| Objective:By constructing an evaluation model of the relationship between the capital investment efficiency of coal power enterprises and the economy and the environment,this paper conducts an empirical analysis of the capital investment efficiency of coal power enterprises in the low-carbon transformation,and explores its influencing factors,so as to provide a certain reference and reference for coal power enterprises to achieve low-carbon transformation and promote sustainable development in the context of carbon neutrality policy.Methods:The results of capital input efficiency calculation show that in the context of carbon neutrality,the comprehensive efficiency values in the investment efficiency of Coal Power Enterprises in China are 0.752,0.760,0.803,0.684,and 0.641,respectively,showing an upward trend year by year in the range of 2017 to 2019,and the scale remuneration has gradually changed from decreasing to increasing,with the carbon neutrality policy and changes in the international economic environment,the average comprehensive efficiency of domestic coal power enterprise investment has decreased year by year since 2020.The regression model results show that the four influencing factors of the number of high-quality talents,the number of grass-roots employees,the scale of enterprises,and the market share are obviously related to the capital investment efficiency in the process of low-carbon transformation of coal enterprises,among which the number of high-quality talents and the number of grass-roots employees show a positive and significant correlation relationship with the investment efficiency of coal power enterprises in China,the market share is positive but not significantly correlated,and the enterprise scale is a negative significant correlation.The two variables of current asset turnover and quick ratio are not correlated with the investment efficiency of coal power enterprises.The results of the robustness test are consistent,indicating that the research theory and conclusions of this paper are credible.Results:The calculation results of capital investment efficiency show that under the background of carbon neutrality,the comprehensive efficiency values of the investment efficiency of my country’s coal power enterprises are 0.752,0.760,0.803,0.684,and 0.641 respectively,showing an upward trend year by year,and the return to scale also gradually decreases.Convert to increasing.The results of the regression model show that the four influencing factors of the number of high-quality talents,the number of grass-roots employees,the scale of the enterprise,and the market share are significantly related to the efficiency of capital investment in the process of low-carbon transformation of coal enterprises.The number of grassroots employees has a positive and significant correlation with the investment efficiency of my country’s coal power enterprises,the market share has a positive but insignificant correlation,and the enterprise scale has a negative and significant correlation.These two variables have no correlation with the investment efficiency of coal power enterprises.The robustness test results are consistent,indicating that the research theory and conclusions of this paper are credible.Conclusion:In the context of carbon neutrality,it is an inevitable trend for coal power enterprises to carry out low-carbon transformation.At present,the imbalance between coal supply and demand in China is more obvious,and in the context of carbon neutrality,the industry advantages and market foundation of coal power enterprises provide advantageous conditions for their development and transformation.However,the unfavorable investment environment and increasingly stringent ecological constraints will limit the transformation and development of coal power enterprises.At present,with the overall improvement of China’s economic and cultural level,the overall quality of grass-roots employees has been greatly improved,which is also the main factor that has a positive impact on the investment efficiency of China’s coal power enterprises.For listed coal power enterprises,the number of high-quality talents,the number of grass-roots employees,the scale of enterprises,and market share all affect the capital investment efficiency of coal enterprises in the process of low-carbon transformation.In this regard,we can start from the three-way perspective of government support at the macro level,environmental protection at the meso level,and enterprise optimization at the micro level to help coal power enterprises improve production technology,explore more abundant mineral resources that are easy to mine,expand the market scale of enterprises,and improve the management status of enterprises,so as to ultimately improve the operating conditions of listed coal power enterprises and promote coal power enterprises to successfully complete the goal of low-carbon transformation. |
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