Research On The Performance Of Listed Companies In Carbon Emissions Trading Under Epidemic Situation

As a pillar industry of the national economy,the power industry is also a high energy consuming industry.With the "carbon peak" and "carbon neutralization" listed as one of the eight main tasks during the 14 th Five Year Plan period,China has compacted the responsibility of greenhouse gas emission reduction to high energy consuming enterprises from the national level for the first time,and launched the carbon emission trading market to guide the regulatory environment with market mechanisms and policies.In November 2011,China included seven provinces and cities in the carbon emission trading pilot for the first time,and the power industry was selected as the pilot enterprise.In 2013,the carbon emission trading market was officially launched;After the outbreak of COVID-19 in 2020,the world entered the post epidemic era.The development of power enterprises is facing double pressure.Therefore,it is of great significance to study the first batch of power enterprises included in the carbon emission trading pilot,evaluate the performance of the pilot enterprises,and put forward countermeasures and suggestions for promoting the sustainable,efficient and green development of power enterprises and even the whole industry.Based on the study of different performance evaluation methods,this paper selects the Three-stage DEA Windows model and DEA Malmquist index analysis method to make an empirical study on the first batch of listed power enterprises included in the pilot of carbon emission trading in China.In terms of data selection,this paper measures the efficiency based on the panel data from 2012 to 2020.In terms of index selection,taking into account the requirements of the model and the economic and social benefits of the enterprise,the total assets,total operating costs and the number of employees are selected as the input,the operating income,net profit and the income related to energy conservation and emission reduction of the enterprise are selected as the output,and the disposable income of the people where the enterprise is located,the GDP of the region where the enterprise is located and the financial expenditure of the local government for environmental protection are selected as the environmental variables.In order to deeply analyze the 17 listed power enterprises,the sample enterprises are clustered according to the size of owner’s equity and divided into large,medium and small enterprises.At the same time,the grey prediction model is used to simulate the input and output indicators of 17 listed power enterprises when there is no epidemic in2020,so as to evaluate the impact of the epidemic on performance.The research shows that the overall scale efficiency of the first listed power enterprises included in the pilot of carbon emission trading is low,which makes the comprehensive technical efficiency fail to reach the efficiency frontier;Power enterprises of different scales have different shortcomings in pure technical efficiency and scale efficiency;The redundancy of environmental resources needs to be paid special attention;Technological progress is the key driving factor for 17 power enterprises to improve total factor productivity;The impact of the epidemic has led to the promotion or inhibition of total factor productivity of enterprises of different sizes and types to varying degrees,specifically stimulating technological progress or slowing down technological progress.Aiming at the performance of listed power enterprises,this paper puts forward targeted reference suggestions for future development from the perspectives of enterprises and government.