Enterprise Value Evaluation Of New Energy Vehicle Based On EVA And B-S Combination Model

In China’s “Double-carbon” target in the context of the growing importance of new energy.As a sunrise industry,the new energy automobile industry has developed greatly with the support of the state.It is concerned by all the capital.Because the new energy automobile enterprise is greatly affected by the policy risk and the technical risk,the income has the big uncertainty,but in the present stage practice commonly uses the income method to carry on the valuation,it neglects the real option characteristics and the management flexibility of the investors,and neglects the value of the enterprise’s potential profitability.In this paper,the real option method is introduced to evaluate the potential value of the investment project,and the case company BYD is analyzed and discussed.In this paper,first we find that most scholars think that the results of a single method is not accurate enough.Secondly,this paper expounds the characteristics of new energy automobile enterprises,discusses their value composition,and probes into the influencing factors of the value of new energy automobile enterprises through empirical research,it is concluded that non-financial factors such as R & D capability,risk and growth capability have significant positive effects on the value of new energy vehicle enterprises.Then the EVA and B-S real option combination valuation model for new energy vehicle enterprises is obtained on this basis.Finally,taking BYD as an example,this paper evaluates the current asset value and potential profitability value of BYD by using EVA method and real option method respectively to get the total value,and verifies the rationality of the model,at the same time,this paper puts forward the shortcomings and future prospects for investors and business operators to provide reference standards and case analysis.