Study On The Impact Of Financial Capability On Environmental Performance

Since the reform and opening up,China’s economic construction has achieved fruitful results,followed by environmental pollution can not be ignored.The report to the 19 th national congress of the communist party of China(CPC)made it clear that "ecological progress is a thousand-year plan for the sustainable development of the Chinese nation" and "to build China into a powerful modern socialist country that is prosperous,strong,democratic,culturally advanced,harmonious and beautiful".As the backbone of national economic development,enterprises also assume the social responsibility of protecting the ecological environment and building ecological civilization.Enterprise environmental performance has gradually become the focus of domestic and foreign scholars,including the establishment of environmental performance evaluation index system,the potential influencing factors of environmental performance.As an economic organization for the purpose of making profits,the economic benefit is not only the main goal of the enterprise,but also the material basis for the enterprise construction.Therefore,financial ability has become an important factor affecting the enterprise behavior,but does financial ability also play an important role in the construction of enterprise environmental performance? Is this role affected by other factors within and outside the organization? An in-depth study of these issues is conducive to clarifying the relationship between the financial ability of enterprises and the construction of environmental performance,clarifying the motivation of enterprises’ environmental behavior,encouraging enterprises to improve the level of environmental performance in a reasonable way,and jointly building a harmonious and beautiful ecological environment.Based on the above problems,this paper carefully combed the research achievements of scholars at home and abroad,on this basis,to corporate social responsibility theory,stakeholder theory,signaling theory,organizational legitimacy theory as the main basis,to the enterprise financial ability of environmental performance,the nature of the property,and the influence of the local government environmental regulation of regulating role respectively research hypotheses are put forward.Taking the data of listed companies in heavy pollution industries from 2014 to 2017 as the research sample,the proxy indicators of financial capability,environmental performance,environmental regulation and other control variables were selected respectively,and the hypotheses were tested by descriptive statistics,correlation analysis and linear regression analysis.The empirical results show that the enterprise financial ability to guide the environmental performance of the result influence coefficient is positive,but not,significantly,in contrast,financial capacity to significantly affects the process of environmental performance,the reason may be that short-term financial capacity on behalf of the enterprise resources richness,significant impact on enterprise of environmental protection investment in the short term,but is the enterprise environmental performance achievements of the construction of the long-term accumulation,short-term investment level can’t decide the final environmental performance results;Financial capacity of the impact of environmental performance there are significant differences between state-owned enterprises and non-state-owned enterprises,the stronger the financial capacity of non-state-owned enterprises,guide the process and result oriented environmental performance levels are higher,may be the reason is that the behavior of the state-owned enterprises under the influence of its administrative identity,and non-stateowned enterprises environmental behavior mainly comes from the spontaneous to fulfill social responsibility motivation,financial capacity is the basis of the construction of environment and to ensure the material,thus able to non-state enterprise’s environmental performance levels play a more significant effect;Local government environmental regulation can significantly negatively adjust the relationship between financial ability and environmental performance,that is,environmental legitimacy motivation can play a certain role in replacing financial ability.When local government environmental regulation is constantly enhanced,the impact of corporate financial ability on environmental performance will be weakened.Finally,according to the research findings and conclusions,combined with China’s economic and social development status,policy recommendations.Set up a scientific system of environmental performance evaluation is the important foundation of environmental performance management,the government shall establish appropriate environmental protection special subsidies to supplement enterprise financial ability in order to enhance the enthusiasm of enterprise environment construction,in addition,by giving full play to the demonstration leading role of state-owned enterprises,the local government adjust measures to local conditions to encourage enterprises to carry out environmental construction.