绿色供应链驱动下阳光电源财务绩效评价研究

Research on Financial Performance Evaluation of Sungrow Power Supply Driven by Green Supply Chain

摘要: 在双碳目标与全球能源转型背景下，绿色供应链成为新能源企业获取竞争优势的重要抓手，但绿色供应链投入能否转化为财务收益仍有待案例检验。本文以阳光电源为研究案例，选取2018~2025年财务数据，运用熵权法从盈利能力、偿债能力、营运能力、发展能力四个维度开展财务绩效综合评价，探究绿色供应链实践对企业财务绩效的作用效果。研究表明：公司综合财务绩效得分自2022年后快速提升，2022~2025年均值较2018~2021年上涨141.6%，与企业绿色供应链加速推进阶段高度契合；盈利能力维度权重达43.50%，是驱动财务绩效提升的关键因素，但绿色供应链对营运能力的改善存在明显时滞，存货周转率较历史峰值下降41.8%。研究证实，绿色供应链管理可依托品牌溢价、海外市场准入等路径实现财务增值，不过营运层面效率释放需要更长时间周期，可为国内新能源企业绿色转型与财务协同发展提供实践参考。

Abstract: Against the backdrop of the “Dual Carbon” goals and global energy transition, green supply chains have become an important starting point for new‑energy enterprises to gain competitive advantages. However, whether investments in green supply chains can be translated into financial returns remains to be verified through case studies. Taking Sungrow Power Supply as the research case, this paper selects financial data from 2018 to 2025 and adopts the entropy‑weight method to conduct a comprehensive evaluation of financial performance from four dimensions: profitability, solvency, operational capability and growth capability, so as to explore the effect of green supply chain practices on corporate financial performance. The results show that the company’s comprehensive financial‑performance score has risen rapidly since 2022. Its average value from 2022 to 2025 increased by 141.6 % compared with that of 2018~2021, which is highly consistent with the accelerated promotion phase of the enterprise’s green supply chain. The weight of the profitability dimension reaches 43.50 %, acting as the core driver for financial‑performance improvement. Nevertheless, the improvement of operational capability driven by green supply chains presents an obvious time lag, and the inventory turnover ratio drops by 41.8 % relative to its historical peak. This study confirms that green supply‑chain management can realize financial value‑added through channels such as brand premium and overseas market access. Still, the release of operational‑level efficiency requires a longer time cycle. It provides practical references for Chinese new‑energy enterprises to achieve coordinated development between green transformation and finance.