| Due to the rapid changes in manufacturing industry development,a large number of fossil enenergy are consumed,which accelerates global warming and destroys the ecological environment.Power battery is an indispensable important part of new energy vehicles,which is one of the most influential in industrial chain link,The scale of power battery industry continues to grow,and the transaction and merger activities are also generating fastly,so it is important to evaluate the enterprise value.In this paper,CATL,the most representative enterprise in China’s power battery industry,is selected as an example to discuss its enterprise value evaluation,which is conducive to the valuation analysis of the whole power battery industry.This paper consists of two parts: theoretical analysis and case evaluation.In the part of theoretical analysis,firstly,the theories related to enterprise valuation,EVA method and real option method are summarized.Secondly,power battery enterprises macro environment and industry characteristic are summarized in detail,combining with the characteristics of power battery enterprise value assessment and applicability for EVA method and real options method of the model were analyzed,and combining the two methods demonstrated that more suitable for power battery industry enterprise value assessment,can overcome the shortcoming of the traditional valuation method.In the case part,this paper mainly has the following three steps:(1)Use EVA method to evaluate the current value of the enterprise.Power battery enterprises have developed rapidly and uncertainly,and the R&D spending is high.Using the method of EVA to the existing assets value assessment of the enterprise could change the traditional accounting profit into economic profit,which could reflect the true value of the company,encourage R&D investment in the company and avoid short-term profit tendency of the enterprise.(2)Use the modified EVA model to revise the current value of the enterprise.Considering the EVA method to evaluate enterprise value has certain defects,all of the data derived from the enterprise.So when evaluating enterprise’s present value,the market method is introduced to modify EVA method.Compareing the similar enterprises and adjusting the evaluation could make the calculation more in line with the actual situation and more objective.(3)Use the modified real option method to evaluate the potential value of the enterprise.There are great uncertainties in the future development of power battery enterprises.Using the real option method to quantify such uncertainties into enterprise value is conducive to truly reflect the situation of the enterprise.The research significance of this paper lies in that most of the current research on the new energy industry focuses on the industry research,such as the formulation of new energy-related industrial policies,future development trend and feasibility study of new energy projects,etc.,while there are few related studies on the value evaluation of new energy enterprises.According to the characteristics of power battery industry,this paper analyzes the influencing factors of its value and constructs a valuation model,which is helpful for the detailed research on the valuation of power battery industry.For most of the companies with the characteristics of rapid development,heavy research and development and light assets,it is common to use EVA method and real option method to evaluate their enterprise value.Therefore,this paper studies the application of the two methods in enterprise value assessment of new energy industry.It is beneficial for investors and management to make reasonable investment decisions and corporate strategic decisions,and is conducive to the value creation and value enhancement of enterprises. |
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