| Under the tide of national energy structure transformation,major energy enterprises are seizing opportunities and accelerating the acquisition of high-quality new energy resources,which has set off an upsurge of mergers and acquisitions of small and medium-sized new energy enterprises.Therefore,how to evaluate the value of new energy power enterprises has become particularly important.This paper selects the solar photovoltaic power generation industry as the representative of the new power system,takes the solar photovoltaic power generation enterprise J company as an example,and evaluates the enterprise value of J company from the perspective of enterprise M & a valuation.Firstly,using the collected market information,audited company financial data and relevant materials,and using three traditional valuation models of asset-based method,market method and income method to evaluate the enterprise value of J company,it is found that the traditional valuation method does not consider the uncertainty of the future income of new energy enterprises and the flexibility of independent choice of transactions,so it is unable to evaluate the relative value of enterprises.In view of this,this paper introduces the real option model to make up for the above shortcomings.Firstly,it discusses its importance and scientificity in the valuation of J company,and then calculates the stable value created by the existing assets and the implied value brought by potential investment opportunities according to the value composition of the enterprise,so as to obtain the overall value of J company.Finally,compare the traditional valuation methods with the real option method,analyze the reasons for the differences between the traditional valuation methods on the valuation results of J company,a new energy enterprise,and point out the advantages of the practical option method in this case.It is hoped that this study can provide a reasonable basis for both M & A parties to make scientific decisions. |
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