Research On The Enterprise Value Evaluation Of Changan Automobile

At present,countries around the world are gradually paying attention to the development of the automobile industry,and China has adopted the strategy of "bending the curve to overtake" to promote the comprehensive,coordinated and sustainable development of China’s automobile industry.The20 th Party Congress report pointed out for the first time that the carbon peak and carbon neutral targets need to be actively and steadily promoted.The dual carbon goals of controlling fossil energy consumption and transforming transportation to a clean and low-carbon level require the automotive industry and its associated industries to achieve,so the automotive industry is an important grip for achieving the dual carbon goals.As a strategic industry strongly supported by the state,the current development prospect of the auto industry is very good and has received high attention from overseas and domestic capitals.Changan Automobile,as one of the leading domestic automobile companies and the largest Chinese branded automobile company,is therefore selected as a case study for this paper to examine the issue of valuing automobile companies.This paper firstly collates the current domestic and international literature on enterprise valuation methods and determines that the SchwartzMoon model in the real options method is the method for valuing Changan Automobile.Secondly,we analyze the basic situation and financial condition of Changan Automobile from three levels: macro,meso and micro,based on which the Schwartz-Moon model is constructed and combined with the Monte Carlo simulation method to analyze the valuation of Changan Automobile.Finally,the model evaluation results are compared with the traditional P/E ratio method and Black-Scholes model method to analyze the evaluation results and give countermeasure suggestions.The main conclusions of this paper are: First,the theoretical enterprise value of Changan Automobile obtained by the model is higher than the actual enterprise value 9.13%,and combined with the rising trend of enterprise value after the valuation benchmark date,Changan Automobile has development potential and investment value.Second,the Schwartz-Moon model combined with Monte Carlo simulation has better applicability in assessing the value of automobile enterprises,and it has more advantages than the B-S model in the selection of model parameters.Third,t the current automotive enterprises are characterized by uncertain future development and high input risk,so the traditional methods of assessing enterprise value are not applicable to automotive enterprises.Fourth,the Schwartz-Moon model can be used to assess the enterprise value of industries with common characteristics with the current automobile industry,providing a new idea for enterprise value assessment of other industries.