Abstract
This study delves into the interconnection between financial accounting indicators and the energy expenditures of the top 100 Chinese enterprises from 2015 to 2021, utilizing the China Stock Market & Accounting Research Database to unveil significant relationships. Notably, a negative correlation is established between return on investment and energy expenditure, indicating a 0.30% decrease for every 1% increase in return on investment. Improved financial performance empowers investments in energy-saving endeavors. Earnings per share (EPS) exhibits a positive impact, correlating with a 0.88% decrease in energy expenditures for a 1% increase in EPS. Conversely, a higher debt-to-equity ratio, personnel expenditure, and ICT expenditure are associated with heightened energy consumption. The study concludes by highlighting policy implications, underscoring the necessity of integrating energy efficiency initiatives into strategic planning and emphasizing the crucial role of state support through green fiscal policies, green credits, and loans to harmonize economic growth with environmental responsibility.
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