Achieving carbon peak and carbon neutrality goals hinges on promoting green development, and enterprises, especially leading enterprises, are important micro-level drivers of regional energy conservation and emission reduction. Using panel data of listed companies ranked top ten by total assets in western China from 2013 to 2023, this paper empirically examines the impact of green R&D investment of leading enterprises on regional energy conservation and emission reduction and its mechanisms by constructing a two-way fixed effects model. The results show that: (1) green R&D investment of leading enterprises significantly reduces carbon emission intensity and energy consumption intensity in western China, and this conclusion remains robust after replacing the core explanatory variable (number of green invention patent applications) and the dependent variable (enterprises’ own carbon emissions); (2) green R&D investment promotes energy conservation and emission reduction through multiple channels including technological progress effect, clean energy substitution effect, industrial structure upgrading, and green technology innovation; (3) in terms of economic significance, a 1% increase in green R&D investment reduces regional carbon emission intensity by about 0.0032% and enterprises’ own carbon emissions by about 2.02%, with the enterprise-level effect being more direct and stronger. This study enriches the micro-macro integrated analytical framework of green R&D investment and regional environmental performance, and reveals the “bellwether” and “radiation source” role of leading enterprises in the green transformation of western China. The findings provide empirical evidence and policy references for formulating differentiated green innovation incentive policies, precisely cultivating green leading enterprises, and achieving the dual goals of “development” and “carbon reduction” in western China.

Yilong Wang. Leading Enterprises' Green R&D Investment and Its Impact on Regional Energy Conservation and Emission Reduction. Academic Journal of Business & Management (2026), Vol. 8, Issue 6: 26-34. https://doi.org/10.25236/AJBM.2026.080604.

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