Study On The Mechanism Of Carbon Efficiency Of Listed Companies In High Energy-consuming Industries Under The Carbon Peaking And Carbon Neutrality Goals

As the main body of national economic activities,enterprises have contributed good economic benefits to the society and economy,but at the same time,the large consumption of energy has led to the increase of carbon emissions and caused global warming and other environmental problems,especially the carbon emissions of high energy-consuming industries account for more than 70% of industrial carbon emissions,which is the most important area of energy saving and carbon reduction in China.Under the carbon peaking and carbon neutrality goals target strategy,high energy-consuming industries are under great pressure to transform to low carbon,which puts forward higher requirements for enterprises to refine their carbon management.Based on this,it is necessary to study the mechanism of carbon efficiency influencing factors in high energy-consuming industries,which can provide theoretical basis and empirical support for enterprises to develop low-carbon economy,increase green innovation investment and accelerate green transformation.This paper takes the data of high energy-consuming listed enterprises from 2013 to 2020 as a sample,and analyzes their driving effects on carbon efficiency in terms of external environment,internal governance structure,and enterprise attributes,including environmental regulation,market attention,executive team heterogeneity,and the driving forces of enterprise size and profitability on enterprise carbon efficiency improvement,based on theories of stakeholder theory,external theory,higher order theory,and resource dependence,and The moderating role of firm profitability and firm size is explored.Finally,the nature of property rights is introduced,and the sample enterprises are divided into state-owned enterprises and non-state-owned enterprises to analyze the mechanism of the role of internal and external factors on different property rights.The following conclusions are drawn from the empirical analysis:(1)environmental regulation,market concern and profitability of enterprises have a significant positive effect on the improvement of carbon efficiency;(2)gender differences and educational differences in the executive team have a positive effect on carbon efficiency,while differences in the professional background of executives have a negative relationship and age differences have no significant relationship;profitability of enterprises has a positive(3)The positive effect of firm size on the relationship between environmental regulation and carbon efficiency is inhibited to some extent by firm size;the positive effect of firm size on the relationship between environmental regulation and carbon efficiency is more significant in non-state-owned enterprises than in state-owned enterprises;(4)Environmental regulation and market concern have a significant positive effect on carbon efficiency in the sample of non-state-owned enterprises,but not in the sample of state-owned enterprises;the heterogeneity of profitability and executive education has a positive effect on carbon efficiency.Profitability and executive education heterogeneity are significantly and positively related to carbon efficiency in both SOE and non-SOE subgroups,while the effects of occupational background heterogeneity and gender heterogeneity on carbon efficiency are insignificant in SOE subgroup and significantly and positively related to carbon efficiency in non-SOE sample.Finally,this paper puts forward corresponding suggestions from the macro level of government and micro level of enterprises respectively.