摘要：At present, many companies are still question-ing whether energy conservation and emission re-duction will affect their profitability. The "low-car-bon economy" is a propellant for sustainable social development, which requires companies to trans-form their economic growth patterns, adjust and op-timize 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 in-creases 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. Mean-while, the impact of energy conservation and emis-sion reduction ofenterprises on the return on net as-sets in the current period is not significant. The rea-son may be that the relationship between emission levels and asset use efficiency is not as good as en-ergy consumption. Compared with the return on as-sets and return on net assets, the net sales interest rate (ROS) has a slightly narrower reflection on the per-formance of the company. It only reflects the ability of the company to earn profits by relving on sales. The investment in energy conservation and emission reduction will reduce the profitability of the com-pany, which has the most direct impact on the net sales margin. Furthermore,it maycause a significant positive correlation between the level ofenergy con-sumption and the net sales margin. The research in this paper shows that there is no contradiction be-tween 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 improv-ing business performance and ensuring the survival and development of enterprises.
关键词：Sustainable development;low-carbon economy;panel data model;corporate management performance
