| In recent years,due to the evolution of the global situation and China’s national conditions,China’s government departments have taken into account the current energy situation and international environmental pressure,and formulated a series of policies and measures to promote the healthy development of China’s new energy vehicle industry,and seek to actively promote the transformation and upgrading of China’s new energy vehicle industry through the "overtaking" strategy to win an advantageous position in international competition,in order to promote China’s BYD is committed to the overall harmonious and sustainable development of China’s new energy vehicle industry.BYD was founded in 1995 and has become the leading new energy vehicle company in China after years of development.BYD closed at RMB 47.6/share on the last trading day of2019,and its closing price has climbed to RMB 194.3/share by the last trading day of 2020,with a maximum increase of 308.1%.Under the rising stock price,BYD’s market value rose about 400.2 billion yuan to 530.08 billion yuan,making it the highest domestic auto company in terms of market value at present.Through the study,it was found that the use of traditional enterprise value assessment methods produced large deviations in the assessment of BYD Company.Therefore,in order to further study the true enterprise value of BYD,this paper integrates the characteristics of the new energy vehicle industry and the important and difficult points of BYD’s valuation,analyzes and selects the applicability of the traditional research methods,and introduces the real options method to make supplementary corrections,and constructs a portfolio model more suitable for BYD’s enterprise value assessment,so as to provide a more accurate financial decision basis for the enterprise managers and also for It also provides a reference basis for other new energy vehicle companies to evaluate their value.In this paper,after comparing and analyzing the traditional enterprise value valuation methods,the EVA method is used to assess the value of BYD’s existing assets and combine with the option pricing model to assess the potential value of BYD,and finally,the valuation results of the model combination are compared with the market value in the capital market on the benchmark date.The results show that when only the EVA method is used for valuation,the results are lower than the market value of the enterprise on the benchmark date,and the difference rate is as high as 52.75%,while the difference rate between the results calculated using the portfolio model based on the real option method and the stock price on the benchmark date is 12.43%,which is slightly higher than the market value of BYD,but in line with the general market trend of BYD after the benchmark date,proving that the real option is applicable to BYD and the model portfolio is applicable to the overall value assessment of the enterprise.At the same time,a sensitivity analysis was conducted on the factors influencing BYD’s valuation,i.e.,the parameters of the option pricing model,to determine the factors that positively and negatively affect the value of the enterprise and the degree of influence.Combined with the overall analysis of the company,it is further concluded that BYD’s enterprise value is inseparable from its huge investment in R＆D,the layout of the whole industrial chain and its excellent business performance.Therefore,BYD’s enterprise value can be gradually improved by reasonably increasing the company’s R＆D investment and choosing a correct and reasonable corporate strategy. |
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