The Empirical Research On The Correlation Between Environmental Protection And Financial Performance Of Manufacturing Industry

Under the background of the new economic normal,the construction of ecological civilization and environmental protection in our country have been brought to a new height.While emphasizing the urgency and arduousness of environmental protection,the government has further highlighted the importance of coordination between economic and social development and environmental protection.As a major consumer of energy and resources and an important manufacturer of environmental problems,enterprises have an unshirkable responsibility for environmental protection.As an industry related with heavily pollution,manufacturing enterprises should assume more environmental responsibility and increase investment in environmental protection.In the wave of mass entrepreneurship and mass innovation,enterprises should seize new impetus of economic growth,enhance their competitiveness through technological innovation,and create greater value.The main content of this paper is as follows.First,the research status at home and abroad,the research ideas is stated,and the definition of concepts and related theoretical basis are introduced.Then,based on the related concepts and theories introduced above,the mechanism of the impact of environmental protection investment on financial performance and the lags behind this effect,as well as the operating principle of the regulatory effect of innovation input on the relationship between the two are analyzed.So the corresponding research hypotheses are proposed.After selecting variables and sample data and constructing three regression models,correlation tests of each variable are conducted.And the regression analysis are used to test the correlation between independent variables and dependent variables and the regression between interactive variables and dependent variables result.Finally,the results show that the input of environmental protection in the manufacturing industry has not obvious effect on the financial performance in the current period,the positive effect is lagging,and the impact of the innovation investment on the positive relationship between the current environmental investment and financial performance is significant.And from the perspective of the business,government and the public,recommendations are proposed.