Application Research On The Value Evaluation Of Lithium Battery Enterprises Based On DCF And B-S Combination Model

In recent years,with the continuous development of our economy,the demand for energy is increasing,and the dependency of energy such as crude oil is high.In 2019,China’s dependence on foreign oil exceeded the international warning line and reached70%.Excessive dependence on foreign imports is a major energy crisis for the country.In addition,climate change threatens the survival and development of human beings.In order to actively cope with climate change,China has put forward the target of carbon peaking and carbon neutrality,adhered to the strategy of sustainable development,and developed economy on the basis of environmental protection.Using new energy vehicles to eliminate fuel vehicles and reduce pollutant emissions is the road to green environmental protection.The development of new energy vehicles can not only help the country solve the crude oil crisis,but also achieve the goals of energy conservation,emission reduction and environmental protection,which is strongly supported by the Chinese government.At present,there are many researches on the related technologies of Chinese enterprises in the new energy automobile industry,mainly to study how to promote the development of new energy vehicles in driving ability and safety through technological innovation.However,there is a lack of attention to the upstream enterprises in the new energy automobile industry chain,and the lack of the evaluation of the new energy lithium battery enterprises.In order to provide value reference for enterprise managers or investors,it is necessary to evaluate lithium battery enterprises,and which evaluation method is worth to discuss.This paper first introduces the lithium battery enterprises and their characteristics,analyzes the value composition of enterprises,introduces the factors that influence the value of lithium battery enterprises,and then expounds the traditional enterprise value evaluation methods and the applicability of DCF and B-S combination model,so as to understand that the traditional evaluation methods can not fully reflect the intrinsic value of lithium battery enterprises in the rapid development stage.It can not reflect the potential value of the enterprise,but the combination model can better reflect the value of the enterprise.Comprehensive consideration decides to use the combination model for value assessment.By analyzing the construction idea of the combination model and how to evaluate the current value and potential value of the enterprise,the value of lithium battery enterprises can be objectively and truly reflected.In this paper,Ganfeng Lithium Company is selected as the research case,the free cash flow model is used to get the current value,the real option model is used to get the potential value,and the sensitivity analysis of some variables of the real option model is carried out to understand the degree of influence of variables on the valuation results.By summarizing the present value and potential value,the complete value of Ganfeng lithium under the combination model is obtained.Compared with the internal value of evaluation and market method,it is found that the enterprise value of lithium battery evaluated by the combination model is more objective and accurate.Through the analysis and comparison of the valuation results,it is found that the free cash flow model and the real option model can make up for the shortcomings of the traditional valuation methods to a certain extent,and better reflect the value of lithium battery enterprises.Through theoretical research and case analysis,this paper draws the following three conclusions:(1)In the short term,the stock market value of Ganfeng Lithium is high,so investors need to objectively and rationally view the development status of new energy lithium battery enterprises;(2)The traditional company valuation model is not suitable for the high-tech enterprises with fast development and unstable operation of new energy lithium battery,and the evaluation results under the traditional evaluation method are easy to produce a large deviation from the intrinsic value of the enterprise;(3)The combination model can better evaluate the intrinsic value of such lithium battery enterprises as Ganfeng Lithium,including the potential value of the enterprise,so the intrinsic value is more complete.