Energy transition and policy perception acuity: An analysis of 335 high-energy-consuming enterprises in China

High-energy-consuming enterprises characterized by “high pollution, high energy consumption and high material consumption” have posed a serious challenge to countries in promoting energy transition, and countries around the world, especially developing countries, should pay urgent attention to the issue of energy consumption by high-energy-consuming enterprises. In this study, we systematically reviewed relevant theories of energy transition, constructed an energy transition dictionary. Then, we analyzed the annual report texts of 335 publicly listed companies in high-energy-consuming enterprises from 2013 to 2022 and performed a frequency analysis of the keywords in the energy transition dictionary. Next, we employed the game combination empowerment method to calculate the Energy Transition Index (ETI) of high-energy-consuming enterprises. By analyzing the 2013–2022 annual report data of Chinese listed companies, we investigated the relationship between Policy Perception Acuity (PPA) and energy transition. Additionally, we examined this relationship across the eastern, central, and western regions of China, confirming our findings through a machine learning algorithm. We draw the following conclusions: First, from 2013 to 2022, the ETI of high-energy-consuming enterprises has exhibited a fluctuating upward trend in phases., but the overall level remains relatively low, with a distinct geographic distribution trend characterized by higher levels in the western regions, stagnation in the central regions, and lower levels in the eastern regions. Secondly, the PPA of energy-consuming enterprises can greatly enhance the effectiveness of their energy transition, and this influence primarily manifests in the advancement of green energy innovation and the development of cleaner production practices. Thirdly, PPA has a notable positive incentivizing impact on ETI in the western region, with a less discernible effect in the central region, but with a certain degree of disincentive effect in the eastern region.