Analysis ofgreen transformation performance and influencing factors in coal enterprises:Evidence from data of listed coal companies

ZHENG Yanan; ZHANG Xuanwei

Abstract：As global climate change and environmental pollution issues become increasingly severe,green development and sustainable growth have become the focus of worldwide attention.Coal,as one of the main sources of energy in China,plays a significant role in the development of the national economy,yet the environmental problems arising from its extraction and utilization are urgent to address.This study aims to delve into the green transformation performance of coal enterprises and its influencing factors,with the expectation of providing effective policy recommendations and strategic guidance for governments and businesses.By utilizing panel data from China's listed coal companies from 2013 to 2022 and employing the Data Envelopment Analysis(DEA)model to measure the technical efficiency,pure technical efficiency,and scale efficiency of green transformation among listed coal companies in China,this paper further analyzes the main factors affecting the performance of enterprise transformation using the Tobit model.The results indicate that the overall green transformation efficiency of listed coal companies is moderate and exhibits volatility and variability.There is a positive correlation between enterprise size and green transformation performance,while government subsidies and debt-to-asset ratio show a negative correlation with green transformation performance.The study also finds a difference between scale efficiency and pure technical efficiency,suggesting that while coal enterprises have made certain progress in technology and management,they are facing challenges in terms of scale expansion.Based on these findings,the paper proposes recommendations for optimizing capital structure,diversifying government subsidies,enhancing industry cooperation,strengthening environmental regulations,and continuous monitoring and evaluation to promote the improvement of green transformation performance in coal enterprises.