Study On The Relationship Between Environmental Responsibility And Enterprise Value

In recent years,China's economy has been in the state of medium and high-speed growth,the country and our people have made huge development dividends,but this blindly pursuit of economic development without regard to environmental protection has also brought some serious problems,among which environmental problems are particularly prominent.The destruction of environment leads to bad climate change,which not only affects people's living condition of pursuing high quality of life,but also seriously restricts the development of China's economy.In today's increasingly prominent environmental problems,environmental responsibility issues are more and more concerned by the government,enterprises and people from all walks of life.For enterprises whose main purpose is to make profits,the relationship between environmental responsibility and enterprise value has gradually become a hot issue.Therefore,this paper takes listed companies in China as the research object,focusing on the short-term internal effect and long-term external effect of environmental responsibility,so as to explore the internal relationship between environmental responsibility and enterprise value.First of all,through the study of the previous literature,we know that: in recent years,the research on the relationship between environmental responsibility and enterprise value is increasing,but there is no unified conclusion,which makes this paper has a deeper research significance.Then,based on sustainable development theory,externality theory,stakeholder theory and system theory,this paper puts forward the basic research hypothesis.On this basis,according to the nature of enterprise property rights,the sample companies are divided into state-owned enterprises and non-state-owned enterprises.According to the different corporate governance structure,the sample companies are divided into two categories: state-owned enterprises and non-state-owned enterprises In this paper,the author analyzes the different effects of different nature of enterprises.Based on the review and summary of relevant theories and literatures,the following conclusions are drawn through the empirical analysis: environmental responsibility is negatively related to the short-term internal value of the enterprise,but positively related to the long-term external value of the enterprise.The negative correlation between environmental responsibility and short-term internal value of heavy pollution industry is more significant,and the positive correlation with long-term external value of enterprises is more significant.Through further empirical analysis,the following conclusions are drawn: the negative correlation between environmental responsibility of non-state-owned enterprises and the short-term internal value of enterprises is more significant,while the positive correlation between long-term external value and environmental responsibility of non-state-owned enterprises is more significant.There is no significant difference in the negative correlation between environmental responsibility and short-term internal value between enterprises with two jobs in one and enterprises with two jobs separated The positive correlation between environmental responsibility and long-term external value is more significant.Finally,this paper summarizes the conclusions and puts forward corresponding suggestions and Countermeasures for the current situation of enterprises.