Research On The Relationship Of Heavy Pollution Enterprises Environmental Performance And Financial Performance

It is always an important topic in the study of corporate environmental management that the influence of enterprise environmental performance on financial performance. The crux of enterprise economics issue of environmental pollution is an externality. Enterprise external institutional environment is to make the external cost of enterprise environment pollution internalization, to make the improvement of the environmental performance of enterprise be an important means of improving enterprise economic performance. The influence of different system environment of enterprise environmental performance on economic performance is different, the external institutional environment emphasis on the internalization of the cost of corporate environmental pollution, then the improvement of enterprises environmental performance will be helpful for the improvement of enterprise economic performance, which would also encourage enterprises to increase inputs of the emission reduction, to improve environmental performance, and achieve a "win-win" of environmental performance and financial performance.In this paper, China’s heavy polluting industries is the research object, which analysis the impact on the financial performance of corporate environmental performance from the microscopic, and take institutional environment variables into the background of institutional environment. Firstly, this study will sort out the relevant literature about corporate environmental performance and financial performance、the relationship between the institutional environment. Secondly, this study established econometric models, the data on China’s 2004-2006 business in Taihu Lake Basin 2221 questionnaire obtained for samples to study the environmental performance of the enterprise as a variable, different environment variables as the manipulated variable. Analysis the relationship between the heavy polluting industries and enterprises between environmental performance and financial performance, the study focused on the regulatory role of the institutional environment of different variables on the relationship between them. Finally, the sample is divided into start-up companies enterprise, growth companies and mature companies, namely the influence of corporate environmental performance of different stages of corporate financial performance, and these three companies and the regression results of overall sample’ enterprise were compared and analyzed.The results show that:(1) when considering only the relationship between environmental performance and financial performance, environmental performance to financial performance has significantly positive impact that with the improvement of environmental performance and corporate financial performance continues to increase. (2) The degree of transformation of government functions is no different play a moderator role in the relationship between environmental performance and economic performance, rather than adjusting the variables between the two. (3) The extent of the market is moderating between environmental performance and financial performance, and there is a positive relationship between the two has weakened its role. (4) Environmental regulation is manipulated variables between environmental performance and financial performance, and its positive relationship between them has weakened influence. (5) There is no necessary connection between the start-up company’s environmental performance and financial performance, the external system environment variables do not exist on its regulatory role. For growing enterprises, between environmental performance and financial performance significantly positive relationship, while the transformation of government functions to both serve to strengthen the role of a positive relationship; market-oriented and environmental regulation of the positive relationship between the two weaken the role play.