Abstract:The green transformation of heavy polluting enterprises is not only an important way to promote the high-quality development of economy and society, but also the only way to achieve the goal of "double carbon". Taking Sinopec as an example, this paper explores the internal mechanism of resource identification, resource action and value creation of heavy polluting enterprises based on the perspective of resource arrangement and following the logic line of "situation-process-performance". Our findings indicate that companies combine cognition with context, rely on the resource identification ability, match the green transformation needs, and promote enterprises to adopt differentiated action strategies.We also find that resource actions play a significant mediating role between resource identification and value creation, and evolve in accordance with the process of resource construction, resource transformation and resource accompaniment.In addition,resource actions bring about effective integration and reasonable collection of resources. Through high-quality value creation activities, the continuous improvement of value optimization is realized from single point breakthrough and multi-point integration to the integration of the whole value chain.