An Empirical Study On The Valuation Of Photovoltaic Power Generation Enterprises In IMEEI Group

Under the new normal of economic development,China is facing challenges and opportunities to optimize its energy structure.In order to promote the sustainable and healthy development of the economy and society,the CPC Central Committee and the State Council have put forward the energy strategic policy of "saving,cleaning and security",which provides basic guidelines for China’s energy development.The relevant state departments have successively issued a number of policies to encourage the development of the new energy industry,driving the rapid growth of the domestic new energy industry.With more and more new energy photovoltaic power generation enterprises put into operation,the transactions of photovoltaic power generation projects such as transfers,mergers and acquisitions occur frequently.This puts forward more requirements on how to evaluate the value of photovoltaic power generation enterprises scientifically and fairly.Based on this,this paper takes the valuation method of photovoltaic power generation enterprises as the starting point,comprehensively analyzes the factors affecting the value of photovoltaic power generation enterprises,such as economic environment,industrial policy and cost fluctuation.Because the traditional enterprise value assessment method does not reflect the environmental protection value brought by uncertain factors the enterprise value of the photovoltaic industry is often underestimated.In this paper,the development of CCER project in the photovoltaic power generation industry is regarded as the option value of the enterprise,which can bring implicit profitability to the enterprise,and the valuation model of the photovoltaic power generation enterprise is constructed by combining the discounted free cash flow method and the real option method.Then the design and calculation of the main parameters in the model are analyzed to make the theoretical method more operable.Afterwards,an empirical analysis of the value assessment of the three photovoltaic power plants belonging to the Inner Mongolia Energy Construction Group was conducted.Case analysis proved that combining the free cash flow discount method and the real option method to evaluate the value of the photovoltaic power generation industry can better reflect its entire enterprise value.The evaluation results can provide a reasonable decision basis for the group’s project transfer business.Finally,through the sensitivity analysis of the value evaluation value of the photovoltaic power generation enterprise to the key influencing factors,the paper puts forward the measures and suggestions for the group company to improve the enterprise value.