The Impact Of Environmental Responsibility And Technology Innovation On Financial Performance,Based On Heavy Polluting Enterprises

In recent years,with the rapid development of economy,environmental problems have become more and more prominent,even threatening the survival of human beings,which has attracted great attention of all countries and people in the world.At present,China is vigorously promoting the construction of a green and beautiful China.Through promulgating a series of environmental regulations,introducing green financial policies,encouraging enterprises to carry out green production,vigorously supporting the green economy,and achieving long-term sustainable development.Therefore,it is very difficult for enterprises with the goal of maximizing economic benefits to occupy a position in the current competitive market.Only when enterprises start from themselves,enhance their sense of responsibility,actively protect the environment,and carry out technological innovation with a goal,can they escort the long-term development of enterprises.Therefore,it is urgent to study the impact of corporate environmental responsibility and technological innovation on financial performance.In this paper,heavy pollution enterprises as an example,mainly because of the serious environmental problems of heavy pollution enterprises,corresponding to bear environmental responsibility,there is an urgent need for technological innovation to adapt to the background of enterprise development.After introducing the theories of sustainable development,stakeholder theory,technological innovation theory and synergy theory in detail,this paper puts forward some hypotheses about the impact of corporate environmental responsibility on financial performance,technological innovation on financial performance,corporate environmental responsibility and technological innovation synergy on financial performance.Through the methods of literature reading,content analysis and empirical research,this paper measures the specific situation of corporate environmental responsibility with the first domestic evaluation system of social responsibility professional evaluation products of listed companies-Hexue Gateway on environmental responsibility,uses R&D investment to measure technological innovation,and carries out factor analysis on 14 indicators relatedto financial performance,and finally forms a model.The indicators can fully represent the financial situation of enterprises,and use the interaction terms of environmental responsibility and technological innovation to measure the synergy between the two.Then a multiple linear regression model is constructed.Based on the five-year data of Listed Companies in heavy pollution industries from 2013 to 2017,a total of 2325 samples are used for empirical analysis.Empirical research shows that environmental responsibility of heavily polluted enterprises has a positive impact on financial performance;technological innovation has a positive impact on financial performance;corporate environmental responsibility and technological innovation synergy also have a positive impact on financial performance.In view of the above conclusions,this paper puts forward some pertinent opinions and suggestions in three aspects: improving the awareness of corporate environmental responsibility,rationally planning technology innovation strategy,and coordinating environmental responsibility and technological innovation development.1 chart,15 Tables,77 references.