Research On Green Credit Rating Of Photovoltaic Enterprises Under Dual Carbon Target

With more serious global warming,it is a new trend to develop and use new energy instead of fossil energy.As the main force in the new energy industry,photovoltaic industry is a sunrise industry supported by the government and the society.Especially after the dual carbon goal was proposed,a number of new photovoltaic enterprises emerged.The photovoltaic industry belongs to the green industry,the technology is updated and iterative,and the resource utilization rate is constantly improved.But the output expansion speed is faster,which makes the product manufacturing process consume a lot of energy and produce more carbon emissions.It is not conducive to energy conservation and emission reduction on the whole.Therefore,when vigorously supporting the photovoltaic industry,more attention should be paid to the low-carbon and sustainable development,focusing on the total utility of energy saving and emission reduction.In addition,the photovoltaic industry is also a technology-intensive industry,with large initial capital investment,long payback period and other characteristics.At the same time,the enterprise’s own business chain is incomplete,greatly affected by the price fluctuations of upstream raw materials,which will lead to a greater risk of default for photovoltaic enterprises.So,in order to meet the operating capital needs of photovoltaic enterprises and effectively reduce the risk of credit default,it is necessary for relevant credit rating agencies to build a bridge between enterprises and financial institutions.However,the existing rating methods at home and abroad still rely more on the analysis of financial indicators,but pay less attention to low-carbon and green development.And there is an either-or situation of rating methods,failing to take into account the gradual accumulation of credit risks.Based on these,this research studies the green credit rating of photovoltaic enterprises from two aspects: credit rating index system and credit rating model.Based on the existing credit rating methods of photovoltaic enterprises at home and abroad and the evaluation of environmental factors in ESG rating,this research constructs the traditional credit rating index system and the green credit rating index system respectively,and carries out discrimination and correlation analysis.Then,the credit rating model is determined based on the comparison of various credit rating methods.Considering the simultaneous existence of positive and negative indicators,weighted scoring method and entropy weight Topsis are used respectively for comprehensive scoring.Considering the gradual accumulation of credit risks,K-means clustering and fuzzy C-means(FCM)clustering are used respectively for credit rating.Finally,this research takes the photovoltaic enterprises listed in Shanghai and Shenzhen as the research objects to conduct an empirical study to explore the impact of green credit evaluation index system,entropy weight Topsis and FCM clustering model on the results of enterprise credit rating.In order to find an evaluation method with the highest accuracy,the empirical results are compared with the situation of enterprise default,The results of this paper show that: firstly,the overall credit rating of Chinese photovoltaic enterprises is not high,there is a large credit risk;Secondly,the important factors affecting its credit rating include receivables turnover,asset scale,photovoltaic subsidy and pollution control level.Thirdly,the green development level of photovoltaic enterprises should be comprehensively evaluated when the credit rating is carried out.Finnally,the most accurate method of rating results is based on the green credit evaluation index system,using entropy weight Topsis method and FCM clustering analysis method for credit rating.