Research On Comprehensive Evaluation Of Profitability Of Electricity Generation Listed Companies Under Carbon Emission Constraints

With the development of our country's economy,the overall electricity consumption of the society has also increased year by year.In recent years,the gradual establishment of the carbon emissions trading market,and the country's downward adjustment of the prices of thermal power grids,have made the power generation companies,which rely on thermal power generation,face unprecedented challenges in their profitability and quality.In particular,the National Development and Reform Commission issued the “National Carbon Emissions Trading Market Construction Program(Power Generation Industry)” on December 18,2017,which will further promote the carbon emission constraints of power generation companies.Power generation companies have become major emitters of greenhouse gas emissions in China.The fierce competition in the electricity market has enabled power generation companies to increase their profitability under the constraints of carbon emissions and usher in new opportunities and challenges.Therefore,under the background of carbon emission constraints,the traditional profitability evaluation system of power generation companies lacks integration with the development of low-carbon economy,and does not fully reflect the actual situation of the production and operation of power generation enterprises.Based on the above background,this article summarizes the research status at home and abroad by reading a large number of domestic and foreign related literature and research results.On this basis,the research ideas and basic framework of this paper are constructed.At the same time,the carbon emission constraints and profitability of China's power generation enterprises are analyzed in detail,and according to the specific characteristics of China's power generation listed companies and the actual situation,from the financial factors.From the two perspectives of non-financial factors,appropriate indicators were selected and factor analysis methods were used to comprehensively analyze and evaluate the different development trends of the profitability of power generation IPOs for the 2014-2016 three-year period.According to the score of profitability indicators and the three-year dynamic development,it is concluded that China's power generation listed companies are affected by the country's overall lower profitability level for thermal power on-grid tariffs,and different levels of attention to low-carbon environmental issues among different companies.Finally,from the three perspectives of power generation listed companies,listed thermal power companies,and clean energy power generation listed companies,they put forward specific recommendations and countermeasures.