Research On Financial Risk Assessment Of Photovoltaic Listed Enterprises In China

In the context of the transformation of the world's energy structure,governments around the world strongly support the development of clean energy industry.As an important part of clean energy,photovoltaic industry has also developed rapidly in recent years.However,due to the characteristics of large initial investment and long recovery cycle,photovoltaic enterprises are facing a more complex financial environment than traditional enterprises,and the possibility of financial risk is greater.At present,the research on financial risk assessment of photovoltaic enterprises is still in the exploratory stage,lacking systematic analysis of financial risk influencing factors and theoretical framework support of risk assessment index system,thus reducing the accuracy and sensitivity of financial risk assessment model.Therefore,it is necessary to strengthen the in-depth study on the financial risk influencing factors and evaluation index system of photovoltaic enterprises,so as to provide decision-making basis for the managers of photovoltaic enterprises,reduce the financial risk and ensure the sustainable and healthy development of photovoltaic industry.In this paper,DuPont analysis is introduced to improve the financial risk factors of photovoltaic enterprises in China,and the innovation of research methods is realized.On the basis of comparing the existing financial risk management theories and evaluation methods at home and abroad,this paper finds out the applicable theories and evaluation methods for photovoltaic enterprises.Combined with the analysis of financial risk influencing factors of photovoltaic enterprises in China,the basic framework of improved DuPont analysis method is applied to select targeted financial indicators.Internal financial risk indicators include cash flow indicators,operation and management capacity indicators,research and development capacity indicators,profitability indicators,solvency indicators and development capacity indicators.External financial risk indicators include capacity utilization rate,power price subsidy intensity,resource endowment index and industry development index.A financial risk evaluation index system with logical relationship is established.According to the different characteristics of the internal and external influencing factors of the financial risk of photovoltaic enterprises,this paper sets out from the financial risk driving factors,uses entropy method and fuzzy comprehensive evaluation method to establish the financial risk evaluation model,and takes the financial data of 26 photovoltaic listed enterprises in 2018 as an example to conduct an empirical study,and obtains the financial risk evaluation results of photovoltaic enterprises,and analyze the causes of the results,especially the impact of the 531 new deal.Through the research,it is found that the development ability index,operation management ability index and cash flow index in the internal financial risk index play a key role in the financial risk evaluation results of photovoltaic enterprises,and the power price subsidy intensity in the external financial risk index has the greatest impact on the evaluation results.On the whole,the financial risk level of photovoltaic enterprises is not optimistic.Finally,based on the financial risk assessment results of photovoltaic enterprises,this paper puts forward financial risk prevention and control measures to reduce the adverse impact of financial risk on enterprises.After getting the final conclusion,this paper summarizes the shortcomings and looks forward to the future.