Research On The Value Evaluation Of New Energy Enterprises In STAR Market

On November 5,2018,Chinese President Xi Jinping announced at the opening ceremony of the first China International Import Expo that he will set up a STAR Market at SSE and begin to try the registration system.The proposal of STAR Market will provide capital support for the rise of high-tech innovation enterprises,and there is a great significance to actively explore a set of valuation methods suitable for STAR Market enterprises.With the increasingly shortage of traditional energy and the increasingly serious problem of environmental pollution,a new energy has become the development direction of the world energy industry because of its clean and pollution-free characteristics.The impact of the international financial crisis,coupled with the continuous deepening of the concept of environmental protection,low-carbon and sustainable development of the global economy,has made it a global consensus to vigorously develop and support the new energy industry.At present,the new energy industry is the key industry to cultivate and develop in China.In this context,this paper mainly studies the enterprise value evaluation of the listed companies of the STAR Market in the new energy industry.On the basis of combing and analyzing the characteristics of new energy enterprises in STAR Market,this paper explores the valuation needs of enterprises in STAR Market and seeks a more reasonable valuation model for enterprises in STAR Market.Based on the unique characteristics of STAR Market enterprises,through comparing various enterprise value evaluation methods and their advantages and disadvantages,it is concluded that although real options is a more practical method to evaluate high-risk and high growth enterprises,in practical application,due to the influence of many factors,the value change presents the characteristics of non-randomness,and the pricing and valuation parameters change in a certain range,rather than a fixed value In addition,the Black Scholes model has strict assumptions and fixed valuation parameters.Therefore,we can introduce the fuzzy theory into the real options,endow some key parameters with varying ranges,and limit the valuation parameters to a reasonable range,which is more convincing than the fixed value of the real options,so the evaluation results are more objective.For the discounted cash flow model,there is a large uncertainty in the growth of STAR Market enterprises.For the prediction of cash flow and discount rate parameters,this uncertainty should also be considered.Try to set an interval for cash flow and discount rate to reflect the uncertainty of the estimated parameters.In this paper,Hang Ke technology company is selected as an example to illustrate how the valuation model established in this paper is applied in practical application,and to objectively analyze and explain the evaluation results.In a word,based on the discounted cash flow model under the fuzzy function and the real option method to evaluate the value of the new energy enterprise of the STAR Market,the uncertainty of the parameters and value changes is well handled,which can reasonably evaluate the value of the new energy enterprise of STAR Market,and provide a new idea and method for the value evaluation of the new energy enterprise of the STAR Market.However,there are great differences between the internal segmentation of new energy enterprises and their own characteristics,and for the new energy industry,there are many internal segmentation,such as lithium battery enterprises,wind power enterprises,etc.,so there is still a lot of room for improvement in the model of value evaluation for new energy enterprises of STAR Market.The determination of the relevant parameters of the value evaluation,so the further development and improvement of the value evaluation model for the new energy enterprises in the STAR Market is an important issue worth studying in the future.