A Case Study Of Tianshun Wind Energy's Corporate Value Evaluation

The research on the value of the enterprise is always very important in the capital market,and the value of new energy enterprises is also concerned by many investors in the period of the transition from traditional energy to new energy.In particular,wind energy enterprises,because wind energy as a pollution-free and renewable energy,its use of unlimited value,and with the rise of wind energy in the future,the value of such enterprises will also be promoted.Therefore,the value study of such enterprises can give investors some reference to the value of current wind energy enterprises,and can enrich the research of enterprise value evaluation in the field of wind energy enterprises.This paper selects the new energy enterprises,Titan wind energy as the research object,to assess the business value of it.First,the basic situation of enterprises and the industry characteristics of new energy enterprises are discussed.For the actual situation and industry characteristics of enterprises,three kinds of value evaluation methods,which are suitable for the current situation of enterprises,are selected: free cash flow discounting method,EVA method and real option method.Three methods are used to evaluate the value of the enterprise respectively,and the accuracy of the evaluation results is obtained by comparing the value evaluation results of the three methods with the average stock price of the enterprise.In addition,the value evaluation results of the three methods in the last five years are tested with the difference between the average stock price and the SPSS software,and the rationality of the results of the three methods is verified.Finally,comparing the difference results,we think that the three methods have a certain accuracy for the enterprise value evaluation of the Tian Shun wind energy.Based on the research results of the enterprise value in 2016,the difference rate of the value evaluation result of the real option method and the market value is the lowest.From the recent five years' research results and the average stock price difference,the result of free cash flow method evaluation is closer to the average stock price.