Research On The Business Model And Enterprise Value Of Electric Power Enterprises Under The "Double-Carbon" Target

Since the "two-carbon" goal was proposed in 2020,China’s energy consumption structure and industrial structure have been constantly adjusted,which has had a great impact on the power industry.The good market prospects of clean energy and electric vehicle industries drive the asset-focused power grid enterprises to shift to the service type.More and more power enterprises enter the field of energy-saving services and comprehensive energy services,and their products are more diversified.The business model has been adjusted accordingly,and the value of the enterprise has changed accordingly.As an emerging enterprise in the power industry,GCL has been adopting the energy production mode since its establishment.After the "double carbon" goal was proposed,the company adjusted its business model accordingly and changed to the comprehensive energy service mode.Taking GCL as the case,this paper analyzes the mechanism of action between business model and enterprise value by using Wei Zhu’s six elements of business model theory,portfolio theory and enterprise value creation theory,and studies the influence of business model transformation on enterprise value by using literature research method,theoretical analysis method,case study method,qualitative and quantitative analysis method and comparative analysis method.To a certain extent,it can provide reference for the commercial adjustment and upgrading of power enterprises under the goal of "dual carbon".Starting from the six elements of Weizhu business model proposed by professors Wei Wei and Zhu Wuxiang,this paper introduces GCL’s positioning,business system,profit model,key resources and capabilities,cash flow structure and enterprise value,and concludes the changes of its business model before and after the "two-carbon" goal is proposed:(1)Shift from focusing on energy production to integrated energy services in terms of orientation;(2)Add mobile energy service business in the business system;(3)Increase the proportion of heavy assets and equity investment and R&D investment in key resources and capabilities;(4)In the profit model,the revenue is driven by quantity,and the profit is driven by revenue from cost.Secondly,this paper analyzes the impact path of GCL’s business model change on enterprise value from four aspects:(1)Entering new business areas promotes the enterprise to transform to service,improve the added value of products,build a closed loop of business ecology,improve business synergy,and reduce enterprise costs;(2)Enterprises attach importance to technology research and development and innovation can improve the added value of products and production efficiency,so that enterprises can obtain more orders and form differentiated competitive advantages;(3)The adjustment of business makes GCL choose a professional,asset-heavy investment mode with a longer investment term.According to the principle of risk matching and its own needs,GCL adopts an upstream financial mode with lower risks for financing,which keeps the cost of capital at a low level and promotes the continuous increase of enterprise value.(4)Enhanced profitability and steady increase of sustainable growth rate can reflect good growth of enterprises,and thus enhance enterprise value.Thirdly,based on the analysis of the EVA value,price-to-earnings ratio and price-to-book ratio of the enterprise,this paper finds that the value of the enterprise still maintains the growth trend in the adverse market environment and has a better development momentum compared with comparable companies in the same industry.Finally,this paper puts forward some suggestions for the improvement of GCL’s management and financial strategy.Possible innovations:(1)Combined with the current popular "dual carbon" target,this paper makes an in-depth analysis of the business model of electric power enterprises,which can reflect the impact of "dual carbon" target on the business model of electric power enterprises;(2)This paper explains the path of business model adjustment to enterprise value of electric power enterprises from two aspects of capital structure and profitability,in order to provide reference for electric power enterprises to enhance enterprise value and business model adjustment.