| New chemical materials industry is a leading emerging industry supporting the development of national real economy.Different from traditional chemical materials,it has the characteristics of environmental protection,strong performance,high technical content and high economic added value.It is the key focus and support field of national manufacturing power strategy.In recent years,the scale of China’s new chemical materials industry continues to expand,is a veritable big country in the production and consumption of new chemical materials products.However,compared with developed countries,there are still some problems in China’s new chemical materials industry,such as backward key technology,low industrial concentration and unreasonable industrial structure."Chemical new materials Industry" the 14 th Five-year Development Guide "pointed out that China’s chemical new materials industry in the 14 th five-year period needs to improve industrial concentration,focus on breakthroughs in key technologies,improve the industrial structure,and strive to achieve high-end industry and differentiation in 2025.Under the background of strong support from the government and upgrading of industrial structure,the investment,merger and acquisition,reorganization and other capital activities in the new chemical materials industry become more frequent,and the demand for the value evaluation of the new chemical materials enterprises is also becoming more and more intense.However,there are still few researches on the enterprise value evaluation of new chemical materials in China,and a reasonable and perfect enterprise value evaluation system of new chemical materials has not been formed,and there are still many defects in the application of specific evaluation methods.Accordingly,this thesis will deeply analyze the chemical new material industry,relying on the value characteristics of the chemical new material industry enterprises,improve and revise the chemical new material enterprise value evaluation model,in order to provide reasonable value evaluation opinions for the various capital activities in the chemical new material industry.Based on literature analysis and enterprise value evaluation theory,this thesis studies and improves the enterprise value evaluation model of chemical new materials,and applies it to practical cases for verification.First of all,this thesis summarizes the related literature of enterprise value evaluation of new chemical materials,to understand the current research status,and briefly describes the enterprise value theory and method,to provide theoretical support for the study of enterprise value evaluation of new chemical materials.Secondly,the advantages and disadvantages of various enterprise value evaluation methods are compared.Combined with the development status of chemical new materials industry and the characteristics of enterprise value,the applicability of free cash flow model(FCFF)is analyzed,and the value evaluation system of chemical new materials enterprise is improved based on this model.Thirdly,based on the characteristics of the new chemical materials industry and the status quo of enterprise value evaluation in the industry,the two main problems of traditional FCFF model in the specific application are analyzed in detail: strong subjectivity of free cash flow prediction and failure to reflect the influence of non-financial factors on the value of new chemical materials enterprises.The FCFF model is improved by introducing the grey Markov method to objectively forecast the operating income and establishing the unique non-financial factors index system reflecting the characteristics of chemical new material enterprises.Finally,this thesis selects chemical new materials industry one of the leading enterprises of KINGFA SCI.&TECH.CO.,LTD.,as on behalf of the enterprise,the basic situation and typical cases are briefly introduced,the detailed analysis of KINGFA’s history of financial and non-financial status of science and technology,using modified FCFF model to evaluate it,it is concluded that KINGFA’s market value of the appraisal base date.At the same time,the evaluation results are compared with the market value of the enterprise on the evaluation base date,and it is verified that the revised FCFF model can reasonably and effectively evaluate the chemical new material enterprises.The results show that,firstly,FCFF model is more suitable for enterprise value evaluation of new chemical materials.Secondly,the Gray Markov model can improve the rationality and objectivity of revenue forecast in FCFF model.Thirdly,considering the unique policy factors,environmental protection factors and other non-financial factors in the evaluation model can reasonably reflect the real value of new chemical materials enterprises. |
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