The Implementation And Effect Analysis Of China Shenhua’s Carbon Financial Strategy

The capital activities that financial strategy focuses on,which are the “blood” of enterprise strategic management and the key to coordinating the overall strategy,competitive strategy,and other functional strategies of the enterprise.For the development of enterprises,the importance of financial strategy is self-evident.In recent years,national low-carbon policies such as the“Action Plan for Achieving Carbon Peak by 2030” have emerged frequently.In addition,in the report of the 20 th National Congress of the Communist Party of China,the requirement of“actively and steadily promoting carbon peak and carbon neutrality” was also proposed.Therefore,the low-carbon economic development model will become a new direction for China’s future economic development,and sustainable development will also become an inevitable trend for enterprise development in the future.In this context,the financial activities of enterprises will inevitably be affected by a low-carbon economy.However,compared to traditional financial strategy,the modern financial strategy focuses on both economic benefits and environmental and social benefits,but they still lack attention to a low-carbon perspective.Thus,according to the needs of the era of low-carbon economic development,this thesis integrates the concept of low-carbon development based on the modern financial strategy,which studies the theory of “carbon financial strategy”.It can provide certain practical significance for enterprises to achieve sustainable development and countries to achieve the“dual carbon” goal.The production,exchange,distribution,and consumption of high carbon energy are the main reasons for the increase of carbon emissions,and China’s “rich in coal,poor in oil and less in gas” energy resource endowment determines that China’s green low-carbon transformation should be based on the clean and efficient use of coal.Thus,this thesis selects China Shenhua,the largest listed company in the coal industry by market value,as the case study object,and combines the relevant theories of carbon financial strategy,to analyze the implementation path and effect of China Shenhua’s carbon financial strategy,which has certain reference value for enriching and improving relevant research on carbon financial strategy.This thesis is mainly divided into the following six chapters.Firstly,the first chapter describes the relevant research background and significance,and provides a comprehensive review of domestic and foreign research literature on low-carbon economy,financial strategy,and carbon financial strategy,and constructs the basic research framework of this thesis comprehensively and systematically based on clarifying certain research ideas and methods.The second chapter introduces the basic definitions of low-carbon economy,financial strategy,and carbon financial strategy,as well as the implementation motivation,implementation content,implementation effect analysis methods,and theoretical basis of carbon financial strategy.The third chapter analyzes the background of the case,briefly introduces the industry profile of carbon financial strategy,the basic situation of China Shenhua,and analyzes the carbon footprint of China Shenhua,the development process of low-carbon transformation,and the implementation motivation and conditions of the carbon financial strategy.Secondly,the fourth chapter conducts a comprehensive analysis of the implementation path of China Shenhua’s carbon finance strategy.In terms of carbon financing strategy,China Shenhua takes internal financing as its main source of capital and optimizes its capital structure by means of external financing.In terms of carbon investment strategy,China Shenhua promotes the “all life cycle” coal cleaning,accelerates the green and low-carbon transformation of energy structure,develops green and low-carbon technologies,and explores the development path of low-carbon talents.In terms of carbon operation strategy,China Shenhua promotes integrated and green operation of the entire industrial chain,establish a “green procurement”sustainable supply chain,and comprehensively carry out the construction of a carbon management system.In terms of carbon income distribution strategy,China Shenhua continues to adopt a high proportion of cash dividends,attaches importance to relationships with stakeholders such as customers,and stably provides high-quality social contributions.Then,the fifth chapter uses the financial and non-financial indicator analysis method to analyze the implementation effect of China Shenhua’s carbon financial strategy from three aspects of economic benefits,environmental benefits,and social benefits.In the aspect of economic benefits,the corresponding financial indicators are selected for analysis from five aspects:solvency,profitability,development ability,operational ability,and distribution ability.In the aspect of environmental benefits,the corresponding non-financial indicators such as carbon emission intensity,carbon sink storage capacity,energy consumption,and three wastes emission pollution are selected for analysis.In the aspect of social benefits,the corresponding non-financial indicators such as local community interests,employee turnover rate,customer satisfaction,and social contribution per share are selected for analysis.Finally,the sixth chapter draws relevant research conclusions and inspiration.In terms of research conclusions,it is concluded that the overall implementation effect of China Shenhua’s carbon finance strategy is good,and conducive to achieving sustainable development,but the implementation path still needs to be optimized.In terms of research inspiration,the following three points are drawn.Firstly,enterprises should actively improve the development path of carbon finance strategy.Secondly,enterprises should accelerate the establishment of green-lowcarbon development symbiotic circle.Thirdly,enterprises should pay attention to improving the ability of sustainable development comprehensively.