| As a traditional industry,coal plays a vital role in ensuring national energy security and helping social and economic development.However,in recent years,the country has advocated green economy and low-carbon economy,and proposed to achieve peak carbon dioxide emissions in 2030 and carbon neutrality in 2060.Under the background of "double-carbon",coal enterprises should develop from coal mines with extensive mining methods,clean technology and backward production capacity to intelligent,digital and high-tech mining areas.To some extent,it is an improvement of enterprise management to carry out continuous structural reform for those backward coal enterprises,while developing clean coal technology,promoting coal chemical industry and carbon-based new material projects can bring practical value to enterprises.In order to achieve the goal of maximizing shareholders’ wealth,managers need to make a reasonable assessment of the value of the underlying assets.However,at present,there is a lack of unified evaluation method in enterprise value evaluation,and the determination of evaluation parameters is also different.Different evaluation methods may lead to different evaluation results,even when the same target assets are evaluated.The traditional three evaluation methods may ignore the characteristics of coal enterprises.Therefore,this paper attempts to explore an evaluation method suitable for the value of coal enterprises,and provide some methodological support for the decision-making of investment,financing,merger and reorganization of relevant subjects.Firstly,this paper expounds the related concepts and theories of enterprise value evaluation,including enterprise value evaluation theory,EVA model and real option model.Then,the development status and characteristics of coal enterprises are expanded,and it is concluded that the value of coal enterprises includes real option value,while the traditional enterprise value evaluation methods and EVA model ignore the potential value of enterprises.Therefore,on the basis of EVA evaluation method,this paper uses real option model to evaluate the potential value of coal enterprises,and establishes a combination model of EVA and B-S to evaluate the value of coal enterprises.In this paper,the value of coal enterprises is divided into two parts.One is the profitability value formed by existing technologies,patents,equipment,factories and other assets,that is,the existing value of enterprises;Second,the value of potential profitability created by new projects,new technologies and mining rights,that is,the potential value of enterprises.By adjusting and forecasting the parameters of the combined model,the evaluation result of the model is closer to the real value of the enterprise.Taking Shanxi Meijin Energy Co.,Ltd.(here in after referred to as Meijin Energy)as an example,the overall value of the enterprise is obtained by summing up the existing value and potential value of the enterprise,and it is found that the overall value of the company is basically consistent with the development of the company by comparing with the market value,share price per share and current price on the benchmark date.The research of this paper provides decision-making methods for managers of enterprises and strengthens the flexible management of enterprises.Provide a valuation method for the company to invest in projects and implement mergers and acquisitions to determine the enterprise value of the target company;Provide investment basis for investors. |
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