Research on the effectiveness and influencing factors of low-carbon transformation in energy enterprise supply chains:based on DEA-Malmquist index and panel Tobit model

ZHANG Qian; HUO Junfeng

doi:10.3969/j.issn.1002-9605.2025.6.mtjjyj202506008

Abstract：Driven by global climate governance and the"dual carbon"goals,the low-carbon transformation of energy enterprises' supply chains has emerged as a critical strategic priority.Based on data from 125 listed companies in China's energy sector from 2014 to 2023,categorized according to the CSRC's 2012 industry classification,this study employs the DEA-Malmquist index to measure the efficiency of low-carbon supply chain transformation and utilizes a panel Tobit model to analyze its influencing factors.The findings reveal:① Supply chain low-carbon transformation efficiency exhibits polarization due to insufficient technological synergy,with upstream industries leading through technological maturity and economies of scale,while midstream and downstream sectors are hindered by traditional path dependency and"technology silos",impeding emissions reduction across the entire chain.② Advancing low-carbon technology requires establishing long-term R&D mechanisms,shifting fragmented innovation driven by short-term policies toward sustained investment integrated with digital transformation.③ A dynamic interplay exists between environmental regulations and market mechanisms,where compliance investments spurred by environmental pressures conflict with suppressed technology diffusion under monopolistic structures,creating a contradictory dynamic in the transformation.④ The lack of vertical supply chain coordination exposes dual deficiencies in infrastructure and management models;the disconnect between energy conversion and consumption increases carbon emission intensity and undermines system efficiency.Addressing the challenges of low-carbon transformation in energy enterprises' supply chains necessitates deep government-enterprise collaboration,leveraging differentiated policy guidance and technological innovation as a dual-wheel drive.