Research On Credit Risk Of High-Carbon Industries In The "Carbon Neutral" Environment

In recent decades,China’s economy has developed rapidly,and the environmental pollution problems that come with it have also become increasingly serious.As a responsible major country in the world,it is urgent to do a good job in the smooth transformation of high-carbon industries under the premise of taking into account national energy security and economic development,and the key to this lies in the credit risk management and control of high-carbon enterprises.Taking "carbon neutrality" as the theoretical analysis background,this thesis comprehensively uses the literature analysis method and empirical analysis method,selects 48 listed companies covering coal,steel,electric power,cement and other industries(including 42 industry leading companies and 6 ST companies)from the four high-carbon industries listed in China’s A-share market,and uses its annual financial statement data from 2017 to 2021 to construct a logistic regression model.Among the 22 financial indicators in the five aspects of development capacity and capital structure,five key financial indicators affecting the credit risk of enterprises in high-carbon industries were identified through the backward step-by-step selection method,namely,ROE on net assets,sales revenue expense ratio,inventory turnover ratio(times),equity multiplier,and current ratio.This thesis innovatively combines the five key financial indicators with the characteristics of the four high-carbon industries,and conducts detailed empirical analysis of the four high-carbon industries of coal,power,steel and cement based on overall modeling and analysis,and finds that the weights of the five key financial indicators on credit risk are also different due to the different characteristics of different industries.It provides a reference basis for enterprises to manage their own credit risks and their stakeholders to judge the quality of enterprise operations.