基于自由现金流改进模型的新能源企业价值评估研究

New Energy Enterprise Value Evaluation Based on FCFF Improved Model

摘要: “双碳”战略背景下，新能源行业市场不断拓展，对企业价值评估的要求也日趋增高。新能源企业具有经营收入来源稳定等特点，适宜FCFF模型进行价值评估，但由于新能源企业整体经营的不确定性高，传统模型在评价不确定性对企业价值影响时存在一定缺陷。本文利用灰色预测和动态折现率对模型进行改进。以跨新能源三个领域的公司奥特维为研究对象，研究了其2019年至2023年度数据情况，并带入改进模型进行企业价值评估，并与传统模型评估结果进行对比。结果表明，使用FCFF改进模型对于新能源企业价值评估更为精准，能够为利益相关者提供一定参考。

Abstract: Under the background of “dual carbon” strategy, the market of new energy industry continues to expand, and the requirements for enterprise value evaluation are also increasing. New energy enterprises have the characteristics of stable operating income source, which is suitable for FCFF model to evaluate the value. However, due to the high uncertainty of the overall operation of new energy enterprises’, the traditional model has certain defects in evaluating the impact of uncertainty on enterprise value. In this paper, grey prediction and dynamic discount rate are used to improve the model. Taking ATW, a company spanning the three fields of new energy, as the research object, the data from 2019 to 2023 were studied, and the improved model was introduced for enterprise value evaluation, and the evaluation results were compared with the traditional model. The results show that the improved FCFF model is more accurate for the value assessment of new energy enterprises and can provide a certain reference for stakeholders.