Exploration of Financial Management Innovation of Chemical Enterprises Under the Perspective of New Quality Productivity

Abstract

The emergence of global industrial transformation brings about a new quality productivity that is driven by digitalization, greening and high-end production; and thus its role is to change the logic of value creation in the chemical industry. Due to the asset-heavy, high-energy-consuming, and long-cycle characteristics of chemical enterprises, their financial management has structural issues. For example, when it comes to the lack of flexibility of cost control, the absence of environmentally-friendly cost accounting; or lack of timeliness in risk response. A typical chemical enterprise financial management does not have the capacity to respond efficiently to the constantly shifting market landscapes and carbon emissions costs; and, the operational capacity to support enterprises and achieve agile decisions. Today, some of the leading chemical enterprises are starting to try out themes such as smart financial center and carbon asset accounting models. However, the chemical industry too faces systemic issues of data loneliness and incoherent technological applications. The breakthrough at the center of this financial change, instigated by new productivity, is to break free from the limitations of traditional “accounting” and build an ecosystem that has the ability to create value. This could lead to the decisive pursuit of enterprises' existence and development in the low-carbon economy.