Research On The Relationship Between Environmental Performance And Financial Performance Of Heavily Polluting Enterprises

Since the Industrial Revolution,with the economic development of all countries in the world and the increasing enrichment of human material life,the ecological environment problems such as air pollution have become more and more prominent.On the one hand,enterprises constantly pursue the maximization of benefits,on the other hand,improving the ecological environment and creating a green and healthy production and lifestyle have increasingly become the focus of attention from all walks of life.As the main body of environmental pollution,the responsibility of enterprises is beyond doubt.However,while pursuing the maximization of benefits,whether enterprises can improve their environmental performance by strengthening environmental management and at the same time improving their financial performance becomes a key to solve the balance between economic development and ecological environment improvement Question.Based on the above thinking,this paper chooses the heavy pollution enterprises with great impact on the environment as the research object to explore the relationship between the environmental performance and financial performance of enterprises.Based on the data of 108 listed enterprises in China's heavy pollution industry(ferrous metal smelting,chemical,electric power,petroleum processing)for 2016-2018,this paper uses water consumption,sulfur dioxide emissions and sewage charges as reverse indicators to measure enterprise environmental performance,and uses DEA to obtain comprehensive environmental performance.The relationship between enterprise environment and financial performance is empirically tested by correlation and multiple linear regression.The results show that the three components of enterprise environmental performance should be All elements have a negative correlation with financial performance,and the overall environmental performance has a positive correlation with financial performance.For further exploring the relationship between environmental performance and financial performance of enterprises,this paper takes Angang shares in iron and steel industry as a typical representative,uses the data of the enterprise from 2009 to 2018,uses entropy weight TOPSIS combination method to calculate the comprehensive financial performance of enterprises,and analyzes the relationship with energy consumption,pollutant emission,pollution control and comprehensive environmentalperformance respectively.The results show that the relationship between the three components of Angang's environmental performance and financial performance is not significant,but the environmental performance of Angang is not significant There is a significant positive correlation between overall and financial performance.Finally,according to the research results,the paper puts forward some suggestions,such as efficient use of energy,promotion of emission reduction and management projects,timely disclosure of environmental information and so on.