The Research On The Value Creation Of Manufacturing Corporate's Green Upgrating

The slowly depletion of resources,deterioration of environmental pollution,sensitive concern of environment and the theme of energy conservation is warn environmental protection,improving resource utilization,undergoing green innovation that is the new way to break regulations and dilemmas,to achieve sustainable development,to rebuild model of value creation.In order to leap over these gaps and move towards the middle and high end of global value chain,ecological civilization has been risen to a national strategic level and the translation of economy growth style,the moderation of industrial structure,the promotion of green development have been become the topic of the 19th CPC National Congress again.Green upgrading has been presented under this background,which is the best way to break rugulations and dilemmas,is also the new choice to climb the global value chian.Firstly,this paper reviews related researchs about the relationship of environmental performance and enterprise value and leads to the conception of green updating,then put forward the green updating model and the mechanism of value creating on the basis of natural-resource-based theory and green dynamic capability theory.According to the convention rule of measuring environmental performance,this paper build the evaluating indictors of greening update and use content analysis to score listed manufacturing companies of 2010-2016 and to get a green performance.Secondly,Based on the previous theories,this paper put forward related assumptions,select green performance as explaining variable,select inner control as moderator variable,select return on equity,economic added value as explained variables to reflect the creation of value,select size,leverage,growth,capital intensity,research and development,subsidies,audit as control variables,and uses state1 3.0 to empirical research.The results show that:(1)the relationship between green uprating and return on asset is significantly positively:(2)the relationship between green uprating and enterprise value is significantly positively;(3)Inner control strengthen the role of green uprating to the enterprise finance performence.Lastly,according to the empirical research results,this paper put forward the suggestion from government,enterprise and customer aspects that proposed some advice for manufacturing companies,offer relevant guideline to stakeholder,also enrichs green updating at the application of theory and practice.