Evaluation Of Enterprise Value In The Photovoltaic Industry Based On Residual Income Model And Real Options

Energy depletion and global warming have been hot topics of concern to the international community in recent years.The development of renewable clean energy is imminent,and vigorous development of new energy has become a global consensus.In 2016,leaders of more than 170 countries signed the Paris Agreement,which aims to solve the problem of global warming.my country has also put forward the development concept of adhering to innovation,coordination,greenness,openness,and sharing,and vigorously promote sustainable development of green and low carbon.By combining semiconductors and new energy sources,the photovoltaic industry has the characteristics of safety,cleanliness,easy access,and renewable energy.The development and use of solar energy reduces the dependence on traditional fossil energy sources on the one hand,and directly reduces the greenhouse gas emissions.Emissions,on the other hand,promoted the adjustment of the energy structure,promoted the construction of ecological civilization,and inspired a new wave of industrial and consumer revolutions.The photovoltaic industry is gradually being favored by investors,and how to accurately value the industry has become an urgent problem to be solved.The photovoltaic industry is an asset-heavy industry,with fixed assets and intangible assets occupying a relatively large proportion.There is huge uncertainty in photovoltaic project investment,so traditional valuation methods are not suitable.After research and analysis,this article attempts to use the combination of two valuation models to find a model suitable for the valuation of photovoltaic enterprises.Based on combing domestic and foreign literature and studying the characteristics of photovoltaic industry management,this paper analyzes the applicability and feasibility of traditional enterprise value evaluation,and proposes a new evaluation model that combines real option method and residual income method.Evaluate the value of the company’s existing assets based on the residual income method,evaluate the potential asset value of the company using the real option method,select photovoltaic companies and Shun Electric as the case for verification,compare the evaluation results with the stock market value on the evaluation base date,the result is It is found that the evaluation method has certain applicability and scientificity.