The Research On The Financial Effect Of Corporate Eco-efficiency

With ecological and environmental problems have become increasingly prominent,gradually stringent environmental regulations,stakeholder environmental concerns and economic integration of the ecological requirements of the times,so that financial performance and ecological performance increasingly interconnected.The enterprise is still too much emphasis on financial performance,ignoring the ecological performance and their impact on corporate financial performance,resulting in ecological performance and financial performance seriously decoupling,therefore the two perfect combinations of eco-efficiency indicators arises at the historic moment.Eco-efficiency is based on the basic idea of the financial environment and "win-win" proposed in this paper,the ecological efficiency as the environmental performance of new proxy variables and effect of eco-efficiency of enterprise research on financial effects,and puts forward suggestions of how to improve the eco-efficiency of the enterprise.This paper summarizes the research status on environmental performance and financial performance relationship and leads to the concept of eco-efficiency.Ecological efficiency value analysis based on enterprise natural resources theory,contingency resources theory,trade-off theory on creation mechanism.According to the principle of compiling the corresponding to the eco-efficiency indicators are defined,and the method of data envelopment analysis on the ecological efficiency of industrial enterprises in 2010-2014 were evaluated.Secondly,according to the theory proposed series of assumptions,and the eco-efficiency evaluation results as the explanatory variable,select the rate of return on total assets and Tobin's Q,cost profit rate as the explanatory variable to reflect the enterprise financial effect,select the company size,financial leverage,growth capacity,capital intensity,environmental risks and the book market ratio as control variables,empirical analysis of the relation of eco-efficiency and financial effects.The study found that:(1)there is a causal relationship between enterprise ecological efficiency and financial effect;(2)corporate eco-efficiency and business performance significantly positive correlation;(3)business of eco-efficiency and corporate value significantly positive correlation;(4)the higher the level of enterprise ecological efficiency,the production cost is low.Finally,according to the results of empirical analysis,put forward proposals to improve the eco-efficiency of enterprises from the government and enterprise levels,to provide an effective means to solve the conflicts between development and environment of enterprises.The results of this study analyzed the impacts of environmental problems on enterprise financial effect,clear development agent of environmental management for enterprise managers;also help investors make better investment decisions.