Research On The Value Evaluation Of Coal Power Enterprises Under Carbon Neutral Target

The proposal of "carbon neutrality" has laid out a strategic blueprint for China’s energy transformation and green and sustainable development during the 14 th FiveYear Plan period and even in the coming decades.The large scale loss of coal power industry under multiple pressures has aroused wide attention from stakeholders to its sustainable operation and the demand for revaluation of coal power enterprises is increasing day by day.This paper holds that with the continuous development of power system transformation and related policy and mechanism construction,all industries and even the whole society should be deeply aware of the functional contribution of coal power as capacity power source,providing auxiliary services and promoting carbon emission reduction.Under the policy constraints,it is realistic and necessary to explore the impact of "dual carbon" target on the value of coal power enterprises and re-evaluate the value of coal power enterprises.Based on the aim of carbon neutral policy background,in the enterprise value of the existing research results and related theoretical basis,combined with the characteristics of coal enterprises in China,combined with the current policy system and market mechanism,the effects of carbon neutral target for coal enterprise value path and the value and composition of coal enterprise,to establish an evaluation model of incremental value,And the model is applied to the case enterprise to verify and analyze the feasibility of the model.This paper mainly analyzes the survival value of coal power enterprises under different function positioning,and further analyzes the value composition of coal power enterprises from the perspective of China’s energy resources endowment and social development needs.Revaluation of the value of the coal enterprises,this article focuses on the coal in new power system construction and the contribution of carbon emissions from two aspects,based on corporate social responsibility,environmental resources value,production factor value theory,such as the coal enterprise overall value is divided into traditional statements assets value,social and environmental potential value,the intrinsic value of the carbon emission rights from three parts.Among them,the potential value of social environment and the intrinsic value of carbon emission right are the incremental values above the traditional value,which are evaluated and reflected by the adjusted value of improved green EVA and putty-Clay Vintage function respectively.Combined with green EVA and PCV function,the paper establishes the overall value evaluation model of coal power enterprises considering incremental value,and takes Huaneng International as a case enterprise to conduct practical evaluation and analysis.It is found that there is no universal valuation method applicable to all enterprises with the constant change of policy environment and market conditions.Market is the embodiment of value,but when the market price signal is unreasonable,it can not fully reflect the value of enterprises in all aspects.Attention to corporate social responsibility and policy compliance requirements can avoid non-financial risks,and at the same time meet the requirements of various stakeholders,it will bring value growth and promote sustainable development of enterprises.The purpose of this paper is to promote stakeholders to realize the important role of coal power in ensuring supply safety,serving new energy and promoting carbon emission reduction from the perspective of value discovery.At the same time,the perspective of incremental value evaluation in this paper hopes to play an incentive role in the transformation and sustainable development of coal power enterprises under the constraints of multiple development,and provide some ideas for their value analysis and evaluation.