Research On The Impact Of Environmental Management And Green Innovation On The Financial Performance Of The Enterprises

As a heavy polluting industry with high energy consumption,waste generation and pollution,the chemical industry has made important contributions to China’s economic development while also seriously damaging China’s ecological environment.For such heavily polluting industries,the government has implemented strict administrative measures to encourage companies in these industries to focus on green innovation and environmental protection.At the same time,consumers,environmental organizations,governments,investors and other stakeholders are increasingly environmentally conscious,which also puts huge environmental pressure on polluting companies.These heavily polluting companies must pay attention to environmental management,upgrade production technology to control their environmental pollution,and achieve the goal of reducing environmental pressure.While some companies believe that environmental management has achieved a win-win situation between environmental protection and corporate financial performance,many companies believe that environmental management reduces the value of environmental protection and the scale of corporate revenue,a phenomenon that suggests that more research is needed to elucidate the impact of environmental management on corporate financial performance.As a means to achieve environmental management,green innovation investment will reduce corporate performance,in view of this,it is necessary to explore the relationship between environmental management green innovation and corporate financial performance.This thesis sorts out the relevant literature and proposes three hypotheses on the basis of stakeholder theory and sustainable development theory,namely:the inverted U-shaped relationship between environmental management and corporate financial performance,the U-shaped relationship between green innovation and corporate financial performance,and the intermediary role of green innovation between environmental management and corporate financial performance.In this thesis,enterprises in the chemical industry with serious pollution are selected as research objects,and the impact of environmental management and green innovation on the financial performance of enterprises is analyzed from 2013 to 2019.The results show that when environmental management activities are carried out in the early stage,the financial performance of enterprises will improve with the improvement of environmental management level,but when the environmental management level reaches a certain point in the later stage,the financial performance of enterprises will decline with its improvement;green innovation in the short term will reduce the financial performance of enterprises and improve the financial performance of enterprises in the long term;green innovation plays an intermediary role between environmental management and corporate financial performance.According to the above research results,reasonable suggestions are put forward in a targeted manner,hoping to provide useful reference for China’s chemical enterprises to enhance their ability to independently carry out environmental management,enhance the level of green innovation and improve their financial performance.