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Climate change and transition risks have become major issues concerning the sustainable development of human society today. And the stranded fossil energy assets generated in this context are gradually becoming an important factor affecting corporate development and the stability of financial markets. Based on the data of China's A-share listed companies in the high-carbon industry from 1998 to 2021, a two-way fixed-effects model is used to study the determinants of corporate fossil energy asset impairment. Furthermore, a "two-stage estimation approach" is used to measure the risk of stranding corporate fossil energy assets The results show that: (1) climate transition risks are a significant cause of stranded corporate fossil energy assets; (2) the stranded risk of Chinese companies' fossil energy assets has been oscillating upward over the past two decades; (3) the stranded risk has increased significantly after the "double carbon" target. Based on the above conclusions, this paper puts forward relevant suggestions from both government and enterprise perspectives. [ABSTRACT FROM AUTHOR]

Carbon peaking and carbon neutrality goals have proposed by many countries, including China. Meanwhile, China has also proposed the construction of a new-type electric power system with new energy as the main body, which will have great impacts on coal-fired power generation enterprises. The transformation of coal-fired power enterprises is imperative, and the evaluation of the organizational performance of coal-fired power enterprises is urgent, which can accurately determine the development status and even can find issues related to the transformation of coal-fired power enterprises. In this paper, a hybrid evaluation model is proposed based on the Variational Auto-Encoder algorithm and fuzzy comprehensive evaluation method improved by a vague set to comprehensively evaluate the organizational performance of coal-fired power enterprises. Eight coal-fired power enterprises in North China are selected for empirical analysis. The results show that the YC coal-fired power enterprise has the best organizational performance, while the NK coal-fired power enterprise has the worst organizational performance. Moreover, sensitivity and comparative analyses are carried out to verify the robustness of the evaluation result using the proposed hybrid method in this paper. This paper focuses on the organizational performance evaluation of coal-fired power enterprises, which can provide a reference for the smooth transformation and sustainable development of coal-fired power enterprises in the context of "Dual-Carbon" goals. [ABSTRACT FROM AUTHOR]

This paper explores the effect of carbon trading on low-carbon transformation of high energy consumption enterprises in China. Based on the mechanism of interaction and restriction among high energy consumption enterprises, carbon verification agencies and the government, a tripartite evolutionary game model is constructed. The three-dimensional dynamic system is built to analyze the behavior patterns of the three parties. The evolution path of the tripartite game is visualized, and the low-carbon transformation states of high energy consumption enterprises in different situations are described. The results show that the high energy consumption enterprises, verification organization and the government cannot reach the optimal game equilibrium (low-carbon transformation, verification and supervision) temporarily when seeking their own interests. The corresponding measures should be taken with different situations of the tripartite game. No matter what strategy the government chooses, the low-carbon transformation could be promoted by carbon trading through carbon verification mechanism. [ABSTRACT FROM AUTHOR]

China's green credit has mostly been invested in new energy areas with positive environmental externalities in recent years, while coal power enterprises have been neglected. This paper constructs a tripartite evolutionary game model among government, coal power enterprises, and banks to clarify the key factors and mechanisms for coal power enterprises undergoing green transformation. The research results show that: Firstly, to realize the spontaneous green transformation of coal power enterprises, spontaneous profitability must be achieved before the removal of policy incentives, which is reflected in the continuous increase in electricity price, carbon emission trading price, and decrease in green transformation cost. Secondly, the green credit adjustment factor cannot determine whether a company chooses to undertake green transition, but it provides a valuable window of green transition for companies. When the relative benefits of green transformation projects are greater than the relative costs, coal power enterprises will undergo green transformation spontaneously. Thirdly, lower green credit interest rates are not better. An optimal green credit interest rate exists, that allows coal power enterprises to obtain the longest transition window in which to achieve spontaneous profitability for green transition projects. [ABSTRACT FROM AUTHOR]

China has become the major stakeholder in global photovoltaic (PV) technology. However, the existing mechanistic interpretation of "what promotes the technological progress of the Chinese PV industry" is controversial. This paper takes China's A-share listed PV enterprises from 1999 to 2019 as the research sample and uses a panel fixed-effect regression model to empirically test the impact of research and development (R&D) investment and government subsidies on the technological progress of PV enterprises. The results show that there is an "N"-shaped nexus between R&D investment and technological progress, and most PV enterprises are in the climbing stage of the N-shaped curve. With the development of the PV industry, the nexus will undergo a transformation from inverted U-shaped to N-shaped, indicating that R&D investment is a key driver of PV technological progress. Yet, government subsidies are a "double-edged sword". They have a significant positive direct effect on PV technological progress but also a negative moderating effect. Tax returns play a positive incentivizing role, while financial subsidies play a negative moderating role. This study provides a policy basis for the timely reduction of financial subsidies and increased R&D investment to promote technological progress in China's PV industry. [ABSTRACT FROM AUTHOR]

Existing studies of financing efficiency concentrate on capital structure and a single external environment or internal management characteristic. Few of the studies include the internal and external financing environments at the same time for hydrogen energy industry financing efficiency. This paper used the data envelopment analysis (DEA) model and the Malmquist index to measure the financing efficiency of 70 hydrogen energy listed enterprises in China from 2014 to 2020 from both static and dynamic perspectives. Then, a tobit model was constructed to explore the influence of external environment and internal factors on the financing efficiency. The contributions of this paper are studying the internal and external financing environments, and integrating financing cost efficiency and capital allocation efficiency into the financing efficiency of hydrogen energy enterprises. The results show that, firstly, the financing efficiency of China's hydrogen energy listed enterprises showed an upward trend during the years 2014–2020. Secondly, China's hydrogen energy enterprises mainly gather in the eastern coastal areas, and their financing efficiency is more than that in western areas. Thirdly, the regional economic development level, enterprise scale, financing structure, capital utilization efficiency and profitability have significant effects on the financing efficiency. These results can promote the achievement of "carbon neutrality" in China. [ABSTRACT FROM AUTHOR]

Knowledge learning is a vital pre-factor and the driving force of green enterprise innovation; hence, meriting the numerous academic research and accumulated relevant literature. In this paper, the meta-analysis methodology was used to explore the direction and intensity of the influence of knowledge learning on green enterprise innovation, taking 32 independent documents as research samples. Meta-analysis results showed that the search breadth and the search depth of green resources and the green resources absorption and integration have significant positive effects on the green innovation of enterprises, among which green resources absorption and integration were the most important. Further, the research on the moderating effect found that the measurement method of green innovation affected the relationship between knowledge learning and green enterprise innovation; however, the moderating effect of the research object was not pronounced. [ABSTRACT FROM AUTHOR]