Valuation Of New Energy Enterprises On The Science And Technology Innovation Board Based On The Modified Free Cash Flow Mode

With the increasingly scarce traditional energy and increasingly serious pollution problems,new energy has become the development direction of the global energy industry because of its clean and environmental protection characteristics.Since 2019,some new energy enterprises have started to land on the science and innovation board,bearing two halos of science and innovation board and new energy.These enterprises are favored by investors.Therefore,it is more and more important to correctly evaluate the value of science and innovation board new energy companies.Considering that new energy enterprises have the characteristics of high R&D,high growth and growth,blindly using traditional value evaluation methods will underestimate the value of new energy enterprises.Therefore,it has become an urgent problem to establish a valuation model suitable for new energy companies on the science and innovation board.In view of the characteristics of enterprises on the science and innovation board,it is difficult to find enterprises with a standard similarity,so the relative valuation method is not suitable for its valuation,so the absolute valuation method is more suitable for the value evaluation of science and Innovation Board companies.Among them,the discounted free cash flow method has good adaptability,but it also has defects:on the one hand,the traditional discounted free cash flow method is based on net profit and is easy to be manipulated by people,It can not fully reflect the recovery of cash flow,and the authenticity of the business situation reflected is poor;On the other hand,the valuation method does not consider the impact of R&D expenses and other factors on the cash flow of enterprises,while the R&D expenses of new energy enterprises account for a high proportion,so it needs to be adjusted.Therefore,based on the net cash flow from operating activities,this paper puts forward the concept of free cash flow of operating assets and related discount model.This paper holds that,from the perspective of investment,the fluctuation of the company’s market value revolves around the company’s equity value,and many investors also pay attention to and predict the equity value.Therefore,the valuation and verification of this paper also take the equity value as the research object.Among the many assets of new energy enterprises on the science and innovation board,they can be divided into three categories according to the different ways of influencing the company’s value.Financial assets affect the value of the company through investment activities;Long term equity investment also affects the company through investment activities,but it is more strategic;Operating assets affect the company’s value through operating activities and determine the company’s operating profit and cash flow of operating assets.Different from the first two,the business model and growth potential represented by operating assets are also the fundamental reason why new energy enterprises on the science and innovation board are different from ordinary main board enterprises.This paper reconstructs the balance sheet according to the different ways in which various assets affect the company’s value,decomposes the enterprise value into four parts:the book value of financial assets,the value of long-term equity investment,the present value of future free cash flow of operating assets and the book value of interest bearing liabilities,and establishes a valuation model more suitable for new energy enterprises on the science and innovation board.In order to verify the effectiveness of the valuation model,this paper selects the more representative paineng technology in the new energy industry of the science and innovation board,uses the established model to value paineng technology,and carries out the valuation effect test and difference analysis,hoping to provide some reference value for relevant research and model establishment.