Research On Value Evaluation Of New Energy Photovoltaic Enterprises Based On Improved Market Method

In the "Construction of a Modern Energy System" outlined in the "14th Five Year Plan",it is pointed out that China should accelerate the development of non petrochemical energy in the next five years,and vigorously promote the scale of power generation,mainly photovoltaic,supplemented by energy storage and wind power.As a result,new energy photovoltaic enterprises have attracted wide attention from investors,and the evaluation of the value of new energy enterprises and the improvement of methods have also become the focus of research.For photovoltaic enterprises,technological innovation activities can bring higher value and form their independent innovation capabilities.Therefore,this article takes the independent innovation ability of enterprises as the starting point,incorporates it into the enterprise value evaluation system,and uses quantitative analysis methods to improve the selection of comparable enterprises and adjust the value multiplier based on traditional market methods,so as to evaluate the value of photovoltaic enterprises more comprehensively and accurately.First of all,this article summarizes the relevant research of domestic and foreign scholars,enterprise value theory,and the connotation of independent innovation capability.Combining the characteristics of new energy photovoltaic enterprises,it selects characteristic indicators from the perspective of finance and enterprise independent innovation,and constructs a photovoltaic enterprise value evaluation index system.Then,the applicability of traditional evaluation methods to the value evaluation of photovoltaic enterprises is analyzed,and the market method is selected to evaluate the value of photovoltaic enterprises.Finally,based on the traditional market approach,in order to avoid the subjectivity and improper selection of value multipliers in the selection process of comparable enterprises,objective analysis methods are introduced to improve the credibility of the evaluation results and expand the application scenarios of the market approach.Through theoretical analysis and case verification,this paper argues:(1)Photovoltaic enterprises can have core competitiveness and create more value for enterprises by carrying out technological innovation activities.The independent innovation ability of enterprises is expressed by intangible assets,R&D investment and the number of R&D personnel,and the impact of these three factors on enterprise value is verified,which provides direction for PV enterprise managers to cultivate independent innovation ability,and theoretically enriches the index system of existing PV enterprise valuation.(2)Using factor analysis and cluster analysis to select comparable enterprises,and using the entropy weight-TOPSIS method to calculate the relative proximity of the selected target enterprises and comparable enterprises,so as to determine the value multiplier,which can improve the credibility and accuracy of the evaluation results.(3)Using the improved market method to evaluate the selected case,LONGi Green Energy Technology Co.,Ltd.,the stock value under the PE valuation method on the evaluation base date was 57.05 yuan / share,and the fluctuation range of the assessment result was 10%,and the stock price information in the securities market was queried by using the flush stock trading software,and the closing price of the target company on the evaluation base date was 61.39 yuan / share,and the average closing price at the end of the month of the year was 57.87 yuan / share,which fell within the value range of the PE valuation method.This verifies the effectiveness and feasibility of improving the market method,and in practice,it also provides a reference for enterprises carrying out similar technological innovation activities when conducting value assessment.