Research On New Energy Vehicle Enterprise Value Evaluation Based On EVA And Real Options

In recent years,with the increasing pressure on the energy environment,the central government has given strong policy support to the new energy vehicle industry,the market recognition of new energy vehicles has been continuously improved,and the intrinsic value of new energy vehicle enterprises has become increasingly prominent.However,the future income of new energy vehicle investment projects has great uncertainty.Many strategic investment projects have the characteristics of real options,and the decision flexibility of the management makes the projects in the growth range as much as possible.This kind of management flexibility makes the investment risk a kind of potential profit value,and this part of potential value is often ignored in reality,and the traditional value evaluation method can not quantify this part of value,so there is a phenomenon that the value of new energy vehicle enterprises is undervalued in the capital market.In view of this,this paper selects BYD as the research object to evaluate the enterprise value of new energy vehicles.This paper first summarizes the research background and significance,and points out that EVA method makes up the defects of traditional discounted cash flow method through domestic and foreign references,and can consider the long-term development of enterprises.Real options take into account the flexibility of enterprise management and the value of investment risk,which plays an important role in the evaluation of assets or enterprise value with option nature.Then,the traditional enterprise value evaluation method is elaborated and applicability analysis is carried out.Combined with the analysis of new energy vehicle industry and value characteristics,it is found that the traditional single evaluation method is not suitable for the new energy vehicle enterprises with unstable expected income,and the model combining EVA method and real option method is more reasonable.Finally,the representative enterprise,BYD,is chosen as the case study object,and the overall value of BYD enterprise is obtained by using the composite model.According to the evaluation conclusion,the rationality of the model is verified,and the shortcomings are pointed out and the future improvement is expected.In this paper,BYD case is used to evaluate the value of new energy vehicle enterprises,and the real option value is included in the overall value,which is conducive to reducing the difficulty of financing for the undervalued enterprises in the capital market,updating the decision-making ideas and providing reference for investors,and expanding the scope of application of real option.