以煤炭行业上市公司财务绩效为核心,结合煤炭行业的特性和ESG表现,运用fsQCA方法进行组态分析,全面探析各要素与财务绩效之间的复杂交互与多重影响。研究结果显示,煤炭企业实现高财务绩效的组态路径多样,包括“表现驱动型”“表现—产地驱动型”“表现—规模驱动型”及“产地—规模驱动型”4种模式。这些路径不仅揭示了不同影响因素之间的联动与匹配关系,更展现了多重并发因果关系,使得高财务绩效与非高财务绩效的组态结果呈现出因果非对称性的“异曲同工”现象。同时,“双碳”战略的实施对煤炭企业财务绩效产生深远的影响,引发组态路径的新变化。因此,煤炭行业上市企业应当加强ESG治理,积极公开环保信息并引入第三方评估以提升ESG表现。煤炭行业的利益相关者也应积极投身ESG实践,共同推动行业向绿色可持续发展迈进,实现经济效益与生态环保的和谐共生。

Centered on the financial performance of listed companies in the coal industry, this study combines the unique characteristics of the coal sector with its ESG performance and employs the fsQCA method for configuration analysis, comprehensively exploring the complex interactions and multiple influences between various factors and financial performance.The research results reveal that there are diverse configuration paths for coal enterprises to achieve high financial performance, including four patterns: “performance-driven”, “performance-origin-driven”, “performance-scale-driven”, and “origin-scale-driven”.These paths not only demonstrate the linkage and matching relationships between different influencing factors but also showcase multiple concurrent causal relationships, resulting in a causally asymmetric “similar results from different paths” phenomenon in the configuration outcomes of high and non-high financial performance.Simultaneously, the implementation of the “dual carbon” strategy has a profound impact on the financial performance of coal enterprises, triggering new changes in their configuration paths.Therefore, listed companies in the coal industry should strengthen ESG governance, actively disclose environmental protection information, and introduce third-party assessments to enhance their ESG performance.Stakeholders in the coal industry should also actively engage in ESG practices, jointly promoting the industry towards green and sustainable development, and achieving harmonious coexistence between economic benefits and ecological protection.