Research On Value Evaluation Of Iron And Steel Enterprises Under The Mode Of Low Carbon Economy Development

President Xi proposed that Green mountains and clear water are equal to mountains of gold and silver,which intuitively expresses the firm determination and clear attitude of the Chinese government in vigorously promoting the construction of ecological civilization.In the post Kyoto era,China's low-carbon emission reduction are facing new opportunities and challenges,especially in the steel industry.As a basic industrial sector,after undergoing the supply-side structural reform,Chinese steel industry is regaining a new life,It is extremely important that how to maintain the balance between development and emission reduction,and it requires steel companies to be scientifically and comprehensively evaluated after implementinging low-carbon economy development model.Due to the imperfection of the traditional enterprise value assessment theory,the value derived from environmental benefits has not been taken into consideration.The results is that the value of steel enterprises has been seriously underestimated after implementing the low carbon economy development model.This paper first introduces the background and significance of this research,summarizes the research status of domestic and foreign scholars,and points out the research content and possible innovations.Secondly,by defining the connotation of low-carbon economy in this paper,analyzing and studing its four theoretical components,this paper explains the low-carbon emission how to make an impact on steel enterprises and the composition of enterprises' value from a theoretical perspective.At the same time,based on the research on the connotation of enterprise value,the analysis of the basic principles and applicability of different valuation methods,this paper points out which value evaluation method that steel enterprises should choose in response to the change caused by low-carbon emission.Thirdly,This paper analyzes the effect mechanism about how low-carbon economic development mode make an influence on steel enterprises' value,and proposes that the value of low-carbon steel enterprises is composed of the dominant value created by basic profitability and the hidden value created by potential profitability.Low carbon Emission reduction creates potential profitability while weakening the company's basic profitability.On this basis,this paper defines the meaning of dominant value and hidden value,and analyzes the accounting method.Finally,because of the different attributes of different values,this paper uses the FCFF mothed and the real option model to evaluate the dominant value and the hidden value respectively.In the process of evaluating the value of emission reduction,this paper explains the option characteristics of the emission reduction value,and designs the relevant parameters of the B-S model.At the same time,considering the nonexclusiveness of real options,this paper builds a low carbon competitiveness evaluation index system for steel enterprises.By using AHP mothed,the low-carbon competitiveness coefficient is introduced to improve the B-S model.In the case analysis section,the article selects the NG company of listed steel companies to verify the feasibility of the valuation model.The valuation results show that the valuation model constructed in this paper,which has certain theoretical and practical significance.Based on the above research,Take existence of hidden value into considersation and use the value evaluation model constructed in this paper to evaluate the enterprise value.The steel enterprises which conduct the low-carbon economic development model,the value is higher than that of the traditional income method.Therefore,the theoretical research in this paper is scientific,and the constructed valuation model is feasible.