考虑ESG因素的风电设备企业价值评估研究

Study on Value Evaluation of Wind Power Equipment Enterprises Considering ESG Factors

摘要: 在政策和市场的双重作用下，我国风电设备行业市场发展前景良好，但目前针对风电设备行业企业价值评估方法的研究相对缺乏。同时，风电设备企业与绿色低碳发展有较强的关联性，ESG因素对风电设备企业估值的影响不容忽视。本文结合熵值法和模糊综合评价法量化企业ESG因素，通过引入企业ESG因素修正FCFF模型，结合动态折现率，以金风科技为例进行企业价值评估。本研究为ESG投资理念下的估值实践提供了可行思路，可助力投资者优化投资策略，同时也能为风电设备企业提供改善自身ESG实践的思路，帮助企业更好地实现长期可持续发展。

Abstract: Propelled by the dual drivers of policy and market, the wind power equipment industry in China exhibits promising market prospects. Nevertheless, there is a relative paucity of research on enterprise value assessment methodologies specifically tailored to this sector. Concurrently, wind power equipment enterprises are highly correlated with green and low-carbon development, and the impact of ESG factors on their valuation cannot be overlooked. This paper quantifies corporate ESG factors by integrating the entropy weight method and the fuzzy comprehensive evaluation method. It modifies the FCFF model through the introduction of corporate ESG factors, incorporates a dynamic discount rate, and conducts an enterprise value assessment with Goldwind Science & Technology as a case study. This research provides feasible insights for valuation practices under the ESG investment philosophy, which can assist investors in optimizing their investment strategies. Additionally, it offers guidance for wind power equipment enterprises to enhance their ESG practices and achieve more robust long-term sustainable development.