Studies Of The Relationship Between Enterprises’Energy Saving And Emissions Reducing And Corporate Performance

At present, the conflict between China’s social and economic development on the one hand and environment and resources on the other hand is becoming more and more prominent with each passing day. And the global economy is in a period of transition to a low carbon economy. In order to promote the harmonious and healthy development of China’s economic and environment, gradually to a low carbon economy transformation, China has been incorporated into the state of energy saving and emission reduction strategy plan. As the development of social economy participants, enterprise is an important subject of energy conservation and emission reduction. The effect of enterprise’s energy conservation and emission reduction directly affect the overall implementation of the strategy, also affects the survival and developmental environment of enterprises. Therefore, it is necessary to research the relationship between energy conservation and emission reduction of enterprises and enterprise performance from the view of the enterprise. What’s more, it’ll not only inform the promotion of enterprises taking the responsibilities of energy conservation and emission reduction more logically and effectively, but also push forward the implementation of our energy saving and emission reduction strategy favorably. It’ll propel our country to transform to the low carbon economy and the coordinated development of economic and the environment, in the meantime.As to the empirical and precise analysis, this paper empirically analyzed the relationship between energy conservation and emission reduction of enterprises and enterprise performance of China’s A-share listed companies of high energy consumption and high pollution industry from2004to2010, with integrated energy on output value million as energy consumption level index, sulfur dioxide emissions on t output value million as Pollution discharge level index. Corporate Performance is reflected by rate of return on assets (ROA), rate of return on net assets (ROE) and rate of return on sales (ROS) from the different emphases.The empirical results showed that in the current, the positive impact of energy consumption reduction on firm performance mainly reflected in the rate of return on assets, and the positive impact of pollution emissions reduction on firm performance mainly reflected in the rate of return on sales. The lower enterprise energy consumption level is, the higher rate of return on assets enterprises own, the lower enterprise pollution emissions level is, the higher rate of return on sales enterprises own. But by the influence of the capital structure, the rate of return on net assets did not show a significant relationship with the level of energy consumption and the pollution emissions level. The regression results of first-lagged model showed that compared with current, the level of significance of the positive impact of energy consumption reduction on rate of return on assets has been improved to some degree; The significant negative correlation relationship between pollution emissions level and rate of return on net assets explained that the lower pollution emissions level is, the higher rate of return on net assets in the next period is. The negative influence of energy consumption reduction on the rate of return on sales showed in the current has faded away, and showed the trend of positive impact. In the meantime, the level of significance of the positive impact of pollution emissions reduction on the rate of return on sales has also been improved. All the results of lag a period indicated that the positive influence of enterprise’s energy conservation and emission reduction on enterprise performance is persistent, the adverse effects of the current period is not sustained, it is still a favorable trend in the long run.In this paper, the theoretical analysis and empirical results both showed that enterprise’s saving energy and reducing emissions behavior is continuously beneficial to the improvement of enterprise performance. Accordingly, theoretical bases and data support have been provided to promote enterprises in China to actively carry out energy saving and emissions reducing with more reasonable ways. In conclusion, based on the results of theoretical analysis and empirical research, three suggestions about promoting enterprise to carry out energy saving and emissions reducing more reasonably and effectively have been put forward.