Dissertation > Economic > Industrial economy > China Industrial Economy > Industrial sector economy

Evaluation of Electricity Generation Enterprise’s Value

Author GaoXiaoMin
Tutor ZhuWuXiang
School Tsinghua University
Course Business Administration
Keywords Power generation companies Discounted cash flow model Risk compensation Beta Weak liquidity discounts
CLC F426.61
Type Master's thesis
Year 2005
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China 's power industry is currently in a steady and orderly phase of reform , institutional reform , in particular, the price formation mechanism reform , of the value of the power generation companies will have a profound impact . In 2005 , China's electric power supply situation has not fundamentally changed , further increase the power investment , capital market is also heating power enterprises concern . Investors, especially institutional investors , including QFII , the value of the power generation companies interested in . With the gradual opening up of the national power generation market , China's electricity market has gradually become a competitive international market . This paper standing in the position of globalization , to make investigate the marginal investor's point of assessment of the value of listed companies in China 's power generation companies . First of all, discusses the inadequacies of the multiplier valuation method , and then construct a two-stage discounted cash flow model were assessed the value of the power generation companies . Select the risk-free rate , country risk compensation and asset risk premium calculated insights . Finally, the choice of the cost of corporate debt and the value of the options on the equity value is discussed. Finally, for non-listed companies , the article describes the estimation method of the enterprise Beta , and weak liquidity discount for the value of non - listed companies are discussed .

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