Research on the Value Analysis of Petroleum Corporation under the Background of Low-Carbon Economy
Abstract
As an important practitioner of carbon neutralization and carbon peaking, oil enterprises
that emit a lot of carbon are expected by the Chinese people to develop into a low-carbon
economy. In this context, technical solutions such as increasing investment in emission
reduction technologies, participating in carbon trading markets and developing
environmentally friendly petroleum products have been gradually adopted by petroleum
enterprises, which has also had a certain impact on the petroleum enterprises value. Therefore,
it is necessary to study the petroleum enterprises value in the context of low-carbon economy
to ensure the healthy and orderly development of petroleum enterprises. The main contents
and innovations of this paper are as follows:
The oil listed companies are taken as research objects in A shares of Shanghai Stock
Exchange of China, which are used for theoretical and empirical analysis on the impact of
low-carbon behavior on petroleum enterprise value, based on public financial reports and
official news. In terms of theoretical analysis, the low-carbon behavior of petroleum
enterprise is defined, and the endogenous and exogenous influencing factors related to
enterprise value are further analyzed. In the aspect of empirical analysis, the low carbon
economic behavior of oil enterprises is divided into the quality level of carbon information
disclosure and low carbon input, and combined with unit root test, model setting form test,
Hausman test and regression test, the impact of low carbon behavior of oil enterprises is
analyzed. The example analysis shows that in China, the low carbon economic behavior of
petroleum enterprise has no significant positive impact on enterprise value, but this may be
caused by the promulgation of domestic carbon policy soon, or the imperfect carbon
information disclosure system. On this basis, some suggestions are given to the interested
parties involved, such as listed oil companies, regulators and investors.
In order to further explain the impact of low carbon economic behavior of petroleum
enterprise on enterprise value, enterprise value is divided into economic value and low carbon
value based on the analysis of positive and negative impacts. For the former, the economic
benefits created by low-carbon economic behavior in production and operation are defined as
economic value. For the latter, the potential profits for oil enterprises due to carbon reduction
are defined as low carbon value. Based on the actual data of a petrochemical enterprise, the
calculation example uses the discounted cash flow method and real option method to calculate
the economic value and low carbon value. The results show that low carbon economic
behavior will promote the accumulation of petroleum enterprise value.
The carbon reduction plans of China and Saudi Arabia pose challenges to the energy
structure of countries, especially Saudi Arabia, which is highly dependent on oil. In this
context, the traditional petroleum enterprise evaluation index system cannot effectively
consider the impact of energy conservation and carbon reduction. Therefore, in this paper, we
will construct a petroleum enterprise value evaluation index system that considers energy
conservation and carbon reduction benefits around product value, customer value, and social
value, which can comprehensively reflect the value situation of petroleum enterprises. In
order to solve the fuzziness and difficulty in quantification of the indicator system, a
combined weighting method for safety risk indicators based on five scale analytic hierarchy
process and entropy method is proposed, and then a value evaluation method for petroleum
enterprises based on cloud theory is proposed. The multi-level indicator cloud map
constructed based on this can take into account the subjective and objective opinions of
multiple experts, as well as more sensitively identify the value of high value petroleum
enterprises. The calculation example is based on the scores given by six experts on the
proposed oil enterprise value evaluation index system, effectively verifying the scientific
nature of the proposed method, which is of certain benefit to the evaluation of oil enterprise
value in practice.
Description
Keywords
Petroleum enterprises, Low carbon economy, Enterprise value, Quality level of carbon information disclosure, Cloud model
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