投资行为决定着企业的资金投放方向、结构和规模，也决定着企业的盈利能力和可持续发展。2014年习近平总书记提出“四个革命、一个合作”的能源安全新战略，能源革命将对能源企业的产业投资、项目投资、金融投资和投资管理行为产生重要影响。GN集团是传统能源行业的龙头企业，在煤炭、电力生产销售和技术研发领域有着深厚底蕴，其投资行为转型对其他能源企业起着行业引领作用，也展现了传统能源企业在能源革命背景下积极转型的新思路。因此研究GN集团的投资行为变革既对其自身调整把握投资方向和提高投资效益具有一定实践价值，也对其他能源企业投资转型、调整升级产业结构起到一定参考作用。

       本文运用案例研究法、规范分析法研究GN集团能源革命下投资行为转型，从四个维度展开分析，首先从GN集团投资行为现状入手提出问题，其次研究传统能源企业投资行为变革共性特征，最后分析GN集团投资行为变革。研究发现：（1）GN集团目前产业结构仍以煤炭、火电产业为主，传统能源项目越来越少，新能源项目日益增多，金融投资相对固定资产投资来说金额少，活跃度低，投资管理流程比较细致完整；（2）GN集团在目前能源发展大趋势下产业投资结构规模不尽合理，产业投资结构构建受到企业趋利性制约影响，项目投资建设周期长，固定资产比例大，金融投资不够活跃，投资管理流程复杂，投资决策复杂控制环节多等多个问题；（3）GN集团在“四个革命、一个合作”的发展战略下，需要着手解决自身能源转型问题，应当在坚持稳定高效发展煤炭产业投资基础上，提升对新技术新能源的投资，推进清洁能源、可再生能源的发展转型。通过本次研究，为我国能源企业在能源革命背景下解决投资转型问题提供了指导依据，也对促进我国能源企业实现结构升级转型具有一定借鉴意义。

    Investment behavior determines the direction, structure and scale of capital investment, as well as the profitability and sustainable development of enterprises. GN group is a leading enterprise in the traditional energy industry. It has a deep foundation in the fields of coal, power production and sales, and technology research and development. Its investment behavior transformation plays a leading role in other energy enterprises, and also shows a new idea for traditional energy enterprises to actively transform under the background of the energy revolution. Therefore, the research on the investment behavior change of GN group not only has certain practical value for its own adjustment, grasping the investment direction and improving the investment efficiency, but also plays a certain reference role for other energy enterprises' investment transformation, adjusting and upgrading the industrial structure.

    This paper uses case study method and normative analysis method to study the transformation of investment behavior under the energy revolution of GN group, and analyzes it from four dimensions. Firstly, it puts forward problems from the current situation of investment behavior of GN group, secondly, it studies the common characteristics of investment behavior transformation of traditional energy enterprises, and finally analyzes the transformation of investment behavior of GN group. The research finds that: (1) at present, the industrial structure of GN group is still dominated by coal and thermal power industries. There are fewer and fewer traditional energy projects, and more and more new energy projects. Compared with fixed asset investment, the amount of financial investment is small, the activity is low, and the investment management process is detailed and complete; (2) Under the current general trend of energy development, the scale of GN group's industrial investment structure is not reasonable. The construction of industrial investment structure is restricted by the enterprise's profitability. The project investment construction cycle is long, the proportion of fixed assets is large, the financial investment is not active enough, the investment management process is complex, the investment decision is complex, and there are many control links; (3) Under the development strategy of "four revolutions and one cooperation", GN group needs to start to solve its own energy transformation. On the basis of insisting on the stable and efficient development of coal industry investment, GN group should increase its investment in new technologies and new energy, and promote the development and transformation of clean energy and renewable energy. This research provides a theoretical basis for China's energy enterprises to solve the problem of investment transformation under the background of the energy revolution, and also has a certain theoretical significance for promoting China's energy enterprises to achieve structural upgrading and transformation.

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