“双碳”背景下企业的绩效评价与股价关系研究—以电力企业为例
摘要
近年来，中国经济迅猛发展，但伴随而来的环境问题也越来越严重。根据调
查显示，中国已成为二氧化碳排放量最大的国家。为加快能源结构、产业结构调
整，构建绿色低碳循环发展的产业体系，习近平主席在中国共产党成立百年之际
前夕，提出了“2030年前实现碳达峰、2060年前实现碳中和”的宏伟目标。作
为“绿水青山就是金山银山”这一重要理念的发源地和重要践行者，电力企业更
要抓住碳达峰碳中和的历史机遇，加快能源结构、产业结构调整，构建绿色低碳
循环发展的产业体系，为全国实现碳达峰碳中和目标作出表率。传统电力企业“高
污染”“高排放”的问题严重，在新经济的发展背景下，更加需要对其进行绩效
综合评价，研究企业的发展潜力。而在新经济发展的背景下，评价一个企业的发
展前景，传统的依据财务指标进行研究已经不足以支撑，更加需要依据企业发展
的环境绩效进行综合分析与评价。
本文以可持续发展经济、循环经济等为基础，建立综合绩效评价体系，运用
财务指标和非财务指标共同评价企业的发展前景。在双碳背景下，结合环境绩效
的各项指标以及企业发展潜力等三个绩效指标，运用因子分析法、层次分析法确
定各项指标的权重。将传统的以财务指标对企业进行绩效评价与结合环境绩效、
企业发展潜力等各项指标进行综合绩效评价进行对比，分析新形势下，对电力公
司进行综合绩效评价是否可以更加有效和合理。同时将上市企业的股价与企业绩
效进行联系，分析新的综合绩效评价体系是否可以更全面的反应公司股价，从而
指导公司管理层、投资者判断电力企业的发展情况。
通过本文的研究，得出运用新的绩效评价体系可以更好地在双碳背景下评价
电力企业的发展前景以及经济情况，新的绩效评价体系与公司的股价相关性更强
即经改善后的综合绩效评价体系相比原来的单纯以财务绩效更能反映公司股价
变化。证实财务绩效与非财务绩效共同评价电力企业的发展状况比仅仅以财务绩
效评价更准确，电力行业需要积极促进相关企业向环保方向转型。并且发现，新
能源企业与火力企业近些年来财务数据逐渐向好，而火力公司经济数据逐年下
降，不少火力公司或多或少进行新能源发电转型。无论从发展潜力还是资本结构
来看，新能源企业都比火力电力企业要好，新能源企业在今后的发展中相比更具
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“双碳”背景下企业的绩效评价与股价关系研究—以电力企业为例
有优势和竞争力。投资者依据综合绩效对电力企业进行股价判断比单纯依靠财务
绩效进行判断要更加准确。
关键词：双碳；电力企业；绩效评价；股价
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Abstract
In recent years, China's economy has developed rapidly, but the accompanying
environmental problems are becoming more and more serious. According to the
survey, China has become the country with the largest carbon dioxide emissions. In
order to speed up the adjustment of energy structure and industrial structure and build
an industrial system of green low-carbon development, President Xi Jinping proposed
the grand goal of achieving carbon summit before 2030 and realizing carbon
neutralization by 2060 on the eve of the founding of the Communist Party of China.
As the birthplace and important practitioner of the important concept of "green water
and green mountains are golden mountains and silver mountains", power enterprises
should seize the historical opportunity of carbon peak and carbon neutralization,
accelerate the adjustment of energy structure and industrial structure, build an
industrial system of green and low-carbon circular development, and set an example
for the country to achieve the goal of carbon peak and carbon neutralization. The
problems of "high pollution" and "high emission" of traditional power enterprises are
serious. Under the development background of new economy, it is more necessary to
conduct comprehensive performance evaluation and study the development potential
of enterprises. In the context of new economic development, the traditional research
based on financial indicators is not enough to evaluate the development prospect of an
enterprise. It is more necessary to conduct comprehensive analysis and evaluation
based on the environmental performance of enterprise development.
Based on the sustainable development economy and circular economy, this paper
establishes a comprehensive performance evaluation system, and uses financial
indicators and non-financial indicators to jointly evaluate the development prospect of
enterprises. Under the double carbon background, combined with the three
performance indicators of environmental performance and enterprise development
potential, the weight of each indicator is determined by factor analysis and analytic
hierarchy process. Compare the traditional performance evaluation of enterprises
based on financial indicators with the comprehensive performance evaluation
combined with environmental performance, enterprise development potential and
other indicators, and analyze whether the comprehensive performance evaluation of
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