Research On The Influence Of Environmental Performance On Financial Performance Of Coal Enterprises

In recent years,China's economic development has achieved remarkable results,in the meantime,environmental pollution become more and more serious.Especially for the coal enterprises,as the pillar industry of the national economy,with environmental regulations become stricter,they have to consider the environmental pollution caused by their production and operations while pursuing economic benefits.The influence of environmental performance on financial performance of coal enterprises has gradually become the focus of business and academic circles.The paper adopts literature research,investigation research as well as the combination of normative research and empirical research to study the impact of environmental performance on financial performance of coal enterprises and the moderating effect of the scale of enterprise and the Single-Large shareholder.Firstly,clarifying the concepts of environmental performance and financial performance.Secondly,summarizing and elaborating the theories related to this study on the basis of collating and summarizing the relevant research at home and abroad.Thirdly,six hypotheses are proposed for the research objectives of the paper through theoretical analysis.Twenty listed enterprises of coal mining and selection from 2013 to2018 are selected as samples and the evaluation index of environmental performance of coal enterprises is constructed from the perspective of sewage charges.In addition,the financial performance is decomposed into two dimensions of profitability and market value from the perspective of internal and external enterprises.Regression models are established by the hypotheses,finally,the paper uses stata15.0 to complete the empirical test of the impact of environmental performance on financial performance and the moderating effect of the scale of enterprise and the Single-Large shareholder.To ensure the accuracy of the conclusion,the alternative indicators of financial performance were selected for robustness test,and the regression results further confirmed the hypothesis proposed in the paper that the improvement of enterprise's environmental performance will not only have a positive impact on profitability,but also promote the improvement of enterprise's market value.But the scale of enterprise and the Single-Large shareholder will inhibit this promoter action.Recommendations are put forward from government,enterprises and society based on the result.The government should speed up the establishment of a sound enterprise environmental information database and implement incentive policies for those enterprises with high environmental performance,at the same time,government agencies at all levels should play an exemplary role in promoting the enhancement of social awareness of environmental protection.Enterprises should formulate positive environmental strategies based on their own scale and operation objectives,in the meantime,it's necessary for enterprises to disperse equity appropriately so as to enhance the promoter action of environmental performance on financial performance.The public are supposed to deepen their awareness of environmental protection while supporting green brands and playing a supervisory and motivating role.