| In recent years,the world’s environmental issues have become increasingly severe,and protecting the environment and achieving green and low-carbon development have gradually become a consensus among countries around the world.Since the signing of the Paris Agreement in 2016,more than 100 countries around the world have successively proposed their own carbon peaking and carbon neutrality targets.At the 75 th session of the United Nations General Assembly in 2020,Chinese leaders solemnly announced China’s "dual carbon" goal,which quickly sparked a wave of green and low-carbon transformation in the country.With the successive introduction of policies and documents related to China’s "dual carbon" goal,a systematic change involving the country’s industrial and energy structure has swept through,and has had a wide-ranging and profound impact on the "two high" industries including coal and chemicals.In the new era led by the "dual carbon" goal,coal enterprises are facing increasingly severe financial risks,and their traditional development methods are no longer suitable for the times and social requirements.It is urgent for each coal enterprise to accelerate its transformation,to establish a foothold in the new stage of national economic and social development,and to achieve its own green and sustainable development.This thesis takes Jizhong Energy Resources Co.,Ltd.as an example and uses risk management theory,internal control theory,and sustainable development theory as the theoretical basis.Using literature research,case analysis,and quantitative and qualitative analysis methods,it introduces the concepts of "dual carbon" goals,coal enterprises,and financial risks,and elaborates on the main financial risks that coal enterprises face.Several mainstream methods for evaluating enterprise financial risks are summarized,and the impact mechanism of the "dual carbon" goal on the financial risks of coal enterprises is analyzed in detail.Theoretically,the "dual carbon" goal does not directly affect the financial risks of coal enterprises,but it indirectly affects the various aspects of coal enterprise financing,investment,and operation activities,thereby causing the emergence or increase of relevant financial risks.After theoretical analysis,the thesis introduces the basic overview of the "dual carbon" goal,the coal industry,and Jizhong Energy Resources Co.,Ltd.as a case study.It preliminarily identifies the investment,financing,and operational risks faced by Jizhong Energy Resources Co.,Ltd.under the "dual carbon" goal,and further uses three methods,including financial indicator evaluation,Z-score model evaluation,and cash flow evaluation,to evaluate Jizhong Energy Resources Co.,Ltd.’s recent financial risks from different perspectives.The evaluation results show that although Jizhong Energy Resources Co.,Ltd.’s financial data has improved due to the high coal prices in the past two years,its development is still below the industry average,and its overall financial risk is still high.To further explore the reasons for the increase in financial risk of Jizhong Energy Resources Co.,Ltd.under the "dual carbon" goal,this thesis analyzes the causes of Jizhong Energy’s financial risk in detail based on the specific impact of the "dual-carbon" goal on the company’s fundraising,investment,and operational activities,starting from the mechanism of the impact of the "dual carbon" goal on the financial risk of coal companies.In terms of fundraising activities,under the "dual carbon" goal,the rise of the low-carbon concept,the national transformation requirements for the coal industry,and the demands for clean coal development have reduced the scale of corporate fundraising,increased the demand for corporate financing,and reduced the channels for corporate fundraising,thereby leading to an increase in corporate fundraising risk.In terms of investment activities,under the "dual carbon" goal,national restrictions on the coal industry,requirements for clean coal development,and the prevalence of the low-carbon concept have restricted the investment prospects of the coal industry,increased short-term investment costs for companies,and changed corporate investment preferences,thereby leading to an increase in corporate investment risk.In terms of operational activities,under the "dual carbon" goal,national restrictions on the coal industry,requirements for the transformation and clean development of the coal industry have increased short-term operating costs for companies,restricted the development prospects of the company’s main business,and reduced the operating cash flow of the company,thereby leading to an increase in corporate operational risk.This thesis summarizes and improves the risk control measures that Jizhong Energy Resources Co.,Ltd.should take in financing,investment,and business activities in response to the financial risks brought about by the "dual carbon" goal.For financing risk,measures such as changing the corporate image,formulating a reasonable diversified development strategy,and optimizing financing structure are proposed.For investment risk,measures such as formulating investment strategies under a low-carbon economy,establishing a long-term investment philosophy,and focusing on investing in green and low-carbon businesses are proposed.For operational risk,measures such as persisting in energy-saving and emission-reducing technology investment,increasing income from green and low-carbon businesses,and orderly implementing corporate transformation under the premise of ensuring normal operation are proposed.This thesis hopes to provide references and guidance for coal enterprises represented by Jizhong Energy Resources Co.,Ltd.to properly address the challenges brought by the "dual carbon" goal,scientifically evaluate their own financial risks,formulate and improve corresponding financial risk control measures,and achieve green and low-carbon transformation and sustainable development in the new era through research on related theories and analysis of specific cases. |
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