| In order to promote the development of the new energy vehicle industry,the National Development and Reform Commission issued a policy in 2015 to encourage new capital and enterprises with scientific and technological innovation capabilities to join the manufacture of pure electric vehicles,giving birth to a number of new forces in car manufacturing.However,with the successive listings of new automakers abroad,their market value has far exceeded that of most established automakers in just a few years,so such new economy companies have attracted widespread attention from investors.Whether the emerging automakers can support such a high market value is a question worth exploring,and based on this question,this paper examines the corporate value of the emerging automakers.Compared with traditional new energy vehicle companies,such new forces with Internet thinking have higher technological attributes and innovation,and have changed their business models,so they have high growth potential.However,most of these enterprises are currently in a state of continuous loss,and have invested heavily in scientific and technological research and development,so they also have high uncertainty.In order for investors to make correct investment decisions and managers to objectively recognize the true value of enterprises,this paper introduces two widely used methods of economic added value(EVA)valuation model and free cash flow(FCFF)valuation model in the income method into the value evaluation of new energy vehicle enterprises,so as to provide new enterprise value evaluation ideas for new automakers.After sorting out the ideas in the introduction part and clarifying the research direction and research content of this paper,this paper first combines the analysis of the development status and characteristics of the new car industry in the main part according to the research status,and explains the applicable premise of the two models and the reasons for choosing EVA and FCFF models in this paper.Then,the case analysis method is used to select China’s representative and typical new auto-manufacturing enterprises-NIO,XPEV,and LAAOF(hereinafter referred to as "Wei Xiaoli")as cases,combined with EVA model and FCFF model for enterprise value evaluation,summarize and analyze the research results of the case,and make the value assessment of "Wei Xiaoli" of new car manufacturers more convincing through comparative analysis.Finally,this study concludes from the evaluation results of the investment value of the new car industry represented by Wei Xiaoli that the market value of the new automakers represented by Wei Xiaoli is generally overestimated.At the same time,the problems of the model are analyzed,and the future research prospects are prospected.Suggestions for improving corporate value for enterprise managers of "Wei Xiaoli",and also for the reference of managers of other emerging forces in car manufacturing;And put forward investment advice and remind investors of the risks to pay attention to,and make reference for their investment decisions. |
