碳排放权交易对华能国际企业价值的影响研究

【作者】 黄楠；

【导师】 李学彦； 关鑫；

【作者基本信息】 黑龙江大学 ， 会计（专业学位）， 2024， 硕士

【摘要】 碳排放权交易在“双碳”背景下应运而生。在碳排放权交易的影响下,传统能源企业形成两极分化。一方面,对于没有审时度势做出推进生态建设与绿色发展的相应战略决策的传统能源企业来说,付出更高成本、承担更高风险成为可能;另一方面,对于推进生态优先、节约集约、绿色低碳发展,积极参与控排的传统能源企业来说,如何有效利用碳排放权相关交易,为企业降本增效提供帮助,是十分重要的。华能国际作为传统电力行业的代表企业,成为首批被纳入全国碳排放权交易市场的发电企业,一举成为2022年全国碳排放交易市场中获益最高的电力企业,碳排放权对其是至关重要的。本文以华能国际作为降碳减排企业代表研究对象,对2017-2022年碳排放权交易对华能国际的企业价值影响进行了研究。华能国际参与碳排放权交易初期降低相应履约成本,中期增加研发投入,后期提升可控发电装机容量、低碳能源清洁能源发电装机容量以及降低污染物排放量,终期从碳排放权交易中获益并且节省一定的生产经营成本。并且通过分析碳排放权交易对于华能国际的企业价值影响展开相应的案例研究,即从经营业绩层面基于熵值法的纵向绩效分析以及基于财务指标横向绩效分析,对比分析华能国际在加入碳排放交易前后的财务对于企业的经营业绩层面影响效果;企业价值层面利用修正后的EVA模型,展现出碳排放权交易对于企业价值层面的影响效果;以及市场价值层面采取事件研究法对于碳排放权交易对华能国际股价变动情况进行分析,从而了解市场价值层面的影响效果。碳排放权交易在华能国际的这三方面均有一定积极的意义,使其在面对煤价高启的情况下减少亏损,并且在碳排放权交易过程中获得一定收入。更多还原

【Abstract】 The realization of the “dual carbon” goal is a major strategic decision of the Communist Party of China to promote ecological civilization construction in the new era,which fully demonstrates the responsibility and responsibility of the century-old party to always adhere to green and low-carbon development.So as to better promote the national implementation of carbon emission trading policy and achieve the “dual carbon” goal at an early date.Carbon emission trading emerged in the context of “dual carbon”.Under the influence of carbon emission trading,traditional energy enterprises have formed a polarization.On the one hand,for traditional energy enterprises that have not made the corresponding strategic decisions to promote ecological construction and green development,it is possible to pay higher costs and bear higher risks;on the other hand,for traditional energy enterprises that promote ecological priority,conservation-intensive,green and low-carbon development and actively participate in emission control,it is very important to effectively use carbon emission related transactions to help enterprises reduce costs and increase efficiency.As a representative enterprise of the traditional power industry,for traditional energy enterprises that promote ecological priority,conservation-intensive,green and low-carbon development and actively participate in emission control Huaneng Power International has become one of the first power generation,and has become the highest-profit power enterprise is crucial to it.Therefore,this paper will take Huaneng International as the representative of carbon emission reduction enterprises,through the analysis of the path of the influence of carbon emission trading on Huaneng International’s enterprise value from 2017 to2022 in accordance with the complete enterprise value creation chain from value discovery,value holding,value promotion to value realization,that is,Huaneng International reduces the corresponding performance cost at the early stage of participating in carbon emission trading,increases the R&D investment in the middle stage,and promotes the controllable power generation capacity,low-carbon energy clean energy power generation capacity and reduces the pollutant emissions in the later stage,and finally benefits from the carbon emission trading and saves certain production and operation costs.And the analysis is carried out in the corresponding case study,that is,the business performance level,the enterprise value level and the market value level have a certain positive significance,so that it can reduce losses in the face of high coal prices,and obtain a certain income in the process of carbon emission trading.Finally,combined with the case of this paper,relevant enlightenment is drawn and some suggestions are put forward for the same type of enterprises and industries.It is hoped that through the study of Huaneng Power International,the enterprise value can be correctly understood,and that it can provide some reference for enterprises intending to participate in carbon emission trading,so as to better promote the national implementation of carbon emission trading policy and achieve the “dual carbon” goal at an early date.更多还原