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.