The Influence Research Of Corporate Environmental Responsibility And Financial Performance

The report of the 19th National Congress of the Communist Party of China attaches great importance to the construction of ecological civilization and green development,indicating that China’s ecological civilization construction and green development will usher in new strategic opportunities.In order to realize the modern development of the harmonious integration of man and nature,to satisfy the people’s longing for a better life and the pursuit of a good ecological environment,the government must provide consumers with material wealth and spiritual wealth while providing consumers with an ecological concept that conforms to the concept of green consumption,product.Unsuitable social and economic development activities have triggered a series of environmental problems such as ecological environment destruction and depletion of ecological resources.The special status of listed companies in social and economic development has led more and more people in the public to pay attention to their environmental responsibilities.Therefore,it is of great practical significance to select the pharmaceutical manufacturing listed companies,one of the heavily polluting industries in China,as a research sample,and to explore the impact of corporate environmental responsibility on financial performance,and to formulate environmental protection policies and enterprises to formulate environmental protection and environmental pollution.Governance decisions provide a reference.Firstly,based on the theory of ecological civilization construction,green development theory,circular economy theory and financial performance management theory,this paper analyzes their relationship with corporate environmental responsibility,and summarizes the motivation of enterprises to fulfill environmental responsibility and its impact on financial performance;By selecting the environmental responsibility index,this paper constructs the enterprise environmental responsibility evaluation system,selects the total return on assets and the Tobin q value as the financial indicators to measure the short-term financial performance and long-term financial performance of the enterprise,and chooses the asset-liability ratio,the size of the enterprise and the nature of the enterprise as the control.The variables put forward the research hypothesis that the corporate environmental responsibility reversely affects the short-term financial performance and positively affects the long-term financial performance of the enterprise,and the research hypothesis that the state-owned holding company is obviously superior to the non-state-owned holding enterprise in the process of undertaking environmental responsibility,and based on the research It is assumed that the model is constructed.Finally,the established model is applied to the fixed-effect regression method for empirical analysis,and the non-parametric test is carried out on the nature of the enterprise.The research results show that:overall,corporate environmental responsibility adversely affects the short-term financial performance of the enterprise;corporate environmental responsibility positively affects the long-term financial performance of the enterprise;state-owned holding companies are obviously superior to non-state-owned holding enterprises in fulfilling the responsibility of environmental protection.Through data analysis and empirical verification conclusions,this paper proposes to improve the environmental awareness of enterprises and enhance the ecological moral quality of enterprises based on the concept of ecological civilization construction and green development;adhere to energy conservation and pollution discharge,develop enterprise circular economy;improve ecological civilization The institutional system guides enterprises to participate in ecological governance;comprehensively promotes green development and actively carries out policy recommendations such as green industries.