Research on the Coupling Coordination Mechanism of Innovation Ability and Financial Core Competitiveness of China’s Energy Enterprises under the Perspective of “Belt and Road”
Keywords:
Coupled coordinated development; enterprise innovation; financial core competitiveness; “Belt and Road”; energy enterprises
Abstract
Against the backdrop of global energy transition and the deepening implementation of the Belt and Road Initiative, China’s energy enterprises face dual challenges of technological innovation and financial sustainability. This study focuses on the dynamic coupling mechanism between the innovation capability and financial core competitiveness of energy enterprises. An empirical analysis of the dynamic relationships among eight Belt and Road energy enterprises from 2018 to 2024 is conducted by constructing an indicator evaluation system and applying the entropy method, TOPSIS method, coupling coordination model and grey relational analysis. The findings reveal that the innovation capability of selected large-scale Chinese state-owned energy enterprises shows a steady upward trend, while their financial core competitiveness exhibits cyclical fluctuations due to external environmental shocks. Meanwhile, the coupling coordination degree of the dual systems evolves through three stages: “low-level coupling, antagonistic improvement, and short-term adjustment,” reflecting the dynamic adaptation process between technology transfer efficiency and financial resource allocation. The results indicate that enhancing the precision of technology investment, improving cross-border financial coordination mechanisms, and optimizing institutional environments are key pathways to enhance the coupling efficiency of the dual systems. This study provides a quantitative analytical framework and strategic references for energy enterprises to achieve a virtuous interaction between "innovation and finance" in complex international environments.
Downloads
Download data is not yet available.
References
1. Agazu, B. G., & Kero, C. A. (2024). Innovation strategy and firm competitiveness: A systematic literature review. Journal of Innovation and Entrepreneurship, 13(24). https://doi.org/10.1186/s13731-024-00381-9
2. Alabi, M. (2024). Innovation ecosystems and collaborative networks: Fostering innovation through partnerships and open innovation. ResearchGate. https://www.researchgate.net/publication/385074256
3. Bega, F., & Lin, B. Q. (2023). China’s belt & road initiative energy cooperation: International assessment of the power projects. Energy, 270:126951. https://doi.org/10.1016/j.energy.2023.126951
4. Bromham, L., Dinnage, R., & Hua, X. (2016). Interdisciplinary research has consistently higher funding success. Nature, 534(7609): 684-687. https://doi.org/10.1038/nature18315
5. Brown, J. R., Fazzari, S. M., & Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1):151-185. https://doi.org/10.1111/j.1540-6261.2008.01431.x
6. Brown, J. R., Martinsson, G., & Petersen, B. C. (2012). Do financing constraints matter for R&D?. European Economic Review, 56(8):1512-1529. https://doi.org/10.1016/j.euroecorev.2012.07.007
7. Castelli, M., Groznik, A., & Popovič, A. (2020). Forecasting electricity prices: A machine learning approach. Algorithms, 13(5): 119. https://doi.org/10.3390/a13050119
8. Chen, J., Li, Q., Zhang, P., & Wang, X. (2024). Does Technological Innovation Efficiency Improve the Growth of New Energy Enterprises? Evidence from Listed Companies in China. Sustainability, 16(4):1573. https://doi.org/10.3390/su16041573
9. Chen, X. L. (2009) Comprehensive Evaluation Analysis of Financial Core Competitiveness of Listed Companies. International Journal of Business and Management,4(10):89-95. https://doi.org/10.5539/ijbm.v4n10p89
10. Chikán, A., (2008). National and firm competitiveness: a general research model. Competitiveness Review An International Business Journal incorporating Journal of Global Competitiveness, 18(1/2):20-28. https://doi.org/10.1108/10595420810874583
11. Chikán, A., Czakó, E., Kiss-Dobronyi, B., & Losonci, D. (2022). Firm competitiveness: A general model and a manufacturing application. International Journal of Production Economics, 243:108316. https://doi.org/10.1016/j.ijpe.2021.108316
12. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1):128-152. https://doi.org/10.2307/2393553
13. Costanza, R., d’Arge, R., de Groot, R., Farber, S., Grasso, M., Hannon, B. & van den Belt, M. (1997). The value of the world’s ecosystem services and natural capital. Nature, 387(6630): 253-260. https://doi.org/10.1038/387253a0
14. da Silva, V. R. G., Loures, E. D. R., de Lima, E. P., & da Costa, S. E. G. (2018). Energy management in industry: An enterprise engineering approach. Brazilian Archives of Biology and Technology, 61(SI): e18000160. https://doi.org/10.1590/1678-4324-smart-2018000160
15. Deku, S. Y., Kara, A., & Zhou, Y. (2019). Securitization, bank behaviour and financial stability: A systematic review of the recent empirical literature. International Review of Financial Analysis, 61:245-254. https://doi.org/10.1016/j.irfa.2018.11.013
16. Demir, F., & Lukes, M. (2025). Collaboration of corporates with coworking spaces: different pathways to develop innovation capabilities. R & D Management, 55(1): 282-299. https://doi.org/10.1111/rdm.12697
17. European commission, Joint Research Center. (2025). POTENCIA: Policy-Oriented Tool for Energy and Climate Change Impact Assessment. https://web.jrc.ec.europa.eu/policy-model-inventory/explore/models/model-potencia/.
18. Fang, C., Wang, Y. & Fang, J. (2016). A comprehensive assessment of urban vulnerability and its spatial differentiation in China. Journal of Geographical Science ,12(26): 153-170. https://doi.org/10.1007/s11442-016-1260-9
19. Feng, Z. (2020). Evaluating the coupling coordination degree of green finance and marine eco-environment based on AHP and grey system theory. Journal of Coastal Research, 110(SI): 277-281. https://www.jcronline.org/doi/abs/10.2112/JCOASTRES-D-19-00123.1
20. Folke, C., Hahn, T., Olsson, P., & Norberg, J. (2005). Adaptive governance of social-ecological systems. Annual Review of Environment and Resources, 30: 441-473. https://doi.org/10.1146/annurev.energy.30.050504.144511
21. Fünfgeld, A. (2019). ASEAN Energy Connectivity: Energy, Infrastructure and Regional Cooperation in Southeast Asia. The Indonesian Quarterly, 46(4): 315-345.
22. Gonzalez-Benito, J., & Gonzalez-Benito, O. (2006). The influence of stakeholder pressure on environmental performance: The mediating role of management commitment. Journal of Business Ethics, 67(4): 361-376. https://doi.org/10.1007/s10551-006-9114-4
23. Guo, Z., Peng, Y., & Chen, Y. (2022). How Digital Finance Affects the Continuous Technological Innovation of Chinese Energy Companies?. Frontiers in Environmental Science, 10: 836144. https://doi.org/10.3389/fenvs.2022.836144
24. Hsiao, C. (2024). Machine learning and econometrics. The Singapore Economic Review, 69(4): 1601-1616. https://doi.org/10.1142/S0217590824450127
25. Huang, D., Xu, G., Li, C., & Yang, S. (2025). Effects of high-tech industrial agglomeration and innovation on regional economic development in China: Evidence from spatial-temporal analysis and Spatial Durbin Model. Economic Analysis and Policy, 86: 692-712. https://doi.org/10.1016/j.eap.2025.04.005
26. Huang, J., Guo, C., & Yan, S. (2025). The integration of technology and finance and corporate innovation boundary. Finance Research Letters, 78: 107135. https://doi.org/10.1016/j.frl.2025.107135
27. Hwang C L, Yoon K. Methods for Multiple Attribute Decision Making[M]. Springer Berlin Heidelberg, 1981(07): 60-88.
28. Illmeyer, M., Grosch, D., Kittler, M., & Priess, P. (2017). The impact of financial management on innovation. Journal of Entrepreneurship and Sustainability Issues,5(1):58-71. https://doi.org/10.9770/jesi.
29. J.Xu, M., Zhang, Y., Sun, H., Tang, Y., & Li, J. (2024). How digital transformation enhances corporate innovation performance: The mediating roles of big data capabilities and organizational agility. Heliyon, 10(14): e34905. https://doi.org/10.1016/j.heliyon.2024.e34905
30. Jin, Z., & Mihalcea, R. (2023). Natural language processing for policymaking. In Handbook of Computational Social Science for Policy. Springer 23(2): 141-162. https://doi.org/10.48550/arXiv.2302.03490
31. Kikkawa, K., Virasoro, M. A., & Wadia, S. R. (Eds.). (1999). Quest for Symmetry, A: Selected Works of Bunji Sakita. World Scientific Publishing Co Pte Ltd. https://www.booktopia.com.au/quest-for-symmetry-a-keiji-kikkawa/book/9789810236434.html
32. Kuo, Y., Yang, T., & Huang, G. W. (2008). The use of grey relational analysis in solving multiple attribute decision-making problems. Computers and Industrial Engineering, 55(1): 80-93.
33. Laursen, K., & Salter, A. (2006). Open for innovation: The role of openness in explaining innovation performance among UK manufacturing firms. Strategic Management Journal, 27(2):131-150. https://doi.org/10.1002/smj.507
34. Lawson, B., & Samson, D. A. (2001). Developing innovation capability in organisations: A dynamic capabilities approach. International Journal of Innovation Management, 5(3): 377-400. https://doi.org/10.1142/S1363919601000427
35. Li, Y., Zhang, L., & Wang, H. (2025). Collaborative Development between Artificial Intelligence and the Digital Economy: An Empirical Study of Beijing Based on the Entropy Weight and Coupling Coordination Model. Atlantis Press. https://doi.org/10.2991/978-94-6463-138-912.
36. Lianto, B., Septianto, F., & Raharja, D. (2023). Identifying key assessment factors for a company’s innovation capability based on intellectual capital: An application of the fuzzy Delphi method. Sustainability, 15(7): 6001. https://doi.org/10.3390/su15076001
37. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics,13(2):187-221. https://doi.org/10.1016/0304-405X(84)90023-0
38. Narcizo, R. B., Canen, A. G., & Tammela, I. (2017). A conceptual framework to represent the theoretical domain of “innovation capability” in organizations. Journal of Entrepreneurship, Management and Innovation, 13(1): 147-166. https://doi.org/10.7341/20171316
39. National Development and Reform Commission, National Energy Administration. (2024). Jointly Building the Belt and Road Green Energy Cooperation Report (2024). https://www.cpnn.com.cn/news/xwtt/202410/t20241023_1745412.html.
40. Negash, M. (2003). Rethinking the reporting of intangibles. South African Journal of Accounting Research, 17(1): 23-40. https://doi.org/10.1080/10291954.2003.11435104
41. Norgaard, R B. & Kallis, G. (2010). Coevolutionary ecological economics. Ecological Economics, 69 (3): 227-239. https://doi.org/10.1016/j.ecolecon.2009.09.017
42. Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review.
43. Prahalad, C.K., & Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review, 68:275-292. https://doi.org/10.1007/3-540-30763-X_14
44. Rappaport, A. Rappaport, A. (1981). Strategic analysis for more profitable acquisitions. Harvard Business Review, 59(4): 99-106.
45. Ren, Y & Li, B. (2023). Digital Transformation, Green Technology Innovation and Enterprise Financial Performance: Empirical Evidence from the Textual Analysis of the Annual Reports of Listed Renewable Energy Enterprises in China. Sustainability, 15(1): 712. https://doi.org/10.3390/su15010712
46. Santa, M., Stojkoski, V., Josimovski, M., & Trpevski, I. (2019). Robust determinants of companies’ capacity to innovate: a Bayesian model averaging approach. Technology Analysis and Strategic Management, 31(2): 1-14. https://doi.org/10.1080/09537325.2019.1605052
47. Sempere-Ripoll, F., Estelles-Miguel, S., Rojas-Alvarado, R., & Hervas-Oliver, J.-L. (2020). Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and Central and Eastern Europe countries. Sustainability, 12(6): 2261. https://doi.org/10.3390/su12062261
48. Seto, K. C., Güneralp, B., & Hutyra, L. R. (2012). Global forecasts of urban expansion to 2030 and direct impacts on biodiversity and carbon pools. Proceedings of the National Academy of Sciences of the United States of America, 109(40): 16083-16088. http://www.jstor.org/stable/41763206
49. Shannon, C. E. (1948). A mathematical theory of communication. Bell System Technical Journal, 27(3): 379-423. https://doi.org/10.1002/j.1538-7305.1948.tb01338.x.
50. Shi, T., Yang, S., Zhang, W., & Zhou, Q. (2020). Coupling coordination degree measurement and spatiotemporal heterogeneity between economic development and ecological environment—Empirical evidence from tropical and subtropical regions of China. Journal of Cleaner Production, 244:118739. https://doi.org/10.1016/j.jclepro.2019.118739
51. Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. The Journal of Finance, 52(1): 111-133. https://doi.org/10.1111/j.1540-6261.1997.tb03810.x
52. Sun, C., Skapa, S., Liu, J., Horak, J., & Yang, Y. (2021). Does core competence affect corporate social responsibility?. Journal of Competitiveness, 13(4):132-150. https://doi.org/10.7441/joc.2021.04.08
53. Sun, Z., Zhao, L., Mehrotra, A., Salam, M. A., & Yaqub, M. Z. (2025). Digital transformation and corporate green innovation: An affordance theory perspective. Business Strategy and the Environment, 34(1): 433-449. https://doi.org/10.1002/bse.3991
54. Turner, B. L., II, Kasperson, R. E., Matson, P. A., McCarthy, J. J., Corell, R. W., Christensen, L., Eckley, N., Kasperson, J. X., Luers, A., Martello, M. L., Polsky, C., Pulsipher, A., & Schiller, A. (2003). A framework for vulnerability analysis in sustainability science. Proceedings of the National Academy of Sciences of the United States of America, 100(14): 8074-8079. https://doi.org/10.1073/pnas.1231335100
55. Wang, B., Gong, S., & Yang, Y. (2023). Innovation capability, global cooperation, and sustainable development along the Belt and Road Initiative. Sustainable Development, 31(5):3490-3512. https://doi.org/10.1002/sd.2599
56. Yang, H, & Zhang, W. (2020). The impact of energy enterprises’ technological innovation capability on financial performance: A study on the threshold effect based on enterprise scale. Journal of Technology Economics,39(8):10.
57. Yue Jun , Ting Liang & Zongwu Cai. (2021). Can Technological Innovation Bring an Economic and Environmental Benefit to Energy Firms: An Evidence from China? WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202112. University of Kansas, Department of Economics. https://kuwpaper.ku.edu/2021Papers/202112.pdf.
58. Zhang, C. (2025). Data elements, policy innovation, and corporate ESG: Insights from China’s national big data comprehensive pilot zones. Sustainable Futures, 10: 101145. https://doi.org/10.1016/j.sftr.2025.101145
59. Zhang, L., Wu, S., Chen, L. et al. (2024) Coupling coordination analysis of new urbanization and rural decarbonization in China. Environment, Development and Sustainability ,12(14): 205-210. https://doi.org/10.1007/s10668-024-05656-5
60. Zhang, L., Zhao, Y., Liu, L., Sun, H., & Wang, Y. (2025). The spatial effects of green-innovation coupling and coordinated development from the perspective of digital inclusive finance: Evidence from China. Technological Forecasting and Social Change, 210:123884. https://doi.org/10.1016/j.techfore.2024.123884
61. Zhang, Y., Li, F., Li, M., & Hao, J. (2025). Spatiotemporal evolution and driving mechanisms of urban ecological asset utilization efficiency from a “technology-scale-structure” perspective. Land, 14(9): 1837. https://doi.org/10.3390/land14091837
62. Zhao, J. (2024). How do innovation factor allocation and institutional environment affect high-quality economic development? Evidence from China. Journal of Innovation & Knowledge, 9:100475. https://doi.org/10.1016/j.jik.2024.100475
63. Zhao, X., & Chen, B. (2008). Coupling mechanism and coordinated development model of urbanization and ecological environment. Urban Studies, 15(1): 1-8.
2. Alabi, M. (2024). Innovation ecosystems and collaborative networks: Fostering innovation through partnerships and open innovation. ResearchGate. https://www.researchgate.net/publication/385074256
3. Bega, F., & Lin, B. Q. (2023). China’s belt & road initiative energy cooperation: International assessment of the power projects. Energy, 270:126951. https://doi.org/10.1016/j.energy.2023.126951
4. Bromham, L., Dinnage, R., & Hua, X. (2016). Interdisciplinary research has consistently higher funding success. Nature, 534(7609): 684-687. https://doi.org/10.1038/nature18315
5. Brown, J. R., Fazzari, S. M., & Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1):151-185. https://doi.org/10.1111/j.1540-6261.2008.01431.x
6. Brown, J. R., Martinsson, G., & Petersen, B. C. (2012). Do financing constraints matter for R&D?. European Economic Review, 56(8):1512-1529. https://doi.org/10.1016/j.euroecorev.2012.07.007
7. Castelli, M., Groznik, A., & Popovič, A. (2020). Forecasting electricity prices: A machine learning approach. Algorithms, 13(5): 119. https://doi.org/10.3390/a13050119
8. Chen, J., Li, Q., Zhang, P., & Wang, X. (2024). Does Technological Innovation Efficiency Improve the Growth of New Energy Enterprises? Evidence from Listed Companies in China. Sustainability, 16(4):1573. https://doi.org/10.3390/su16041573
9. Chen, X. L. (2009) Comprehensive Evaluation Analysis of Financial Core Competitiveness of Listed Companies. International Journal of Business and Management,4(10):89-95. https://doi.org/10.5539/ijbm.v4n10p89
10. Chikán, A., (2008). National and firm competitiveness: a general research model. Competitiveness Review An International Business Journal incorporating Journal of Global Competitiveness, 18(1/2):20-28. https://doi.org/10.1108/10595420810874583
11. Chikán, A., Czakó, E., Kiss-Dobronyi, B., & Losonci, D. (2022). Firm competitiveness: A general model and a manufacturing application. International Journal of Production Economics, 243:108316. https://doi.org/10.1016/j.ijpe.2021.108316
12. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1):128-152. https://doi.org/10.2307/2393553
13. Costanza, R., d’Arge, R., de Groot, R., Farber, S., Grasso, M., Hannon, B. & van den Belt, M. (1997). The value of the world’s ecosystem services and natural capital. Nature, 387(6630): 253-260. https://doi.org/10.1038/387253a0
14. da Silva, V. R. G., Loures, E. D. R., de Lima, E. P., & da Costa, S. E. G. (2018). Energy management in industry: An enterprise engineering approach. Brazilian Archives of Biology and Technology, 61(SI): e18000160. https://doi.org/10.1590/1678-4324-smart-2018000160
15. Deku, S. Y., Kara, A., & Zhou, Y. (2019). Securitization, bank behaviour and financial stability: A systematic review of the recent empirical literature. International Review of Financial Analysis, 61:245-254. https://doi.org/10.1016/j.irfa.2018.11.013
16. Demir, F., & Lukes, M. (2025). Collaboration of corporates with coworking spaces: different pathways to develop innovation capabilities. R & D Management, 55(1): 282-299. https://doi.org/10.1111/rdm.12697
17. European commission, Joint Research Center. (2025). POTENCIA: Policy-Oriented Tool for Energy and Climate Change Impact Assessment. https://web.jrc.ec.europa.eu/policy-model-inventory/explore/models/model-potencia/.
18. Fang, C., Wang, Y. & Fang, J. (2016). A comprehensive assessment of urban vulnerability and its spatial differentiation in China. Journal of Geographical Science ,12(26): 153-170. https://doi.org/10.1007/s11442-016-1260-9
19. Feng, Z. (2020). Evaluating the coupling coordination degree of green finance and marine eco-environment based on AHP and grey system theory. Journal of Coastal Research, 110(SI): 277-281. https://www.jcronline.org/doi/abs/10.2112/JCOASTRES-D-19-00123.1
20. Folke, C., Hahn, T., Olsson, P., & Norberg, J. (2005). Adaptive governance of social-ecological systems. Annual Review of Environment and Resources, 30: 441-473. https://doi.org/10.1146/annurev.energy.30.050504.144511
21. Fünfgeld, A. (2019). ASEAN Energy Connectivity: Energy, Infrastructure and Regional Cooperation in Southeast Asia. The Indonesian Quarterly, 46(4): 315-345.
22. Gonzalez-Benito, J., & Gonzalez-Benito, O. (2006). The influence of stakeholder pressure on environmental performance: The mediating role of management commitment. Journal of Business Ethics, 67(4): 361-376. https://doi.org/10.1007/s10551-006-9114-4
23. Guo, Z., Peng, Y., & Chen, Y. (2022). How Digital Finance Affects the Continuous Technological Innovation of Chinese Energy Companies?. Frontiers in Environmental Science, 10: 836144. https://doi.org/10.3389/fenvs.2022.836144
24. Hsiao, C. (2024). Machine learning and econometrics. The Singapore Economic Review, 69(4): 1601-1616. https://doi.org/10.1142/S0217590824450127
25. Huang, D., Xu, G., Li, C., & Yang, S. (2025). Effects of high-tech industrial agglomeration and innovation on regional economic development in China: Evidence from spatial-temporal analysis and Spatial Durbin Model. Economic Analysis and Policy, 86: 692-712. https://doi.org/10.1016/j.eap.2025.04.005
26. Huang, J., Guo, C., & Yan, S. (2025). The integration of technology and finance and corporate innovation boundary. Finance Research Letters, 78: 107135. https://doi.org/10.1016/j.frl.2025.107135
27. Hwang C L, Yoon K. Methods for Multiple Attribute Decision Making[M]. Springer Berlin Heidelberg, 1981(07): 60-88.
28. Illmeyer, M., Grosch, D., Kittler, M., & Priess, P. (2017). The impact of financial management on innovation. Journal of Entrepreneurship and Sustainability Issues,5(1):58-71. https://doi.org/10.9770/jesi.
29. J.Xu, M., Zhang, Y., Sun, H., Tang, Y., & Li, J. (2024). How digital transformation enhances corporate innovation performance: The mediating roles of big data capabilities and organizational agility. Heliyon, 10(14): e34905. https://doi.org/10.1016/j.heliyon.2024.e34905
30. Jin, Z., & Mihalcea, R. (2023). Natural language processing for policymaking. In Handbook of Computational Social Science for Policy. Springer 23(2): 141-162. https://doi.org/10.48550/arXiv.2302.03490
31. Kikkawa, K., Virasoro, M. A., & Wadia, S. R. (Eds.). (1999). Quest for Symmetry, A: Selected Works of Bunji Sakita. World Scientific Publishing Co Pte Ltd. https://www.booktopia.com.au/quest-for-symmetry-a-keiji-kikkawa/book/9789810236434.html
32. Kuo, Y., Yang, T., & Huang, G. W. (2008). The use of grey relational analysis in solving multiple attribute decision-making problems. Computers and Industrial Engineering, 55(1): 80-93.
33. Laursen, K., & Salter, A. (2006). Open for innovation: The role of openness in explaining innovation performance among UK manufacturing firms. Strategic Management Journal, 27(2):131-150. https://doi.org/10.1002/smj.507
34. Lawson, B., & Samson, D. A. (2001). Developing innovation capability in organisations: A dynamic capabilities approach. International Journal of Innovation Management, 5(3): 377-400. https://doi.org/10.1142/S1363919601000427
35. Li, Y., Zhang, L., & Wang, H. (2025). Collaborative Development between Artificial Intelligence and the Digital Economy: An Empirical Study of Beijing Based on the Entropy Weight and Coupling Coordination Model. Atlantis Press. https://doi.org/10.2991/978-94-6463-138-912.
36. Lianto, B., Septianto, F., & Raharja, D. (2023). Identifying key assessment factors for a company’s innovation capability based on intellectual capital: An application of the fuzzy Delphi method. Sustainability, 15(7): 6001. https://doi.org/10.3390/su15076001
37. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics,13(2):187-221. https://doi.org/10.1016/0304-405X(84)90023-0
38. Narcizo, R. B., Canen, A. G., & Tammela, I. (2017). A conceptual framework to represent the theoretical domain of “innovation capability” in organizations. Journal of Entrepreneurship, Management and Innovation, 13(1): 147-166. https://doi.org/10.7341/20171316
39. National Development and Reform Commission, National Energy Administration. (2024). Jointly Building the Belt and Road Green Energy Cooperation Report (2024). https://www.cpnn.com.cn/news/xwtt/202410/t20241023_1745412.html.
40. Negash, M. (2003). Rethinking the reporting of intangibles. South African Journal of Accounting Research, 17(1): 23-40. https://doi.org/10.1080/10291954.2003.11435104
41. Norgaard, R B. & Kallis, G. (2010). Coevolutionary ecological economics. Ecological Economics, 69 (3): 227-239. https://doi.org/10.1016/j.ecolecon.2009.09.017
42. Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review.
43. Prahalad, C.K., & Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review, 68:275-292. https://doi.org/10.1007/3-540-30763-X_14
44. Rappaport, A. Rappaport, A. (1981). Strategic analysis for more profitable acquisitions. Harvard Business Review, 59(4): 99-106.
45. Ren, Y & Li, B. (2023). Digital Transformation, Green Technology Innovation and Enterprise Financial Performance: Empirical Evidence from the Textual Analysis of the Annual Reports of Listed Renewable Energy Enterprises in China. Sustainability, 15(1): 712. https://doi.org/10.3390/su15010712
46. Santa, M., Stojkoski, V., Josimovski, M., & Trpevski, I. (2019). Robust determinants of companies’ capacity to innovate: a Bayesian model averaging approach. Technology Analysis and Strategic Management, 31(2): 1-14. https://doi.org/10.1080/09537325.2019.1605052
47. Sempere-Ripoll, F., Estelles-Miguel, S., Rojas-Alvarado, R., & Hervas-Oliver, J.-L. (2020). Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and Central and Eastern Europe countries. Sustainability, 12(6): 2261. https://doi.org/10.3390/su12062261
48. Seto, K. C., Güneralp, B., & Hutyra, L. R. (2012). Global forecasts of urban expansion to 2030 and direct impacts on biodiversity and carbon pools. Proceedings of the National Academy of Sciences of the United States of America, 109(40): 16083-16088. http://www.jstor.org/stable/41763206
49. Shannon, C. E. (1948). A mathematical theory of communication. Bell System Technical Journal, 27(3): 379-423. https://doi.org/10.1002/j.1538-7305.1948.tb01338.x.
50. Shi, T., Yang, S., Zhang, W., & Zhou, Q. (2020). Coupling coordination degree measurement and spatiotemporal heterogeneity between economic development and ecological environment—Empirical evidence from tropical and subtropical regions of China. Journal of Cleaner Production, 244:118739. https://doi.org/10.1016/j.jclepro.2019.118739
51. Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. The Journal of Finance, 52(1): 111-133. https://doi.org/10.1111/j.1540-6261.1997.tb03810.x
52. Sun, C., Skapa, S., Liu, J., Horak, J., & Yang, Y. (2021). Does core competence affect corporate social responsibility?. Journal of Competitiveness, 13(4):132-150. https://doi.org/10.7441/joc.2021.04.08
53. Sun, Z., Zhao, L., Mehrotra, A., Salam, M. A., & Yaqub, M. Z. (2025). Digital transformation and corporate green innovation: An affordance theory perspective. Business Strategy and the Environment, 34(1): 433-449. https://doi.org/10.1002/bse.3991
54. Turner, B. L., II, Kasperson, R. E., Matson, P. A., McCarthy, J. J., Corell, R. W., Christensen, L., Eckley, N., Kasperson, J. X., Luers, A., Martello, M. L., Polsky, C., Pulsipher, A., & Schiller, A. (2003). A framework for vulnerability analysis in sustainability science. Proceedings of the National Academy of Sciences of the United States of America, 100(14): 8074-8079. https://doi.org/10.1073/pnas.1231335100
55. Wang, B., Gong, S., & Yang, Y. (2023). Innovation capability, global cooperation, and sustainable development along the Belt and Road Initiative. Sustainable Development, 31(5):3490-3512. https://doi.org/10.1002/sd.2599
56. Yang, H, & Zhang, W. (2020). The impact of energy enterprises’ technological innovation capability on financial performance: A study on the threshold effect based on enterprise scale. Journal of Technology Economics,39(8):10.
57. Yue Jun , Ting Liang & Zongwu Cai. (2021). Can Technological Innovation Bring an Economic and Environmental Benefit to Energy Firms: An Evidence from China? WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202112. University of Kansas, Department of Economics. https://kuwpaper.ku.edu/2021Papers/202112.pdf.
58. Zhang, C. (2025). Data elements, policy innovation, and corporate ESG: Insights from China’s national big data comprehensive pilot zones. Sustainable Futures, 10: 101145. https://doi.org/10.1016/j.sftr.2025.101145
59. Zhang, L., Wu, S., Chen, L. et al. (2024) Coupling coordination analysis of new urbanization and rural decarbonization in China. Environment, Development and Sustainability ,12(14): 205-210. https://doi.org/10.1007/s10668-024-05656-5
60. Zhang, L., Zhao, Y., Liu, L., Sun, H., & Wang, Y. (2025). The spatial effects of green-innovation coupling and coordinated development from the perspective of digital inclusive finance: Evidence from China. Technological Forecasting and Social Change, 210:123884. https://doi.org/10.1016/j.techfore.2024.123884
61. Zhang, Y., Li, F., Li, M., & Hao, J. (2025). Spatiotemporal evolution and driving mechanisms of urban ecological asset utilization efficiency from a “technology-scale-structure” perspective. Land, 14(9): 1837. https://doi.org/10.3390/land14091837
62. Zhao, J. (2024). How do innovation factor allocation and institutional environment affect high-quality economic development? Evidence from China. Journal of Innovation & Knowledge, 9:100475. https://doi.org/10.1016/j.jik.2024.100475
63. Zhao, X., & Chen, B. (2008). Coupling mechanism and coordinated development model of urbanization and ecological environment. Urban Studies, 15(1): 1-8.
Published
2026-03-10
How to Cite
Chen, A., & Yan, R. (2026). Research on the Coupling Coordination Mechanism of Innovation Ability and Financial Core Competitiveness of China’s Energy Enterprises under the Perspective of “Belt and Road”. European Scientific Journal, ESJ, 51, 38. Retrieved from https://eujournal.org/index.php/esj/article/view/20731
Section
ESI Preprints
Copyright (c) 2026 Anxin Chen, Ruikun Yan
This work is licensed under a Creative Commons Attribution 4.0 International License.
