The Impact Of Air Pollution On The Financial Performance Of Manufacturing Enterprises In The Yangtze River Delta

The emission of air pollution exceeds the environmental self-purification capacity,which leads to many air pollutions events,which have had a significant impact on all aspects of society.According to the literature,air pollution is highly correlated with the development of manufacturing industries,and air pollution has an impact on the financial performance of manufacturing companies,but there are few relevant studies,and the results of government policy adjustments are inconsistent,and the research period selected by the existing literature is relatively short.The main theme of this dissertation is to study the impact of air pollution emissions on the financial performance of manufacturing enterprises and the regulatory effect of government policies.In the theory and method section,the dissertation reviews the meteorological economics,the economic loss estimation theory of air pollution,and then introduces the maximum deviation method and the grey relational analysis of searching for change points.This dissertation firstly conducts a preliminary study on the relationship between air pollution and overall comprehensive benefits of the manufacturing industry by change point research in terms of time series from the industry level.A comprehensive evaluation value system for comprehensive benefits of the manufacturing industry and air pollution was constructed.The maximum deviation method is used to calculate the evaluation value,and the grey relational analysis is used to determine the change points.It is found that the change points of both were in 2005 and 2010,so the time series is divided into three stages: 1998—2005,2006—2010,and 2011—2017.By summarizing the development trend of air pollution and manufacturing efficiency in the past 20 years,it is found that the early air pollution treatment policies are relatively extensive,and it is obvious that the inverse relationship between the evaluation value of air pollution and the comprehensive evaluation value of manufacturing industry.In the process of continuous refinement of environmental policy,there is a congenial relationship between the two evaluation values.Therefore,it is reasonable to conduct a phased analysis from the policy perspective by taking the year of change points as the node.To further explore the impact of air pollution on the financial performance of manufacturing enterprises,this dissertation analyzes the theoretical mechanism,and then studies the listed manufacturing enterprises in 18 cities in the Yangtze river delta at a micro level.According to empirical research,the sulfur dioxide emissions have a significant inverse relationship with corporate performance,smoke and dust emissions have positive relationship with corporate performance;and the regulation of the government's policy effect inhibits smoke and dust emissions positive effect on corporate performance,but weakens the inverse relationship of the sulfur dioxide on enterprise performance,namely policy adjustment to the enterprise performance has brought certain negative pressure.Then,from a time series perspective,the change points of air pollution emissions and the performance of 63 manufacturing enterprises(data can be found since 2001)in 18 cities in the Yangtze river delta region are analyzed,and it is found that the change points are still similar,with the first change point in 2012 and the second change point in 2016-2020.Through sorting out the air pollution control policies in the Yangtze river delta region,it is found that the policies were dominated by control types,supplemented by economic policy tools before 2016,and the enterprises were relatively passive.During this period,the policies may bring relatively negative pressure to the enterprises;after 2016,the interaction between the government and other social entities such as enterprises has been gradually strengthened,and the trend of enterprise performance has been stable and improved in most cases.According to the calculation of GM(1,1)model by the grey system prediction method,air pollution emissions will keep a downward trend before 2027,and the performance of more than 80% of enterprises will remain stable and slightly improve,so the prediction result is relatively optimistic.From the perspective of policy,in a certain period of time in the future,the air pollution prevention and control policy will be more inclined to multi-sector,multi-subject coordination,which is conducive to the realization of the win-win situation between the environment and the financial performance.Finally,some suggestions are put forward for policy guidance and manufacturing enterprises from the perspectives of system construction,integration and differentiation,government service and enterprise innovation.