A Study On The Value Evaluation For New Energy Companies In China

Nowadays ecological damage and energy crisis bring an opportunity for new energy industry. Under low-carbon economy background, large quantities of new energy enterprises have sprung up in domestic market, which makes the firm value assessment for the new energy corporations become the focus. It is important for organizing a well-established enterprise value appraisal system to construct a reasonable model for new energy enterprise value assessment.In this paper, starting with enterprise value assessment theories and methods, we firstly analyze the existing methods for enterprise evaluation and sort out the current developing situation of theoretical research at home and abroad. Secondly, the new energy corporation characteristics are summarized by studying the current situation. In terms of research approach---from "Value Composition" to "Value Assessment", we propose a value composition mechanism in aspects of economic value and social value for new energy enterprise. The method of Analytic Hierarchy Process (AHP) of which the indicator system consists of indexes related to the new energy enterprise characteristics is innovatively introduced into the enterprise assessment in this paper and so the combined model is formed with traditional cash revenue method. Specifically, traditional income method is firstly used to obtain the discount value of new energy corporation and the evaluation coefficients including the financial and non-financial are calculated by AHP. Then the discount value is amended by the coefficients and thus the ultimate firm value is determined. This combined model is empirically tested by applying to a new energy corporation. Finally, suggestions from both theoretical level and practical level are proposed to improve the firm value assessment for the new energy enterprise.