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The pace of socio-economic development is accelerating while the global environmental climate is undergoing perpetual change. The environment continues to endure ceaseless pollution and degradation, giving rise to phenomena like atmospheric haze, which profoundly impact human existence. The imperative of a low-carbon economy is gaining recognition from an increasing number of nations and individuals, imposing fresh demands on enterprise development, reducing energy consumption, and mitigating pollution and carbon dioxide emissions (Akbari, 2022). Since energy enterprises involve high energy consumption and substantial pollutant emissions, such entities should actively embrace energy-saving measures and emission reduction initiatives. Over time, the world’s total energy supply has steadily expanded, accompanied by ongoing adjustments to and optimizations of the energy structure (Benjaafar et al., 2013). The exploration and study of new energy sources have garnered significant attention from numerous countries, who perceive it as a pivotal avenue for enhancing energy security, addressing climate deterioration, and achieving sustainable development objectives. Backed by supportive national policies, renewable energy technologies are maturing, their deployment is expanding in scale, and their economic viability is improving (Chen et al., 2019). The continuous evolution and transformation of the new energy industry are instigating substantial changes in the development of energy companies. In addition to vigorously pursuing further energy utilization, traditional energy enterprises must engage in long-term planning for their advancement, integrating resources from various existing departments and accurately evaluating their financial performance to facilitate precise strategic deployment (Cho et al., 2019).
Most traditional financial studies focus solely on examining the development of financial crises from the perspective of economic activities. However, they lack a systemic viewpoint that considers the evolutionary process of financial problems. As a result, they encounter challenges in identifying the underlying causes of corporate finance issues, rendering them ineffective for corporate managers (Chen et al., 2019). Hence, there is an urgent need to investigate the evolutionary game behavior among multiple stakeholders in corporate finance and conduct an in-depth analysis of the sector’s current state. An enterprise’s financial system primarily encompasses six subsystems: financing, investment, procurement, production, sales, and profits. These subsystems collectively facilitate the financial cycle of fund acquisition, allocation, utilization, recovery, and distribution (Ukko et al., 2019). Figure 1 illustrates the elements involved in the financial analysis of a company within a multi-entity context (Wu & Huang, 2022).
Figure 1. Financial risk and management
Figure 1 provides clear insight that within a multi-subject perspective, financial analysis encompasses various domains that entail higher levels of risk. Significant interplay and interdependence among different sectors lead to increased complexity. In the case of energy companies, the involved departments primarily focus on environmental protection, subject to frequent policy changes. Hence, considering the accuracy of financial evaluation from a multi-subject aspect becomes crucial (Deng et al., 2020).