Research On The Impact Of Environmental Performance On Financial Performance From The Perspective Of Property Rights

In recent years,the rapid economic development of our country has made great achievements,but the accelerated consumption of resources and the serious pollution of the environment have also come along,and the public concern for environmental protection is increasing.Therefore,the enterprises and their stakeholders have begun to seek a balance between the environmental protection behavior and financial performance of the enterprises.In the report of the Seventeenth Congress of the Communist Party of China,the concept of "ecological civilization" was first proposed,which showed the government's determination to achieve a win-win situation in developing economy and protecting the environment.According to this development goals and development ideas,the development of economy and the protection of the environment should be complementary,thus achieving sustainable development.In addition,under the influence of the special property rights background of China,the state-owned holding enterprises and non-state owned enterprises will combine their own practice and adopt different behavioral measures to adapt to this trend of development.Therefore,this paper focuses on the impact of corporate environmental performance on financial performance from the perspective of property rights.Firstly,on the basis of reviewing the current research situation at home and abroad and combing the relevant basic theories,this paper makes a theoretical analysis and puts forward the research hypothesis of this paper.Secondly,select the variable measurement standards,including property rights,internal and external environmental performance and the financial performance based on principal component analysis,and construct a multiple regression model,taking the data of the 2011-2016 year A stock listed companies as the research samples.The impact of enterprise environmental performance on financial performance is verified: First,the results of the overall sample data show that the internal environmental performance has a positive impact on the financial performance,and the external environmental performance has the opposite effect on financial performance;second,the property rights has a regulatory effect on the relationship between the internal environmental performance and the financial performance,but the moderating effect of relationship between external performance and financial performance is not significant.Finally,this paper puts forward the relevant countermeasures and suggestions from the perspective of government and enterprises,combining the above research conclusions,and points out the direction of the future state-owned holding enterprises and non-state owned enterprises to promote their sustainable development.