金融学院知识库

2020 年 9 月，国家主席习近平在第七十五届联合国大会上明确表示争取将我国二氧化碳排放量于 2030 年达到峰值，2060 年实现碳中和，我国成为继美国、 欧盟等经济体后参与全球碳治理并提出碳中和时间表的国家。近年来，我国对环 保问题的重视以及对清洁能源使用的倡导，使得新能源这一概念热度越来越高。 由于新能源自身具有可再生、污染少等特点，可以有效解决当前能源供需矛盾， 促进经济可持续发展，因此新能源行业作为战略新兴产业具有广阔的发展空间， 投资价值逐渐被人们关注。

本文一方面从定性角度，基于上市公司投资价值的相关理论，结合影响我国新能源行业上市公司投资价值的宏观、中观因素进行分析，得出在“双碳”背景与国家政策支持下，新能源行业迎来发展机遇，未来具有很大的发展潜力以及盈利能力，具有良好的投资前景；另一方面从定量角度，建立综合评价指标体系，在财务指标的基础上，加入公司创新能力、公司治理能力两个非财务指标，更能反映新能源行业的特征。选取 2018 年至 2020 年 118 家沪深 A 股上市的新能源公司年报数据，采用 SPSS25.0 软件进行实证分析，最后得出综合评价的结果，并运用其市净率水平做横向对比，证明上市公司股票价值存在高估或者低估的情况，即某些上市公司具有投资价值。基于此，筛选出如裕兴股份、比亚迪、长安汽车等得分较为靠前且相对稳定的公司，为中小投资者做出相关投资建议。

In September 2020, Chinese President Xi Jinping made it clear at the seventy-fifth Session of the United Nations General Assembly that China would strive to peak its carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. China has become a country following the United States, the European Union and other economies to participate in global carbon governance and put forward a timetable for carbon neutrality. In recent years, China attaches importance to environmental protection and advocates the use of clean energy, making the concept of new energy more and more hot. As new energy itself has the characteristics of renewable and less pollution, it can effectively solve the current contradiction between energy supply and demand and promote sustainable economic development. Therefore, as a strategic emerging industry, the new energy industry has a broad space for development, and the investment value is gradually attracting people's attention.

In this paper, on the one hand, from the qualitative point of view, based on the related theory of investment value of listed companies, combined with the impact of new energy industry investment value of listed companies in our country's macro, meso factors were analyzed, and concluded that the "double carbon" background and national policy support, the new energy industry in development opportunities and has great development potential and future profitability, has the good investment prospect; On the other hand, from a quantitative point of view, a comprehensive evaluation index system is established. On the basis of financial indicators, two non-financial indicators, innovation ability and corporate governance ability, are added, which can better reflect the characteristics of the new energy industry. Selected from 2018 to 2020, 118 Shanghai and shenzhen A shares listed on the new energy company annual report data, using SPSS25.0 software to carry on the empirical analysis, finally it is concluded that the result of comprehensive evaluation, and to use their price-to-book level do horizontal contrast, prove the existence of the value of listed companies overvalued or undervalued, which some has investment value of listed companies. Based on this, we screened out companies with high scores and relative stability, such as Yuxing, BYD and Changan Automobile, and made relevant investment suggestions for small and medium investors.