the evaluation results are determined.When evaluating the assets of gas enterprises,there are some practical problems in the on-site investigation because the gas industry belongs to the heavy asset industry,with more infrastructure,wide distribution and concealment.However,in order to ensure the accuracy and objectivity of asset appraisal,field investigation is essential.In addition,it can also assist the investigation process in combination with relevant documents,contracts and other materials of the enterprise.Through research,this paper finds that the value types in the mixed reform of state-owned enterprises are not targeted,the evaluation method is single,and the evaluation of intangible assets is not standardized,and puts forward some suggestions in order to improve this and improve the asset evaluation system in the evaluation of state-owned enterprises.