Research On The Performance Of Assets Restructuring Of Yunnan Electric Power Enterprises Under The Goal Of Carbon Neutrality And Emission Peak

Since the goal of carbon neutrality and emission peak was proposed by President Xi Jinping at the general debate of the seventy-fifth session of the United,and it is an important part of realizing the carbon neutrality and emission peak target task.The power system is facing a major reform,and power companies need to accelerate the progress of transformation.With the increasing development and improvement of the domestic capital market,mergers and acquisitions,as an effective way to help enterprises expand their scale and achieve transformation,have been adopted by more and more enterprises.The performance changes of enterprises after mergers and acquisitions have also become a hot research topic.A power company is the first listed company in Yunnan Province to achieve strategic transformation through mergers and acquisitions.Studying its scale and performance after asset reorganization will help local energy companies in Yunnan use it as a reference during transformation,and see whether the asset reorganization is It can help enterprises transform into new energy enterprises that meet the requirements of the carbon neutrality and emission peak target.This article takes the asset replacement project of A power company in 2021 as the research object.First,it introduces the company profile of A power company,including the company’s establishment,listing,actual control right after listing,previous changes in share capital,and the development of the company’s main business.Key financial data.Then it introduces the asset reorganization plan of A power company,including asset transaction method and asset value.Next,the motivation and possible risks of asset reorganization are analyzed.For company A,the reasons for this reorganization are divided into external and internal reasons.The external reason is the proposal of the carbon neutrality and emission peak goal and the emphasis on environmental protection.The state calls on energy companies to carry out reforms;To achieve the carbon neutrality and emission peak goal,it is necessary to introduce new technologies and businesses through asset restructuring,thereby promoting economic development.The uncertainties of this reorganization have also brought some risks to power company A,such as macroeconomic risks,risks of fluctuations in construction costs,risks of difficulty in obtaining funds in a stable and sustainable manner,and risks of loss of important customers.Then through the analysis of the financial indicators of the enterprise,the changes of the repayment ability,operation ability,profitability and development ability of the enterprise before and after the restructuring are obtained.The analysis found that the solvency and operating capacity of power company A are still insufficient.The reason is that after the asset restructuring,the debt of power company A has increased sharply.Although the solvency has improved,it is not enough to reach the industry average level,and the debt pressure of power company A has increased.,and the introduction of new business is also testing the management level of A electric power company,and the operation ability needs to be strengthened;the profitability and development ability have been improved,because the profit scale brought by the new business after the reorganization has increased significantly,and the asset quality,sustainable profitability and ability to resist risks are guaranteed.Then,the event study method is used to calculate the cumulative excess return rate during the window period of the corporate reorganization event,and the analysis shows that the short-term fluctuation of the corporate stock price has a positive relationship with the reorganization event.Finally,the EVA value evaluation method is used to calculate the economic value added of the enterprise,which can better reflect the value change of the enterprise compared with the net profit.After analysis and comparison,it is found that although the net profit of the enterprise before the reorganization is positive,the EVA value is negative,and the enterprise value decreases.After the reorganization,the enterprise’s net profit and EVA value are both positive,and the enterprise value increases.Through the above analysis,it is concluded that after this reorganization event,the enterprise scale of A power company has been expanded,and the profitability has also been improved,and it has given inspiration for the transformation preparation of other energy companies:enterprises should transform to green and low-carbon,and make full use of policy support,which can bring longer-term development and higher benefits to the enterprise,and at the same time,the risks that will be faced during the transformation cannot beignored.