Research Of Polluting Enterprises On Corporate Social Responsibility,Media Supervision And Financial Performance

Economic development is often accompanied by varying degrees of environmental problems.In the process of China's rapid economic development,it is also difficult to avoid environmental problems such as waste of resources,excessive energy consumption,and serious pollution.These undoubtedly increase the marginal cost of society,lead to the inefficient allocation of resources and exacerbate social contradictions.Therefore,we must take all factors into consideration,focusing on creating more economic value,paying attention to environmental protection,minimizing social burdens and increasing people's well-being.Based on China's current industrial structure,industries such as steel,coal and chemical industries,although they hold the lifeline of the national economy,often cause more serious pollution.Polluting enterprises are both the source of pollution and the source of governance.The key to source governance is to enable enterprises to obtain a balance between pollution control and economic benefits,and give full play to the initiative of enterprises.Corporate Social Responsibility(CSR)is the main way for enterprises to make up for social losses,and the level of pollution control is inseparable from the CSR for polluting enterprises.Therefore,it is necessary to examine whether there is any balance between the CSR performance and the economic benefits in polluting enterprises.On the other hand,with the expansion of media power in recent years,media has gradually become an important external factor affecting corporate governance.Therefore,on the basis of the above relationship,we can conduct in-depth research on the mediating effects of media supervision in order to achieve better governance effect.This paper takes the 2009-2017 A-share heavy pollution industry as a sample to study the improvement effect of CSR performance of polluting enterprises on financial performance,the effect of media supervision on the improvement of CSR performance of polluting enterprises,and the mediating function of media supervision on the relationship between CSR performance and financial performance in polluting enterprises.The empirical results show that there is a time lag effect on the CSR performance of polluting enterprises,although it will not cause obvious changes in the current and recent financial performance of polluting enterprises,it can significantly improve long-term financial performance.In the study of media supervision,this paper finds that media supervision has a significant positive correlation with the CSR performance of polluting enterprises,and positive reports can promote the CSR performance of polluting enterprises more than negative reports.However,further research indicates that media supervision will not improve the financial performance of polluting enterprises by adjusting CSR performance.On the contrary,it weakens the promotion of CSR performance to the financial performance of polluting enterprises.This shows that,although CSR performance can bring future benefits to polluting enterprises in theory,and help enterprises achieve long-term development,and media supervision also spurs the willingness of polluting enterprises to fulfill CSR.However,if the CSR performance of polluting enterprises is only forced behavior under the public pressure,which lacks initiative,the enterprise cannot benefit from it.Moreover,enterprises must undertake additional losses in addition to CSR investment.Ultimately,media supervision will only be excessive pressure on enterprises,which will limit the future development of enterprises.At the same time,based on the differences in property rights,this paper conducts a group test on the response level of CSR performance of the polluting enterprises to the media supervision.It is found that the CSR performance of state-owned enterprises is better than that of non-state-owned enterprises in the performance of media supervision,indicating that state-owned enterprises have stronger adaptive motivation and defensive motivation to response public opinion,and its CSR strategy is more sensitive to media supervision.The main innovation of this paper is controlling the research scope in polluting enterprises,emphasizing the importance of CSR performance of polluting enterprises on construction socialist ecological civilization,and providing theoretical support for the polluting enterprises to achieve green transformation.Besides,the external governance role of media supervision as a mediating variable is added into the relationship of CSR performance on financial performance of polluting enterprises has enriched the theoretical framework of relevant research to some extent.