摘要
为实现“碳达峰、碳中和”时代使命,各大国有能源企业均在争相并购中小型新能源电力企业。从收益法角度出发,对收益法在国企新能源电力项目并购评估中存在的风险因素展开探讨。研究发现:企业价值评估工作主要发生在并购前期和中期2个阶段,对应风险主要为价值判断中的道德风险、资料收集中的信息不对称风险、尽职调查中的信息失真风险和评估过程中的操作风险。围绕A电力公司并购B风电公司的案例,对发电小时、售电价格、国补政策、设备稳定性费、成本费用水平和折现率这6个收益法参数进行敏感性分析,确定出各因素对整体项目的影响程度,验证国有企业新能源电力项目并购业务存在评估风险的结论。针对国企新能源电力项目并购中常见的风险,提出了对策建议,为助力国有企业实现投资收益最大化提供支持。
In order to achieve the mission of“emission peak and carbon neutrality”in the era,major state-owned energy enterprises are competing to merge and acquire small and medium-sized new energy power enterprises.From the perspective of income method,this article discusses the risk factors existing in the mergers and acquisitions evaluation of new energy power projects in state-owned enterprises.The study found that the enterprise value assessment mainly occurs in the early and middle stage of enterprises’M&A,and the corresponding risks mainly include moral hazard in value judgment,information asymmetry risk in data collection,information distortion risk in due diligence,and operational risk in the evaluation process.This article focuses on the case of A power company's acquisition of B wind power company,conducting a sensitivity analysis of six income method parameters:power generating hours,electricity sales price,national subsidy policy,equipment stability cost,cost level,and discount rate,determines the degree of influence of each factor on the overall project,and verifies the conclusion that there are assessment risks in the M&A business of new energy power projects of stateowned enterprises.In view of the common risks in the M&A of new energy power projects of state-owned enterprises,this paper puts forward countermeasures and suggestions to help state-owned enterprises maximize investment returns.
作者
曹一雄
Cao Yixiong(China Energy Investment Group Co.,Beijing 100010,China)
出处
《煤炭经济研究》
2023年第8期97-103,共7页
Coal Economic Research
关键词
新能源电力
并购
收益法
评估风险
new energy power
M&A
income approach
risk assessment
