Research On The Impact Of Heterogeneous Environmental Regulation On The Performance Of China’s Energy Enterprises

Based on global climate and its development,China proposed the "dual carbon goal",which includes carbon emissions up to the peak by 2030 and carbon neutral emissions by 2060 in 2020.Energy consumption contributes to carbon dioxide emissions,so promoting energy transformation plays a key role in achieving China’s dual carbon goal.As a tool and method to promote and coordinate green economic growth,environmental regulation is an important means to promote technological innovation and product reform of energy enterprises.However,the influence of various environmental restrictions on energy companies’ performance has substantial variances and uncertainties.Therefore,it is necessary to scientifically explore the relationship between heterogeneous environmental regulation intensity,technological innovation level and energy enterprise performance.Based on the theories of market failure and Porter’s hypothesis,this paper first puts forward an analytical framework and theoretical model of the correlation between heterogeneous environmental regulation,technological innovation and energy firm performance.Then,the intensity of heterogeneous environmental regulation,energy enterprise performance and technological innovation level are measured,and the path of heterogeneous environmental regulation affecting energy enterprise performance is analyzed and reasonable scientific hypotheses are proposed.On this basis,the moderating effect and threshold effect of technological innovation level of energy enterprises are empirically analyzed,and the robustness of technological efficiency measured by three-stage DEA model is tested.The findings reveal that the impact of varied environmental legislation on energy enterprise performance varies significantly.The technological innovation level of energy enterprises positively moderates the influence of heterogeneous environmental regulation on enterprise performance.The impact of market-based environmental regulation on energy corporations’ performance is significantly influenced by their technological innovation level.The impact of market-based environmental regulation intensity on energy enterprise performance is significantly negative in the first interval,insignificant in the second interval,and significantly positive in the third interval.Therefore,fully paying attention to the heterogeneity of local energy enterprises’ technological innovation level and design different types of environmental regulation intensity may be an important focus to promote the strategic process of China’s energy transformation.