Research on the risk of mergers and acquisitions of new energy power projects of state-owned enterprises from the perspective of income method

Cao Yixiong

Abstract：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 state-owned 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.