Analysis Of Relative Value Evaluation For Listed Electric Power Companies Based On DEA

Electric power enterprise is the pillar industry of national economy,which is related to national energy security and the development of national economy.How to use the advantages of capital market to occupy the market and develop in the fierce competition is the biggest problem that electric listed enterprises should consider.For prudent investors,how to take the initiative and chose the valuable enterprises as a long-term investments is the largest concern.This paper focuses on the application of DEA model to evaluate the relative value of listed companies.On the basis of the literature review of domestic and foreign listed companies and the DEA application research,this paper first discusses the basic theory of enterprise value evaluation,and introduces the basic methods of enterprise value evaluation.This paper abandon the traditional sense of enterprise value assessment methods,starting from the concept of relative value evaluation,discusses the assessment of the relative value of the application and analyzes the logical relationship between relative value and absolute value.DEA model is used to set up a bridge between the two,to determine the relative value of listed companies to assess the value of the method and technical route.Secondly,this paper reflects the intrinsic value of the enterprise perspective,constructs the index system used by the DEA method as the core,the system on behalf of the enterprise's profit ability,operation ability,solvency and long-term development ability,have very strong comprehensive.At the same time,in order to make the index more representative,this paper uses the principal component analysis as the index selection method.Finally,this paper draws the conclusion that the lower the DEA efficiency value is,the more it has the investment value.By using the DEA model,this paper builds a relative value assessment theory for power enterprise,establishes a set of index system for the evaluation of the model.This paper is trying to explore a path suitable for the assessment of the relative value of the electric power listed company.