School of Economics and Management, China University of Petroleum
School of Accounting, Southwestern University of Finance and Economics

在碳达峰、碳中和目标下,能源企业应增加环境友善技术和绿色项目投资。以2011—2021年中国能源供应类上市公司为研究样本,实证检验绿色投资对企业财务绩效的影响以及竞争战略在该影响机制中所起的调节效应。研究表明,能源企业绿色投资与财务绩效呈先抑制、后提升的“U”型关系;成本领先战略对这一关系起显著负向调节效应,但差异化战略调节效应不显著。对不同类型能源企业分组检验发现,传统能源企业成本领先战略调节效应显著,新能源企业差异化战略调节效应显著;经济发达地区能源企业成本领先战略调节效应显著,欠发达地区不显著。

Under the goal of carbon dioxide peaking and carbon neutrality, energy companies are increasing investment in environmentallyfriendly technologies and green projects. This paper takes China’s listed energy supply companies from 2011 to 2021 as research samplesto empirically test the impact of green investment on corporate financial performance and the moderating effect of competition strategy in theinfluencing mechanism. The research shows that the relationship between green investment and the financial performance of energyenterprises is U-shaped, which is inhibited first and then improved. The cost leadership strategy has a significant negative moderatingeffect on this relationship, but the differentiation strategy has no significant moderating effect. According to the group test of different typesof energy enterprises, the adjustment effect of traditional energy enterprises’ cost leadership strategy is significant, while that of new energyenterprises’ differentiation strategy is significant. The adjustment effect of cost leadership strategy of energy enterprises in economicallydeveloped areas is significant, but insignificant in less developed areas.

教育部人文社科青年基金项目(20YJCZH201)