Research On The Relationship Between Environmental Responsibility And Financial Performance Of Listed Companies In Construction Industry

With the great attention paid to the construction of ecological civilization in our country,although the fiscal spending of environmental protection increasing year by year,the task of ecological environment management is still arduous,which leads to the huge gap of ecological environment management funds,and the contradiction between limited available financial resources and ecological environmental protection funds is increasingly prominent,needing to attract more social capital to participate in ecological civilization construction.As the backbone of China's national economy,the potential of enterprises to promote the construction and development of ecological civilization can not be ignored.Enterprises should respond to the call of the government,fulfill their environmental responsibilities actively,and promote the development of ecological civilization construction in our country.Therefore,this paper selects the construction listed companies of the national pillar industries as the research sample to study the relationship between environmental responsibility and financial performance of construction enterprises.Based on the research results,it is expected to provide policy suggestions and theoretical support for the government to encourage enterprises to fulfill environmental responsibility.Based on the theory of ecological civilization construction,the theory of sustainable development,the theory of stakeholders and the theory of the triple bottom line,this paper analyzes and summarizes the motivation of enterprises to fulfill environmental responsibility and its impact on financial performance.After the empirical research and analysis,this paper selected 16 listed companies of construction industry classified by shenwan from 2010 to 2013 as research samples.Factor analysis was used to extract common factors from the selected 11 financial indicators,and an indicator system was constructed to obtain comprehensive indicators representing financial performance.The environmental responsibility published by HeXun listed companies' social responsibility report evaluation system is used as an indicator of corporate environmental responsibility.According to the nature and region of enterprises,descriptive statistical analysis and correlation analysis were carried out on the relationship between environmental responsibility and financial performance.The results of the empirical research found that :(1)for the state-owned enterprises,corporate environmental responsibility was significantly negatively correlated with their current and one-year financial performance,but there was no correlation between corporate environmental responsibility and long-term financial performance.(2)for the non-state-owned enterprises,corporate environmental responsibility and current enterprise financial performance,and there is a significant positive correlation between enterprise environmental responsibility and lag period financial performance(3)for a line of city construction enterprise,the enterprise environment responsibility and has no impact on financial performance,but with lag 1 year,2 years,3 years time lag,lag of four years of corporate profitability was significantly positively related.Based on the data analysis and correlation research conclusion of corporate environmental responsibility and financial performance,this paper puts forward corresponding policy Suggestions from the perspective of ecological civilization construction: for enterprises,they should establish a sound management mechanism for the cost of corporate environmental responsibility,and effectively control the cost of corporate environmental responsibility.For the government,they should establish a complete enterprise environmental performance evaluation system,improve the environmental information disclosure mechanism,and optimize the corporate environmental responsibility tax incentive legal system.