“双碳”背景下ESG因素融入能源企业价值评估——以中国神华为例

In the Context of “Dual Carbon” Goals, Integrating ESG Factors into the Value Assessment of Energy Enterprises—Taking China Shenhua as an Example

摘要: 在“双碳”目标成为国家战略、ESG理念引领企业可持续发展的背景下，能源企业作为碳排放核心领域，其价值评估需纳入非财务维度的ESG因素。现有研究多采用结果型ESG指标，难以反映企业持续改进能力，导致传统方法估值偏差较大，且缺乏“双碳”政策实施前后的治理效果对比。本文旨在构建适配“双碳”背景的能源企业价值评估体系，量化ESG因素影响。本文通过构建“环境–社会–治理”三维过程性ESG指标体系，采用AHP-熵值法主客观赋权，结合模糊综合评价法量化ESG修正系数，建立FCFF修正模型，并以中国神华为案例开展对比验证。结果表明，“双碳”政策实施后，企业ESG修正系数提升，评估差值增幅达74.3%，验证了政策的促进作用。本文创新在于对比政策前后治理效果、优化指标体系、实现多情景动态估值，可为能源企业ESG治理、评估实践及政策制定提供参考。

Abstract: In the context where the “dual carbon” goal has become a national strategy and the ESG concept guides enterprises towards sustainable development, energy enterprises, as the core sector of carbon emissions, need to incorporate ESG factors from the non-financial dimension into their value assessment. Existing studies mostly adopt outcome-based ESG indicators, which are unable to reflect the enterprises’ continuous improvement capabilities, resulting in significant valuation deviations using traditional methods and a lack of comparison of governance effects before and after the implementation of the “carbon neutrality” policy. This paper aims to construct an energy enterprise value assessment system adapted to the “carbon neutrality” background, quantifying the impact of ESG factors. This paper builds a three-dimensional process-based ESG indicator system of “environment-society-governance”, uses the AHP-entropy method for subjective and objective weighting, combines the fuzzy comprehensive evaluation method to quantify the ESG correction coefficient, establishes the FCFF correction model, and conducts a comparative verification using China Shenhua as a case. The results show that after the implementation of the “carbon neutrality” policy, the ESG correction coefficient of enterprises has increased, and the increase in the valuation difference reaches 74.3%, verifying the promoting effect of the policy. The innovation of this paper lies in comparing the governance effects before and after the policy, optimizing the indicator system, and achieving dynamic valuation under multiple scenarios, which can provide references for the ESG governance, assessment practice, and policy formulation of energy enterprises.