Research On Government Subsidies,Environmenal Responsibility And Financial Performance Of List Company In Heavy Pollution Industry

In recent years,the smog has occurred a lot of times in our country.It has a serious impact to our daily life.It is a matter that admits of no delay.And it also pushes us to re-think about it.In the past several decades,China pursued the rapid development of economy excessively.The thought led to the productive pattern of “Treatment after Pollution” and “high pollution,high energy consumption but low efficiency” were popular in our country.However,the productive pattern,which is not friendly to the environment,will be stricken eventually.Environmental problems,such as Water and soil erosion,land desertification,industrial effluent,have already arrived very serious.The problems have effectively put a brake on development.The severe environmental problems caused our government to think highly of environment,our government has brought it to development planning and promised to invest money to protect environment.However,heavy pollution industry,which characteristics is high pollution and high consumption,is the murderer of environmental pollution.The industry has became the target for everyone,it is one of the industries that the government focuses on guiding its environmental responsibility.At the same time due to the importance of environmental issues,environmental responsibility has become an important factor affecting the development of heavy polluting industries.Therefore,in this context,this paper combines the government and enterprises to study the environmental responsibility,that is to study the relationship among government subsidies,environmental responsibility and financial performance.Based on this,in this paper,we choose the data of listing corporation of heavy pollution industry from 2012 to 2015 as the sample,using panel data to study the financial performance.In this paper,we mainly study the following problems: Frist of all,this paper discourses the background,meaning,primary coverage and innovation point about the research using the standardization research.Second,this paper reviews the related literatures,notions and theories.And the more important notion is environmental responsibility.In this paper,we divide the environmental responsibility into four parts: environmental management responsibility,pollution control responsibility,environmental compliance responsibility and environmental morality responsibility.Then three hypotheses are proposed according to the literature and theoretical research,and we measure each variable,build research model.And we research the relationship among the government subsidies,environmental responsibility and financial performance.Finally,according to the empirical research,this paper draws the conclusions and puts forward some suggestions.The research results included the following aspects:(1)government subsidies have positive effects on financial performance.(2)government subsidies has positive effects on comprehensive environmental responsibility,and also has the same effect on environmental management responsibility,pollution control responsibility,and environmental compliance responsibility except environmental morality responsibility.(3)comprehensive environmental responsibility plays a role of positive intermediary function between government subsidies and financial performance.;Pollution control responsibility and environmental compliance responsibility have the same function.Nevertheless,environmental management responsibility and environmental morality responsibility can’t play the same role.