Research On The Impact Of Green Transformation Of Heavy Pollution Enterprises On Enterprise Performance

General Secretary Xi Jinping pointed out in the report of the 20 th Party Congress that Chinese modernization is a modernization in which people and nature live together in harmony,and a good ecological environment is the most universal welfare of people’s livelihood.With the concept of "green water and green mountains are the silver mountain of gold" becoming more and more popular,green has gradually become the base color of high-quality development.Entering the 14 th Five-Year Plan period,China has started a new journey of green and high-quality development.In the background of the new era,the main landing point of transforming the economic growth mode and promoting industrial transformation and upgrading lies in the green transformation at the enterprise level,and in the process of comprehensively promoting the green transformation of the production and development mode of enterprises,the heavy polluting enterprises with backward process equipment,large energy consumption and pollution emission have become the key objects of attention for transformation and upgrading.Most of the heavy polluting enterprises do not have enough motivation for green transformation,they have doubts about whether green transformation can bring benefits to them,and they are still confused about the way to carry out green transformation.Most of the existing green transformation-related studies are focused on the macro level,mainly on the differentiated development of green transformation in different industries and different regions,relying on the role of policy guidance and macro-control.The empirical studies are more numerous,and the typical case studies of green transformation of enterprises are fewer,and most of the conclusions drawn are only applicable to the macroeconomic market,with limited significance for guiding enterprises with individual differences.Based on the above problems,this paper adopts a case study approach,using sustainable development theory,triple performance theory,corporate reputation theory and Porter’s hypothesis as the theoretical basis,and conducts a case study of Baosteel,a leading green development company in the heavy pollution industry,to investigate the impact of green transformation on its financial,environmental and social triple corporate performance.The study finds that Baosteel’s green transformation is mainly carried out through the choice of forward-looking environmental strategy,green process innovation and green product innovation,and the accumulation of corporate green reputation,and the green transformation brings the improvement of financial performance,environmental performance and social performance for Baosteel.In the early stage of green transformation,the revenue of heavy polluting enterprises dominates and the performance of enterprises will be improved;however,as heavy polluting enterprises enter the later stage of green transformation,the marginal revenue of green transformation will gradually diminish and the cost will start to play a role due to the difficulty of green innovation technology breakthrough and the critical point of environmental output and environmental added value.However,as heavy polluters enter the later stage of green transformation,the marginal benefits of green transformation will gradually diminish and the costs will start to play a major role,and the performance of enterprises will be inhibited.However,at present,the degree of green transformation of heavy polluting enterprises in China is relatively low,and the impact on financial performance is still to the left of the inflection point,and the green transformation of heavy polluting enterprises can still bring triple performance improvement for enterprises in the long term.Therefore,this paper puts forward three suggestions for heavy polluting enterprises to continuously and deeply green transformation in order to improve enterprise performance: to deeply implement forward-looking environmental strategies,to accelerate the transformation of green technological innovation results and to consolidate the competitive advantages of green products.