| From the first environmental protection conference held in China in 1970 s to the promulgation of the new environmental protection law in 2014,and then to the Fifth Plenary Session of the 19 th Central Committee,the work plan of "promoting green development and promoting harmonious coexistence of human and nature" was clearly defined,and the vision goal of "basic realization of beautiful China construction goal" in2035 was comprehensively promoted.This fully reflected the government’s idea of "lucid waters and lush mountains are invaluable assets".Pharmaceutical enterprises,as one of the16 heavy pollution industries,should bear the social responsibility of "protecting the ecological environment and promoting sustainable development".The environmental management should be included in the strategic plan of enterprise development.Under the government environmental regulations,they should turn from passive to active and actively invest in environmental protection,and the increase of environmental protection,where investment will inevitably affect the economic benefits of the enterprises.Therefore,this paper chooses Jiuzhou Pharmaceutical industry as a case enterprise to study the economic benefits of environmental protection investment.This paper first sorts out the domestic and foreign relevant literature on environmental protection investment and economic benefits of environmental protection investment,then defines the concepts of environmental protection investment and economic benefits,and combs the mechanism of economic benefits of environmental protection investment based on stakeholder theory,sustainable development theory and social responsibility theory.In this paper,Jiuzhou pharmaceutical industry is selected as the case enterprise for analysis.In the background part,the current situation of China’s environmental regulation is sorted out,and then the disclosure of environmental protection investment of 100 pharmaceutical enterprises with complete financial data from 2010 to 2019 is analyzed.It is found that the whole industry is paying more and more attention to environmental protection investment.Under this background,it is found that the environmental protection investment of Jiuzhou pharmaceutical is fluctuating and rising.According to the enterprise scale,main business scope and data integrity,Puluo pharmaceutical is selected as a comparative enterprise to analyze the economic benefits of its environmental protection investment from four aspects:traditional financial performance,enterprise value,financing ability and green innovation ability,It is concluded that the investment in environmental protection can promote the traditional financial performance of enterprises to a certain extent,but has little impact on the enterprise value.Maintaining the investment in environmental protection is conducive to improving the enterprise image,easing the financing constraints,promoting R &D innovation,and improving the core competitiveness of enterprises.In the long run,the promotion effect on the economic benefits of enterprises is obvious,and the advantages outweigh the disadvantages.Finally,according to the enlightenment of the case,this paper provide gives relevant policy suggestions from the perspectives of government supervision,enterprise self-discipline and social supervision.The government should improve the design of environmental information disclosure system,strengthen environmental supervision and punishment,increase government subsidies and environmental protection rewards;enterprises should establish the awareness of environmental strategy,strengthen environmental information disclosure,accelerate the structural upgrading and transformation,and strengthen cost management,The public should establish the awareness of environmental protection,increase the publicity of environmental protection,and strengthen the supervision and participation of all parties. |
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