摘要
习近平主席2020年9月在联合国大会一般性辩论上提出中国“双碳”目标，
并在同年度中国气候雄心峰会上进一步提出“双碳”背景的具体措施。以“碳
达峰”和“碳中和”为内容的“双碳”为中国国民经济与社会向绿色、低碳指
明了方向。在“双碳”背景下，作为我国国民经济支柱产业之一的电力行业的
正处于关键的变革时期，由传统的以化石燃料为能源发电模式向以非化石燃料
为能源的发电模式转变，如风电、光电、水电等。在激烈的市场竞争以电力体
制改革、供给侧改革、电价监管等一系列政策的影响下，近年来我国电力行业
的经营发展受到明显制约，结合“双碳”政策的落实，则进一步提高了电力企
业节能减排的标准，由此给电力企业带来了一定的负担，并可能由此引发相应
的财务风险。因此，在“双碳”背景下，对电力企业的财务风险评价既能够明
晰“双碳”背景对电力企业的影响，同时又能够探索电力企业规避“双碳”背
景下财务风险的方法策略，因此具有积极的现实意义。
本研究以我国五大发电集团之一的 A电力企业为研究对象，在明确相关研
究背景、目的与意义及国内外研究现状、相关概念与理论的基础上确定研究的
思路与方法，而后基于电力行业背景对 A电力企业进行财务风险的定性识别，
再以熵值法与模糊层次分析法从偿债、盈利、营运、成长四个方面及总体上对
“双碳”背景性 A电力企业的财务风险进行定量分析评价，进而提出“双碳”
背景下 A电力企业控制财务风险的策略，得出主要结论并指出研究的不足之处，
并对未来相关研究进行展望。
研究发现，在风险识别方面，“双碳”背景对 A电力企业的财务风险影响
主要表现于煤电淘汰与改造引发、新能源发电规模化、低碳转型资金需求三个
因素。通过对 A电力企业 2017至 2021年财务指标分析识别出主要的偿债能力、
盈利能力、营运能力、成长能力方面的财务风险。通过定量分析则发现在 A电
力企业在偿债能力、盈利能力、营运能力、成长能力四个方面所对应的财务风
险等级依次为“轻险”、“轻险”、“中险”、“轻险”，总体财务风险等级为“轻险”。
而后在分析各财务风险的基础上以融资渠道、经营模式、经营成本、经营理念
为视角提出了“双碳”背景下 A电力企业规避财务风险的策略：优化资源配置，
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加强成本管理；增加环保投入，落实政策要求；优化资本结构，扩展融资渠道；
持续建立与完善财务风险管理体系，由此为 A电力企业及其他电力行业企业在
“双碳”背景下防范财务风险提供一定的借鉴。
关键词：碳中和；碳达峰；财务风险；熵值法；模糊层次分析法
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Abstract
President Xi Jinping proposed China's "dual carbon" goal at the general debate
of the United Nations General Assembly in September 2020, and further proposed
specific measures in the context of "dual carbon" at the China Climate Ambition
Summit in the same year. "Doublecarbon" with "carbon peak" and "carbon
neutrality" as the content points out the direction for China's national economy and
society to be green and low-carbon. Under the background of "dual carbon", the
power industry, one of the pillar industries of my country's national economy, is in a
critical period of transformation. Wind power, photovoltaic, hydropower, etc. Under
the influence of fierce market competition and a series of policies such as power
system reform, supply-side reform, and electricity price supervision, the operation
and development of my country's power industry has been significantly restricted in
recent years. Combined with the implementation of the "dual carbon" policy, the
power industry has been further improved. The standards for energy conservation
and emission reduction of enterprises have brought a certain burden to power
companies, and may cause corresponding financial risks. Therefore, in the context of
"dual carbon", the financial risk evaluation of power companies can not only clarify
the impact of the "dual carbon" background on power companies, but also explore
methods and strategies for power companies to avoid financial risks under the "dual
carbon" background. Therefore, it has positive practical significance.
This study takes A power company, one of the five major power generation
groups in my country, as the research object, and determines the research ideas and
methods on the basis of clarifying the relevant research background, purpose and
significance, domestic and foreign research status, relevant concepts and theories,
and then based on the power industry. Background To qualitatively identify the
financial risks of A power company, and then use the entropy method and the fuzzy
analytic hierarchy process to analyze the financial risks of the "dual carbon" target A
power company from the four aspects of debt repayment, profitability, operation, and
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