Case Study On Performance Commitments Of Xinning Merged E-trans

With the depletion of traditional energy sources and the deterioration of the living environment,many countries around the world are transforming the concept of sustainable development into national strategies and putting forward the vision of a carbon-free future.Photovoltaic energy has become one of the best alternative energy sources due to its environmental protection and renewable characteristics,and is expected to become the main force of "carbon neutrality".At present,the photovoltaic industry is a key industry in my country.The previous policy support and capital investment have laid a good industrial foundation for my country’s photovoltaic enterprises.Against this macro background,investment activities in the photovoltaic industry in the domestic market have been carried out one after another.Through tracking and researching the securities market,it can be seen that the photovoltaic sector has a trend of polarized share prices at different ends of the industrial chain.The reason for this phenomenon is that investors in the secondary market cannot reasonably assess the value of upstream enterprises,and there are investment behaviors with a tendency to follow the trend.In order to assist secondary market investors to make reasonable investment decisions on the photovoltaic sector,allow more investors to fully enjoy the development dividends of the photovoltaic industry,and thus promote the steady operation of listed companies and the securities market,how to reasonably measure the value of photovoltaic enterprises has an impact on the industry.The orderly conduct of development and investment activities is of great practical significance.In response to the above problems,this paper firstly sorts out the relevant literature at home and abroad,and introduces the concept and evaluation method of enterprise value evaluation.Secondly,it introduces the development status of the photovoltaic industry,introduces Zhonghuan corporation,Ltd.as a representative enterprise of photovoltaic upstream,and compares and analyzes the characteristics of enterprise development and mainstream valuation methods,and draws the conclusion that the residual income model has the best applicability for the value evaluation of case enterprises;Introducing Du Pont analysis system,controlling indefinite period and introducing risk factors to revise the residual income model to make up for the deficiencies of traditional valuation methods.Thirdly,analyze the financial status of Zhonghuan corporation,use the revised residual income model and other models to value Zhonghuan corporation and compare the valuation results under different methods with the market value,and combine the sensitivity analysis to obtain the estimated value of the object.key influencing factors.Finally,based on the results of the enterprise value evaluation,it puts forward evaluation suggestions for investors,and puts forward countermeasures and suggestions for the improvement of enterprise value of photovoltaic upstream enterprises headed by Zhonghuan corporation.The following conclusions can be drawn from the above cases: First,the evaluation accuracy of the revised residual income model is better than other valuation models;Second,the market value of upstream companies led by Zhonghuan corporation is undervalued and has room for appreciation;Third,investors and managers should pay attention to changes in key factors such as sales profit rate,equity multiplier and asset turnover rate,and adjust investment strategies and management strategies in a timely manner.