Study On The Impact Of ESG Performance On Operating Efficiency Measures Of Listed Coal Companies

The 20 th Party Congress report pointed out that "promoting green and low-carbon economic and social development is a key link to achieve high-quality development".The low carbon development of coal industry is an important issue to promote the high quality development of the economy and society.As a scarce resource that sustains the people’s livelihood,it is crucial to do a good job in energy security,promote the low carbon transformation of coal industry,and achieve a steady improvement in the operational efficiency of coal enterprises in green development.In this context,it is particularly important to achieve a dynamic balance between energy security and green transformation of coal enterprises.It is also a necessary path for enterprises to respond positively to the "double carbon" goal.However,when resource-based enterprises face green transformation and upgrading,they will inevitably experience weakened competitiveness and rising costs,which often lead to a decline in business performance.Therefore,it is of great practical significance to explore the impact of ESG performance on the operational efficiency of coal enterprises,driven by the "double carbon" goal,in order to get rid of the difficulties of coal enterprises,promote the good operation of coal enterprises,promote the upgrading of industrial structure of coal industry,and finally achieve the efficient and steady growth of coal industry as a whole.This study firstly constructs a three-stage DEA-Malmquist model from the perspective of "input-output-environment",and analyzes the operational efficiency of coal listed companies in two dimensions,static and dynamic,and then discusses the results of operational efficiency of coal listed companies based on the three-stage DEA,using stochastic Tobit model.The effect of ESG performance on the operating efficiency of coal companies is discussed using a stochastic Tobit model,and whether the effect has a nonlinear expression under different financing constraints.The results show that(1)environmental factors have a significant effect on the evaluation of operating efficiency of coal listed companies.After stripping the interference of environmental factors and random errors,the mean value of comprehensive efficiency of coal enterprises decreases from0.792 to 0.568.(2)Scale efficiency and pure technical efficiency are the key factors that restrict the improvement of operating efficiency of listed coal enterprises.From the static point of view,after eliminating environmental factors and random errors,scale efficiency becomes the main factor that shackles the current coal enterprises’ operating efficiency improvement.From a dynamic perspective,although the overall average total factor productivity of listed coal companies has increased by 9.7%,the 0.4% decline in pure technical efficiency hinders the further improvement of total factor productivity of coal enterprises.(3)ESG performance has a positive effect on the operating efficiency of coal enterprises.This is mainly due to the fact that enterprises practice ESG concept and disclose the corresponding information of enterprises to reduce information asymmetry,which enables them to obtain higher economic returns and social recognition by virtue of ESG performance.(4)Under different financing constraints,there is a non-linear expression of the effect of ESG performance on the operating efficiency of coal enterprises.When coal enterprises are under low financing constraints,the estimated coefficient of ESG performance on the operating efficiency of enterprises is positive;when they are under high financing constraints,ESG performance has a constraining effect on the operation of coal enterprises instead.By measuring the operational efficiency of coal listed companies and exploring the relationship between ESG performance and operational efficiency of coal companies,this study analyzes the problems in the operational development of coal companies and proposes optimization suggestions to improve operational efficiency from the micro level:(1)give play to policy advantages and build external platforms;(2)optimize resource allocation and enhance scale efficiency;(3)strengthen technology drive and strengthen talent support;(4)improve ESG system and realize digital empowerment;(5)ease financing constraints and activate operational vitality.In order to promote the green and low-carbon development of coal enterprises,promote the upgrading and transformation of coal industry,and have a positive role in promoting the realization of high-quality development.