Research On The Ecological Environment Risk Of Coal Enterprises And Its Impact On Sustainable Financial Growth

In recent years,the north-south climate has been reversed,extreme weather has occurred frequently,sea levels have risen,and the ecological environment has faced severe challenges.Ecological and environmental issues have received widespread attention on a global scale.All walks of life are paying more and more attention to issues related to ecological and environmental protection,and they are beginning to think about the negative impact of economic development on the environment.The increasing demands of the government and the public on the ecological environment have made it increasingly costly for companies to cope with the risks of the ecological environment.Sustainable financial growth is an important goal of an enterprise,and it is a comprehensive manifestation of the coordination and stability of an enterprise’s financial capabilities.The risks brought by the ecological environment will destroy the coordination and stability of corporate finance,threaten the normal operation and development of enterprises,and affect my country’s energy supply guarantee.The research on environmental risks and financial sustainable growth theories have been conducted for several decades,and the theoretical content is relatively rich,following the theory of cost and innovation compensation,the theory of coordinated development of ecological economy,the theory of stakeholders and the theory of sustainable development,etc.The achievements of the predecessors provided a favorable theoretical basis and reference for future generations’ research.On the basis of previous studies,this paper is based on coal,a resource-intensive industry,with coal companies as the research object,and analyzes the impact of ecological environmental risks on the sustainable financial growth of coal companies from the dimensions of water resources risk,air pollution risk,and geological disaster risk.The use of mathematical models to verify the impact of ecological and environmental risks on coal enterprises,provides strong evidence for the "following the cost theory",confirms the effectiveness of the "following the cost theory" in the heavy Of coal enterprises to avoid ecological environmental risks to provide certain reference ideas.This paper focuses on the ecological environmental risks of coal enterprises and their impact on sustainable financial growth.First,the ecological environment risk factors faced by coal enterprises under the current economic situation are studied,from the three dimensions of water resources utilization,air pollution,and geological disasters.Set out,establish the ecological environment risk index system of coal enterprises,and calculate the ecological environment risk index of coal enterprises based on the VIKOR model.Secondly,based on the Van Horn static model,the sustainable financial growth rate of 16 listed coal companies was calculated,and the change of the sustainable financial growth rate of 16 listed coal companies over time was analyzed.By depicting the mechanism and transmission path of the impact of ecological environment risk on the sustainable growth of corporate finance,the impact of ecological environment risk on the sustainable growth of corporate finance is analyzed.After fully comparing mixed regression(OLS),fixed effects model(FE),fixed effects model considering time effects,and random effects model(RE),based on the results of Hausmann hypothesis test,it is finally determined to use fixed effects considering time effects The model concluded that the ecological environment risk is negatively correlated with sustainable financial growth,and shows a heterogeneous impact.Compared with non-state-controlled coal companies,the ecological environment risk of state-owned coal companies is more sensitive to the impact of sustainable financial growth.;Compared with large coal companies,the ecological environment risks of super large coal companies have a more significant impact on sustainable financial growth.Finally,suggestions were made in three aspects: optimizing the utilization of water resources,deepening the prevention and control of air pollution,and strengthening the monitoring of geological disasters.The main innovations of this article are as follows:(1)This article takes coal companies as the receptors of ecological environmental risks,and focuses on the impact of the ecological environmental risks of coal companies on the sustainable financial growth of coal companies.Through the analysis of relevant literature,this article found that in the field of research on coal companies and the environment,most previous studies focused on exploring the environmental risks faced by coal companies from the perspective of the overall external environment,or using the ecological environment as the receptor for impacts simply from the construction and mining of mining areas.The mining perspective studies the damage to it,and it rarely affects the ecological environment risks that coal enterprises bear from the receptor perspective.Based on the theoretical derivation and empirical analysis of listed coal company data,this paper uses coal companies as risk receptors to study the impact of ecological environmental risks on the sustainable financial growth of coal companies,which is part of exploring the coordinated development of the coal industry and the ecological environment.(2)Calculate the ecological environment risk index of coal enterprises based on the VIKOR model.This article quantifies the ecological environment risk index system constructed,and takes into account the situation that certain ecological environment risk indicators cannot be quantified without direct data in the quantification process.This article will not be able to directly quantify the indicators that involve ecological environmental risks and impact the company.By analyzing their impact on the income and costs of coal companies,financial data will be used for indirect quantification.The VIKOR model can be used to obtain the characteristics of the optimal compromise solution in multi-attribute decision-making,quantify the ecological environment risk index system,and calculate the ecological environment risk index of coal enterprises.(3)Based on the fixed effects model,it verified the impact of the ecological environment risk of coal enterprises on the sustainable financial growth.This paper analyzes the impact of ecological and environmental risks of 16 listed coal companies on sustainable financial growth over time,and proposes corresponding assumptions.At the same time,on the basis of fully comparing the mixed regression(OLS),fixed effects model(FE),fixed effects model considering time effects(FE_TW)and random effects model(RE),the use of consideration time is finally determined according to the results of Hausmann’s hypothesis test The fixed-effects model of effects yielded statistically significant results and verified the hypothesis proposed in the article.