基于EVA模型的锂电池企业价值评估研究——以德赛电池为例

Research on Enterprise Value Evaluation of Lithium Battery Based on EVA Model—Taking Desay Battery as an Example

摘要: 在目前经济持续向好的同时，人们也在追求更加科技化、数字化的生活方式。经济飞速发展的同时也伴随着环境问题，绿色发展迫在眉睫。随着生态文明建设的不断推进，绿色清洁能源越来越受到重视，锂电池的应用以各种形式融入进大家的生活，我国对锂电池产业企业的扶持力度持续加大。但是随着市场需求的增加，这类企业也面临不少挑战，比如：政府对其补贴准入门槛逐步提升；消费者对于新能源电池产品的安全性、可用性要求更为严格；2020年初新冠疫情使得动力锂电池企业发展受限等，因而对动力锂电池企业价值进行正确评估具有重要意义。而德赛电池作为锂电池行业的代表企业，也是华为等厂商锂电池封装和电源管理系统的主要供应商。本文基于EVA理论，进一步建立价值评估模型，综合考虑德赛电池的内在价值属性。根据EVA二阶段增长模型的预测结果，德赛电池的企业价值被低估，这是由于其行业特殊性以及其他多种因素的影响，这表明德赛电池具有广阔的发展前景，同时为锂电池企业的价值管理和投资者的长期风险管理决策提供参考。

Abstract: At the same time that the current economy continues to improve, people are also pursuing a more technological and digital lifestyle. The rapid development of the economy is accompanied by environmental problems, and green development is imminent. With the continuous advancement of the construction of ecological civilization, green clean energy has received more and more attention, the application of lithium Battery has been integrated into everyone’s life in various forms, and China’s support for lithium battery industry enterprises has continued to increase. However, with the increase in market demand, such enterprises are also faced with many challenges, such as: the gov-ernment’s subsidy entry threshold gradually increasing and consumers having more stringent requirements for the safety and availability of new energy battery products; In early 2020, the new coronavirus epidemic has limited the development of power lithium battery enterprises, so it is of great significance to correctly evaluate the value of power lithium battery enterprises. Desay Battery, as a representative enterprise of the lithium battery industry, is also a major supplier of lithium battery packaging and power management systems for manufacturers such as Huawei. Based on EVA theory, this paper further establishes a value evaluation model and comprehensively considers the intrinsic value attribute of the Desay battery. According to the forecast results of the EVA two-stage growth model, the enterprise value of Desay battery is undervalued, which is due to its industry particularity and the influence of various other factors, which indicates that Desay battery has broad development prospects. It provides a reference for the value management of lithium battery enterprises and investors’ long-term risk management decisions.