Study On The Valuation Of New Energy Photovoltaic Listed Companies

In September 2020,China proposed a vision of achieving carbon peaking by 2030 and carbon neutrality by 2060.As the "front-runner" in the renewable energy market,the photovoltaic industry has become a popular track for investors to focus on and pursue.Unlike traditional industries,the frequent technological iterations,high investment and R&D expenditures,and high uncertainty in the development of new energy PV listed companies are beyond the scope of existing valuation methods,reducing the accuracy of the valuation of the subject company.The establishment of a scientific valuation system suitable for new energy PV listed companies is not only the basis for improving the efficiency of the company’s capital operation,but also one of the means to help achieve the goal of "double carbon".This paper analyses the difficulties and shortcomings of traditional valuation methods and models in the valuation of new energy photovoltaic listed companies,and based on the research of existing valuation methods,finally selects the real option method,which is more in line with the characteristics of high growth and high uncertainty of new energy photovoltaic listed companies,as the theoretical support,and adopts the B-S valuation model as the basic model for value assessment.In view of the limitations of the basic B-S model,this paper takes the dividend rate into consideration to make the model assumptions more consistent with the actual existence of dividends in new energy photovoltaic listed companies;applies the EVA model to calculate the investment value of the company to improve the scientificity of the parameters;introduces the grey prediction model to make the predicted value based on small samples of incomplete information data more accurate and reduce the errors in the valuation results.In this paper,the optimised B-S valuation model is applied to a typical representative of new energy photovoltaic listed companies,Tongwei,for a case study to test the applicability of the model.A comparative analysis of the valuation results with the traditional valuation method reveals that the optimised B-S valuation model is more accurate for the valuation of new energy PV listed companies.The results of this paper are of positive significance in helping investors in the new energy photovoltaic industry to make scientific decisions and promote the prosperity of M&A and restructuring transactions,and also provide reference and reference for the development of other high-tech industries with similar business mod...