Research on the Explicit and Implicit Value Evaluation of Photovoltaic Power Generation Enterprises in China Under the Background of"Dual Carbon"
Under the guidance of the"3060"strategy,the photovoltaic industry has become a strategic emerging industry in China,which has practical significance for China's energy transformation and high-quality development.At present,the value evaluation of photovoltaic power generation enterprises rarely reflects the value of its hidden options,and its overall value is undervalued.This paper systematically combs the option characteristics of photovoltaic power generation enterprises,and includes the uncertainties such as changes in market conditions and future cash flow fluctuations into the impact factors of PV power generation enterprises'value evaluation.Based on the relevant theories of real options and enterprise value evaluation,an improved FCFF and B-S combined value evaluation model is constructed.Meanwhile,the rationality and feasibility of the model is verified by collecting and using the annual report data of Three Gorges Energy photovoltaic power generation enterprises in the past five years and the relevant data of carbon trading in Hubei carbon market.The research shows that compared with the single-use income method model,the improved FCFF and B-S combined value evaluation model can better reflect the explicit economic value and implicit option value of photovoltaic power generation enterprises,and the evaluation value is more consistent with the intrinsic value of enterprises.Therefore,this paper proposes that selecting the above evaluation methods can better improve the accuracy of the evaluation value of photovoltaic power generation enterprises;Photovoltaic power generation enterprises should optimize the internal process,reduce silicon consumption,data and intelligence integration and other ways to reduce cost and increase efficiency to enhance its dominant value;It is suggested to increase R&D investment,develop new quality productivity through continuous technological innovation,and enhance the value of its hidden options.
Enterprise value EvaluationPhotovoltaic power generation enterpriseExplicit economic valueInvisible option value
NETL
NSTL
万方数据
