Analysis On The Influencing Factors Of Coal Enterprises' Low Carbon Transformation Capital Investment Efficiency

The energy structure of our country takes coal as a core.The status quo of "Abundant coal resources,a small amount of natural gas resources and scarce oil resources" in China determines the indispensable position of coal enterprises in the energy industry.With the introduction of the national policy to control the total amount of coal consumption,the coal enterprises in the past flourish scene have been difficult to reproduce.Controlling the total amount of coal consumption does not mean controlling development.On the contrary,reducing the amount of coal used is a long-term,high quality and sustainable development strategy.To comply with the requirements of economic development under the new situation,coal enterprises take the initiative to carry out low-carbon transformation.It is an inevitable choice for coal enterprises to cope with the new economic development trend.However,low-carbon transformation cannot be achieved without the capital input in resources of manpower,financial,material and other aspects.Therefore,it is highly necessary to determine the capital input efficiency of coal enterprises and its influencing factors.In this way,we can maximize the role of capital to help coal enterprises smoothly achieve green and low-carbon transformation.In the process of measuring the capital input efficiency of low-carbon transformation of coal enterprises,in addition to the indicators of capital input,the effect of transformation is also reflected in the output indicators of the economy,innovation,low-carbon,and other aspects.Therefore,it is necessary to introduce the DEA model.DEA model can effectively measure the efficiency of capital investment of enterprises.At the same time,it lays a solid foundation for determining the influencing factors in the following paper.Therefore,it is of great practical significance to use the DEA model to estimate the capital input efficiency of coal enterprises in the process of low-carbon transformation.Under the background of low-carbon transformation,this paper selects listed coal companies that have undergone a transformation as the research object and focus on the efficiency of capital investment in this process.Firstly,this paper sorts out the low-carbon transformation of coal enterprises,the calculation of capital investment efficiency,and the influencing factors of coal enterprises.It also defines the concepts of enterprise transformation,low-carbon transformation,and capital input efficiency,and expounds the competitive advantage theory,technological innovation theory,economic efficiency theory,and input-output theory,which provides a solid theoretical basis for the following research.Secondly,through literature review and combined with the actual development planning of the enterprise,it is determined that the path of low-carbon transformation of coal enterprises mainly includes direct utilization(power generation)and deep processing,while the latter includes three directions: gasification,liquefaction,and coking.Therefore,the low-carbon transformation of coal enterprises is summarized into four directions:power generation,gasification,liquefaction,and coking.Twenty-three listed coal companies that have taken low-carbon transformation in different directions are selected as the research objects.According to the main products of listed coal companies and the final main products of different transformation directions,the research objects are classified into transformation directions.Based on reference and study of relevant literature,the input-output indicators of low-carbon transformation are determined,and the DEA-SBM model and Super-SBM model are established.Combined with the panel data of 23 listed companies from 2015 to 2019,the capital input efficiency of listed coal companies in the process of low-carbon transformation is respectively measured.And carry out intra-group(i.e.,between different enterprises in the same transformation direction)and inter-group(i.e.,between different transformation directions)comparative analysis.Thirdly,the comprehensive efficiency value measured by the Super-SBM model is taken as the explained variable to sort out the main factors affecting the capital input efficiency of listed coal companies in low-carbon transformation.Combined with the Tobit regression model,the influencing factors and their correlation with the capital input efficiency of coal enterprises in low-carbon transformation are determined and explored.Finally,according to the influencing factors,feasible suggestions are given at the coal enterprises and government levels.