| Abstract |
At present, many companies arc still questioning whether energy conservation and emission reduction will affect their profitability. The "low-carbon economy" is a propellant for sustainable social development, which requires companies to transform their economic growth patterns, adjust and optimize the economic structure. In this paper, taking China's power, coal, petroleum and steel companies as examples, a panel data model (return on assets (ROA), return on equity (ROE) and net sales margin (ROS)) is constructed and used to analyze the impact of energy conservation and emission reduction on corporate performance. Case analysis shows that the reduction in energy consumption of enterprises has the most direct and significant impact on the return on assets of enterprises, and the return on assets increases with the reduction in energy consumption. The reduction in emission levels is mainly reflected in the net sales margin. The lower the emission level, the higher the company's net sales margin. Meanwhile, the impact of energy conservation and emission reduction of enterprises on the return on net assets in the current period is not significant. The reason may be that the relationship between emission levels and asset use efficiency is not as good as energy consumption. Compared with the return on assets and return on net assets, the net sales interest rate (ROS) has a slightly narrower reflection on the performance of the company. It only reflects the ability of the company to earn profits by relying on sales. The investment in energy conservation and emission reduction will reduce the profitability of the company, which has the most direct impact on the net sales margin. Furthermore, it may cause a significant positive correlation between the level of energy consumption and the net sales margin. The research in this paper shows that there is no contradiction between energy-saving and emission-reduction and improvement of corporate performance. In the long run, energy conservation and emission reduction by enterprises is an important prerequisite for improving business performance and ensuring the survival and development of enterprises. |