"双碳"视角下煤炭上市公司全面风险管理水平对经营效率影响OACHSSCD

Comprehensive risk management,as an important means to enhance the company's opera-tional efficiency and risk prevention ability,is a key tool to promote the low-carbon transformation of listed coal companies and help realize the goal of"dual-carbon".From the perspective of"dual car-bon",this paper adopts the three-stage DEA-Malmquist model to measure the operational efficiency of China listed coal companies from 2008 to 2022 and adopts the threshold model and the fixed effect model to study the relationship between comprehensive risk management and operational efficiency of listed coal companies.The research results show that the overall operating efficiency of China coal lis-ted companies is low,and according to the analysis of the projection value,the redundancy of R&D per-sonnel and R&D funding inputs is the main reason for the ineffectiveness of the comprehensive efficien-cy of coal listed companies;that the risk management process presents an inverted"U"shaped double-threshold feature,and the technical effiency is further affected by the change of scale efficiency,which ultimately affects the total factor productivity;and that the risk management culture does not have a sig-nificant effect on the efficiency effect.It is suggested to rationally adjust the company R&D investment,formulate a comprehensive risk management path based on the ESG development concept,and realize the balance of the company operational efficiency system.