Research On The Relationship Between Environmental Performance And Financlal Performance Of Listed Iron And Steel Enterprises

Since entering the stage of industr ialization,China has made remarkable achievements in terms of economy.However,with the development of economy,the problem of environmental pollution has also become apparent.The extensive production mode of "pollution first,then treatment" no longer meets the current concept of green development,so the state and the government have formulated a series of strict environmental protection rules and regulations to regulate the production of enterprises.However,whether the costs paid by enterprises to improve environmental performance will reduce their financial performance is a problem that corporate man agers have been worried about.For this reason,many scholars have conduc.ted a large number of theoretical and empirical studies to investigate the relationship between this two and try to address this.However,due to the different sample industries and measurement indicators,the conclusions of the study can not be unified.This paper intends to select the pillar industry of economic development,which is also a typical heavy pollution industry--the iron and steel industry as the research sample.by screening the iron and steel listed enterprises in Shanghai and Shenzhen stock markets from 2009 to 2018,130 sample data of 13 listed companies are selected.Taking the unit business income sewage charges as a substitute variable for environ,mental performance,the total net investment interest rate was selected as a variable for financial performance.and the real relationship between environmental performance and financial performance was separately studied.The main work is as follows:First,collect and sort out the research conclusions of the relevant literature at home and abroad on the relationship between the two,by studying whether the additional costs brought about by improving environmental performance will change the financial benefits of the company,and how to change them,to explore the qualitative relationship between environmental performance and financial performance.Second,based on the 10-year data of listed iron and steel enterprises in China,on the basis of qualitative research,we use multiple linear regression analysis to quantitatively investigate the research hypotheses suggested in this paper.The research conclusions are as follows:(1)Overall.From the point of view,there is a significant positive correlation between environmental performance and financial performance of iron and steel listed enterprises,that is,listed steel companies can improve their financial performance when they improve their environmental performance;(2)The investment of listed steel companies in improving environmental performance will positively influence the financial performance of the later period,but only affect the latter financial performance.Financial performance and environmental performance have no significant positive impact on the financial level of the two lagging periods;(3)After the environmental performance improvement effect reaches a certain level,the marginal benefit to investment brought by environmental performance improvement is almost zero.This means that financial performance does not grow indefinitely as environmental performance continues to improveBased on the research conclusions,according to the research results,this paper puts forward reasonable suggestions from the government level,enterprise level and social level,that the government should formulate and improve the environmental information disclosure mechanism and environmental protection incentive mechanism;Enterprises should reasonably invest in environmental management capital and research and develop new equipment and new technologies;social stakeholders should give full play to their regulatory functions and strengthen supervision.