Research On Financial Risk Of Listed Companies In Heavy Pollution Industry Under The Background Of Green Development

As the source of environmental pollution,heavily polluting enterprises are facing new risks under the constraints of relevant national policies and regulations on energy conservation,emission reduction,transformation and upgrading.Firstly,the paper reviews the concept of the green development's origin and scholars' policy interpretation and prospect analysis of the concept on green development.Secondly,the paper summarizes the methods of financial risk identification and the selection of risk's early warning indicators.Then the paper describes the relevant theories on green development,financial risk identification and early warning,which provides theoretical support for the analysis of the financial risks,the selection of early warning indicators and the proposal of relevant countermeasures faced by heavily polluting enterprises.The paper specifically analyzes the financial risks faced by heavily polluting enterprises under the new development requirements from the perspectives of financing,investment and operation.Considering the factors such as cash flow,industry characteristics,equity structure,research and development expenditures,audit opinions and so on,the paper reconstructs the early warning indicators from the financial and non-financial perspectives.The paper selects the listed companies of Shenzhen and Shanghai A-share heavily polluting industries which have been specially treated from 2014 to 2017,selects the normal sample companies matched with the crisis sample companies according to the principles of same main business and similar asset size.In the empirical study,Through K-S test,parameter T test and non-parameter U test,Select the significant differences indicators between crisis enterprises and non-crisis enterprises,and the main components are extracted through principal component analysis.Then the logistic model of financial crisis' s early warning for heavily polluting enterprises is constructed and tested.Finally,according to the results of empirical analysis,suggestions are putted forward on how to prevent financial risks for heavily polluting enterprises.The results show that through the 34 financial and non-financial financial crisis prediction indicators designed in this paper,20 pass the significant test,which play a key role in the financial crisis prediction of heavily polluting enterprises.The model established in this paper reached 94% of the comprehensive judgment rate for financial crisis early warning of heavily polluting enterprises in T-2 years,providing reference opinions for stakeholders to identify and prevent financial risks.