Research On The Influence Of Green Strategy On Enterprise Value

With the intensification of environmental problems in China,the traditional and extensive economic production mode of enterprises no longer adapts to the current development requirements.Environmental protection is an important part of corporate social responsibility.More and more companies choose to balance the conflict between economic growth and the natural environment through the implementation of green strategies to obtain organizational legitimacy.The existing research has not drawn a definitive conclusion as to whether the green strategy can enhance corporate value.Through the mining and extraction of green information related expressions in the 546 listed companies' annual reports and social responsibility reports in the chemical industry,this paper constructs a green strategic indicator for empirical analysis and finds that there is an inverted U-type relationship between green strategy and corporate value.The degree of green has deepened,and corporate value has risen first and then declined.However,due to the visibility of enterprises and the efficiency of information transmission,this relationship is more obvious in areas with a high degree of marketization.In addition,for key pollutant discharge units,they are forced to accept more government management requirements than the average enterprise,which is subject to heavier environmental governance and transformation pressure.Its green strategy has certain mandatory and non-autonomous characteristics,which will often aggravate enterprises economic burden.The research in this paper shows that there is a negative correlation between the green strategy of key pollutant discharge units and corporate value,and the green strategy will reduce the value of enterprises.The research in this paper applies the new green strategy construction method and the new sample to explore the relationship between green strategy and enterprise value,supplementing the existing research results in this field.At the same time,it also has certain management significance and practical significance.Encourage senior managers to adopt a green strategy to transmit the image of social responsibility for corporate green environmental protection,and the quality and quality of their products' green energy conservation,which will help expand the influence of enterprises to obtain more cooperation opportunities,but excessive investment in green practices will weaken enterprises.Long-term competitiveness and reduced corporate value.For mass consumers and some downstream manufacturers,we should raise environmental awareness,actively consume or adopt green products,stimulate demand,and promote the sales of upstream green products,so as to maximize the high cost of green product producers.Therefore,more companies consciously implement green strategies to conduct operations and production in a more environmentally friendly manner.In addition,the government is encouraged to introduce corresponding policies to support the green practices of enterprises and provide sufficient and beneficial resources for the green development of enterprises.