Research On Value Evaluation Of New Energy Lithium Battery Enterprises Based On Improved Real Option Method

Currently,for the purpose of fundamentally solving the problem of exhaust gas pollution,major areas all over the globe are exerting great efforts to blossom new energy vehicles which are represented by electric vehicles.On account of being the vital driver of new energy vehicles,the lithium battery industry has boomed at the same time,gradually entering the fields of power batteries and energy storage batteries,forming a virtuous circle under the strong combination of industry and academia,and becoming the most widely used battery technology system today.With government implementing stricter allowance measure on new energy vehicles,the market sets greater expectations of the stability and energy density of lithium battery as well.Meanwhile,competition among enterprises intensifies,and the market structure is constantly changing.In addition,due to the high technical barriers,imperfect systems,and high volatility risks in the industry,it is difficult to evaluate the overall value of lithium battery companies,and it is difficult for ordinary investors to make accurate decisions.Therefore,based on the evaluation principle,this thesis selects the appropriate value type according to the evaluation procedure,and uses a novel evaluation method to analyze the specific value of the lithium battery enterprise on the evaluation base date.Specifically,based on previous research results on enterprise value assessment,this thesis conducts a valuation study on new energy lithium battery companies.To begin with,the thesis gathers and studies relevant literature from the perspective of domestic and oversea academia,and it is understood that there are a few explorations on the valuation of new energy lithium battery enterprises,while the valuation research using the combination of fuzzy mathematics and real options is even rarer;secondly,combined with the characteristics of lithium battery companies,this study analyzes the shortcomings of traditional valuation methods,selects the real option method as the basis for valuation,and uses fuzzy mathematics to improve it;thirdly,it analyzes the value composition of lithium battery companies,builds corresponding valuation models for the value of different parts,and forms a value evaluation system after combination;after that,taking Ganfeng Lithium as the target enterprise,this thesis uses the two-stage growth model to calculate its current value,and estimates its potential value with the help of traditional and improved option pricing models,and then obtains its overall value;finally,the study compares the degree of deviation between the assessed value and the actual transaction price of the enterprise in securities market,and concludes that the improved real option method is more suitable for lithium battery enterprise value assessment.Overall,based on the typical characteristics of enterprises,this thesis constructs a combination of value evaluation models,conducts valuation research on lithium battery enterprises,enriches enterprise research in this emerging industry,and provides a certain value reference for capital market activities such as possible mergers and acquisitions and asset delivery.