Research On The Relationship Between Slack Resource And Performance In Traditional Energy Enterprises

Under the "carbon peak and neutrality" goals,the high-quality development of traditional energy industry plays a decisive role in the high-quality development of China’s economy.Slack resource occurs in the daily operation of enterprises and has an important impact on their operation.Studying the relationship between slack resource,carbon performance and financial performance of traditional energy enterprises has theoretical value and practical significance for traditional energy enterprises to deal with emission reduction and operation pressure.Firstly,this paper reviews the concepts and related theories of slack resource and carbon performance,and analyzes the development status and main problems of traditional energy industry;Secondly,taking the traditional energy companies listed in Shanghai and Shenzhen stock markets from 2012 to 2019 as empirical sample,using the System GMM model constructs the relationship model between different types of slack resource and financial performance and carbon performance,and verifies the relationship between different types of slack resource and carbon performance,financial performance,and the intermediary effect of financial performance in the relationship between different slack resource and carbon performance.The empirical results show that for traditional energy enterprises,the role of slack resource is more biased towards the negative impact proposed by the agency theory.Different types of slack resource have a significant negative relationship with enterprise financial performance,and there is a significant positive relationship between absorbed slack resource and carbon performance."Slack resource-financial performance-carbon performance" impact path exists,and financial performance has an intermediary effect in the impact of absorbed slack resource on carbon performance.Finally,based on the empirical results,according to the objectives of high-quality green transformation and low-carbon operation of traditional energy enterprises,this paper puts forward some suggestions on low-carbon operation and slack resource utilization and allocation of traditional energy enterprises.