Research on Energy-Saving Efficiency and Influencing Factors of Green and Low-Carbon Enterprises Based on Three-Stage DEA and Tobit Models

Implementing the “dual-carbon” objective has profoundly affected China’s businesses, prompting a continuous process of transformation and innovation. Green, low-carbon transformation, upgrading, and sustainable development have emerged as the means to achieve high-quality company growth, with firms playing a crucial role in achieving the “dual-carbon” target. By prioritizing firms’ green, low-carbon, and sustainable growth, not only can their economic efficiency be improved, but it also serves as a vital measure to advance high-quality development. To achieve this objective, it is crucial to analyze the elements that impact the energy-saving effectiveness of businesses to develop optimization tactics that can enhance their competitiveness. This study combines the three-stage Data Envelopment Analysis (DEA) and the Tobit model to assess the energy-saving efficiency of green and low-carbon firms from 2018 to 2022. The analysis focuses on selected samples from various areas and industries. The study investigates the relationship between energy-saving effectiveness and different regional and industrial parameters, considering the distinct attributes of each firm and the key elements that influence its energy-saving performance. The findings indicate that green, low-carbon firms typically demonstrate suboptimal energy-saving efficiency but have considerable room for improvement. Upon considering environmental concerns, it becomes clear that the primary limitation on energy-saving performance is the lower efficiency of the enterprise scale. The energy-saving efficiency of green, low-carbon firms varies significantly across different regions and industries. On average, northern firms in the energy-saving and carbon reduction industry, as well as the resource recycling industry, have higher energy-saving efficiency compared to southern enterprises. In contrast, the environmental protection industry in southern firms demonstrates a better average energy-saving efficiency compared to their northern counterparts. Employee quality, policy support, and automation are key factors that greatly enhance the energy-saving efficiency of firms in both regions. Enterprise size has a beneficial impact on the energy-saving efficiency of southern firms but a negative impact on northern enterprises. Moreover, the industry and financial structures exert a detrimental influence on enhancing the energy-saving efficiency of green and low-carbon firms. Thus, in order to improve the ene