The Impact Of Environmental Performance On Financial Performance Of Coal Enterprises

To strengthen the level of environmental governance and realize the ecological and harmonious development is the primary task of coal enterprises at this stage,and it is also the only way to promote the economic upgrading of enterprises.In the process of China's sustained and stable economic growth,the environmental problems of enterprises have received high attention.In recent years,all kinds of environmental pollution incidents emerge in endlessly,so it is urgent to solve the environmental problems.With the implementation of relevant policies,different binding environmental measures and laws and regulations have been promulgated in different parts of China.This paper mainly studies the impact of environmental performance on financial performance of China's coal enterprises under the background of strong environmental policy.Firstly,the theoretical model of environmental performance and financial performance is constructed;Secondly,this paper selects the relevant data of China's coal listed enterprises from 2012 to 2018,and takes the short-term and long-term financial performance as the dependent variables to measure the enterprise's financial performance,the environmental performance as the independent variable,and the marginal profit,asset life,asset liability ratio and enterprise size as the control variables,Under the moderating effect of enterprise's overall scale and property right nature,this paper uses multiple regression model to analyze the different effects of enterprise's environmental performance on financial performance;Thirdly,taking short-term and long-term financial performance as dependent variables,environmental performance as independent variables,marginal profit,asset life,asset liability ratio and enterprise scale as control variables,this paper uses the double difference model(DID)to test the impact of enterprise environmental performance on financial performance under different environmental constraints.The results show that environmental performance has no significant negative impact on short-term financial performance of coal enterprises;The environmental performance has a positive impact on the long-term financial performance of coal enterprises,and the regulatory effect is different.After joining this part of the research,we can draw a conclusion:strong environmental constraints have a negative impact on the short-term financial performance of enterprises,but have a positive impact on the long-term financial performance.On this basis,this paper puts forward some suggestions:the government should improve the construction of environmental protection database,establish an effective reward and punishment mechanism,and standardize the environmental behavior of enterprises;Enterprises carry out technological innovation to improve the level of environmental performance,reduce long-term environmental protection costs,and achieve a win-win situation of environmental performance and financial performance under the collaborative cooperation between the government and enterprises;The public should establish a stronger environmental protection concept and sense of responsibility.