火力发电企业绿色转型路径与绩效研究——以上海电力为例

Research on Green Transformation Path and Performance of Thermal Power Generation Enterprises——Taking Shanghai Electric Power as An Example

以《国资委绩效评价标准值2020》为参考,在26家火电上市公司中选取上海电力为研究对象。首先从供给侧、消费侧、产业链延伸三个方向归纳了上海电力的绿色转型路径;从投资和运营两个环节计量了上海电力2015—2020年的经营绩效;最后构建火电企业环境绩效评级指标体系,以熵值法为综合评价方法研究了案例企业2015—2020年环境绩效的变动情况。研究发现:①实施绿色转型企业的经营绩效处于行业中等水平,单纯从财务角度去研究绿色转型绩效不够全面;②传统火力发电业务盈利能力堪忧,绿色新业务盈利能力较强;③外部并购相较于内部新建而言,成本低且见效快;④企业绿色转型期间,环境绩效显著上升。

Taking“SASAC Performance Evaluation Standard Value 2020”as a reference,this paper selected Shanghai Electric Power as the research object among 26 listed thermal power companies.Firstly it summarized the green transformation path of Shanghai Electric Power from the three directions of supply side,consumption side and industrial chain extension.Then it measured the business performance of Shanghai Electric Power from 2015 to 2020 from the two links of investment and operation.Finally,it constructed the environmental performance rating index of thermal power enterprises by using the entropy method as a comprehensive evaluation method to study the changes in the environmental performance of the case companies from 2015 to 2020.The research found that:①the business performance of enterprises implementing green transformation was at the middle level of the industry,and it's not comprehensive enough to study green transformation performance from a financial perspective;②the profitability of traditional thermal power generation business was worrying,while the profitability of new green business was relatively strong;③Compared with internal new construction,external mergers and acquisitions had lower costs and quicker results;④During the green transformation of enterprises,environmental performance had increased significantly.