Financial Accounting Standards, Operating Performance, and Enterprise Value of Photovoltaic Companies Under the Context of Carbon Neutrality

Abstract

In the context of the global transition to carbon neutrality, photovoltaic power generation has become an important driver of clean energy expansion. In response to the practical problems of inconsistent accounting standards in the photovoltaic industry and the fragmentation of related research dimensions, this paper examines the actual effects of financial accounting standardization on the operational costs, financial risks, financing efficiency, and market value of photovoltaic enterprises. Using 72-panel observation data on 12 A-share photovoltaic-listed companies from 2021 to 2026 as the research sample, a regression analysis was conducted using the two-way fixed-effects model. Based on the annual report text, the four standardized levels of cost accounting, risk control, green financing, and carbon asset disclosure were measured using a 1-5 Likert scale, and all continuous variables were subjected to 1% bilateral truncation. The regression results show that the coefficient of cost accounting standardization is -0.103, and the coefficient of financial risk control improvement is -0.138. Both are significantly reducing enterprise operational costs and asset-liability risks at the 1% statistical level. The coefficient of green financing diversification is 0.076, and the coefficient of carbon asset standardized disclosure is 0.105. Both are significantly improving enterprise financing efficiency and Tobin’s Q valuation at the 1% statistical level. All research hypotheses are supported by the data. Based on the empirical findings, this paper proposes practical recommendations for cost allocation, risk warning, green financing, and carbon asset accounting. The related quantitative conclusions can provide an empirical basis for financial management in photovoltaic enterprises and for the formulation of industry accounting norms.