Environmental Performance、Market Competition And Firm Value

Under the guidance of the party’s 19 th National Congress report,the environmental governance process has been further accelerated,and the public has become more and more focused on the "green" development concept.To fight against pollution,the government supervision and the corporate responsibility are required.Because the heavily polluting industry is in an area with serious environmental damage,it is especially necessary to pay attention to environmental performance while seeking to improve its own value.The academic world’s views on the impact of environmental performance on firm value were not uniform,and exploring boundary conditions has become a new trend in research.As an important bridge connecting macroeconomic development and micro-enterprise operation,market competition directly affects the competitive advantage of enterprises.Therefore,from the perspective of market competition,it is necessary to explore the adjustment effect of industry concentration and corporate competitive position on the relationship of “environmental performance-firm value”.In response to the above problems,reviewing the existing literature is a prerequisite for conducting research.Based on the theoretical layer,the internal mechanism of each variable is analyzed,and then hypotheses and empirical tests constitute an important way to solve the problem.Firstly,the related literatures were reviewed in detail from three aspects: the impact of environmental performance on firm value,the regulation of market competition and the impact of property rights on market competition.At the same time,it systematically defined and measured the three core concepts of environmental performance,market competition and firm value.Secondly,based on the research of existing scholars,the main hypothesis was proposed based on the theory of sustainable development and the theory of stakeholders.Based on the theory of SCP and the theory of soft constraint of budget,the hypotheses of regulation were proposed.Thirdly,with the A-share listed companies in Shenzhen and Shanghai,which are heavily polluting industries in 2012-2018 in China,the descriptive statistics,correlation analysis and regression analysis of the collected data were carried out using STATA14.0.The conclusions show that:(1)Firm value is increased by good environmental performance;(2)Increased industry concentration or increased competitive position of enterprises,both of which show that the degree of market competition is weakened,which results in a reduction in the positive impact of environmental performance on firm value;(3)Compared with state-owned enterprises,the adjustment of the relationship between industry concentration and corporate competitive position on “environmental performance—firm value” are more pronounced in non-state-owned enterprises.Finally,based on theoretical analysis and empirical results,we propose practical and feasible countermeasures from the two dimensions of enterprise and government,trying to help enterprises fully realize the market role of improving environmental performance,improve the environmental protection system for government departments,and fully play the role of macroeconomic regulation and control.