【摘要】 在中国经济社会发展全面绿色转型背景下，能源效率关乎企业的生存与可持续发展，行业内企业的能源效率差异引发了激烈的市场竞争，而行业内能源效率差异对企业绿色转型有何影响却缺乏深入探讨。融合能源、政府补贴、污染税、市场化水平等因素，该研究拓展了产业演化模型，从市场竞争视角探讨了行业内能源效率差异影响企业绿色转型的理论机制；利用2013—2022年中国沪深A股制造业上市公司数据，引入再中心化影响函数识别了行业内能源效率差异对企业绿色转型的影响，从前端治理与过程治理视角考察了其中的作用机制，并基于企业竞争环境视角考察了行业内能源效率差异的效应异质性。研究结果表明：(1)行业内能源效率差异促进了企业绿色转型，这一结论在内生性控制和稳健性检验后依然成立。(2)行业内能源效率差异促进了企业能源结构转型与技术改造，主要通过非化石能源替代化石能源、加速资本更新与周转、提升能源效率的途径促进了企业绿色转型。(3)行业内能源效率差异对企业绿色转型的促进效应表现出明显的竞争环境异质性。政府环境规制强度和市场竞争程度的提升，以及政府与市场协同程度的提高，均会增强行业内能源效率差异对企业绿色转型的促进效应；企业内部资源禀赋会增强促进效应，而外部资源禀赋会削弱促进效应。基于研究结论提出，应强化环境规制，引导企业能源效率竞争；完善市场竞争机制，内化企业排污成本；依托企业内外部资源禀赋，引导企业技术创新与改造；提高政府与市场协同水平，激励企业绿色转型。更多还原

【Abstract】 Against the backdrop of China’s comprehensive green transformation in economic and social development, energy efficiency is crucial to the survival and sustainable development of enterprises. The differences in energy efficiency among firms within an industry have sparked intense market competition, yet there is a lack of in-depth exploration into how this disparity affects corporate green transformation. Integrating factors such as energy, government subsidies, pollution taxes, and marketization levels, this study expanded the industrial evolution model and explored the theoretical mechanisms of how intra-industry differences in energy efficiency impacted corporate green transformation from a market competition perspective. Utilizing data from A-share manufacturing companies listed in China’s Shanghai and Shenzhen stock exchanges from 2013 to 2022, the study employed a recentered influence function to identify the impact of intra-industry differences in energy efficiency on corporate green transformation. It further examined the underlying mechanisms from the perspectives of front-end governance and process governance and investigated the heterogeneity of effects based on the competitive environment within the industry. The results indicated that:(1) Intra-industry differences in energy efficiency promoted corporate green transformation, a finding that held after endogeneity control and robustness tests.(2) These differences facilitated energy structure transformation and technological upgrading among enterprises, primarily through the substitution of non-fossil fuels for fossil fuels, accelerated capital renewal and turnover, and improved energy efficiency, thereby advancing green transformation.(3) The promotive effect of intra-industry differences in energy efficiency on corporate green transformation exhibited notable heterogeneity in competitive environments. Enhancements in government environmental regulation intensity, market competition, and the degree of government-market synergy all strengthened this promotive effect. Internal resource endowments amplified the effect, while external resource endowments attenuated it. Based on these findings, this study proposes several recommendations: strengthening environmental regulations to guide energy efficiency competition among enterprises; improving market competition mechanisms to internalize pollution costs; leveraging internal and external resource endowments to guide technological innovation and upgrading; and enhancing government-market synergy to incentivize green transformation among enterprises.更多还原