Research On Financial Value Creation Mechanism Of Zhejiang Hailiang Co.,Ltd.’s Pro-Environmental Behavior From The Perspective Of Optimal Discrimination

In recent years,with the increasingly prominent contradiction between environmental protection and economic development and the proposal of "carbon peaking and carbon neutrality " goals,it has become the focus of attention of all sectors of society to seek ways to achieve harmony and symbiosis between enterprise development and environment.Enterprise’s pro-environmental behavior is an important management tool for enterprises to solve or prevent environmental deterioration by taking some positive environmental protection measures to participate in ecological environment management and balance the relationship among enterprises,society and environment.As an important source of environmental pollution in China,key pollutant discharge enterprises should set an example and adopt pro-environmental behaviors.However,faced with the realistic constraints of limited resources and high cost,how to achieve high-quality green development while considering the creation of financial value has become a realistic dilemma faced by key sewage companies.Up to now,although there is still no unified view on whether corporate environmental behavior can improve financial performance,most scholars agree that corporate environmental behavior is conducive to improving corporate performance.However,the existing research results still have the following problems:Firstly,there is no systematic research on the relationship between different types of environmentally friendly behaviors and financial performance.Enterprise’s pro-environmental behavior includes the dual unity of obeying environmental laws and regulations and seeking differences,which is characterized by legality and heterogeneity.It is very important to distinguish and discuss the optimal collocation between corporate legitimacy and heterogeneous pro-environmental behavior.Secondly,the evolution of enterprise’s environmental-friendly behavior is a long-term dynamic and complex process.In the process of studying its legitimacy and heterogeneity,we should consider the time dimension and the dynamic balance between them,and dig deep into the dynamic evolution process of environmental-friendly behavior and the financial value creation mechanism in different stages.However,the existing research focuses more on static balance,and the research on the financial value creation mechanism of pro-environmental behaviors at the dynamic balance level is relatively insufficient.In view of this,this paper takes Zhejiang Hailiang Co.,Ltd.(hereinafter referred to as "Hailiang Co.,Ltd.")as the research object,and analyzes the financial value creation mechanism in the evolution process of environmental-friendly behavior of key pollutant discharge enterprises through field investigation,coding analysis and vertical single case study.First of all,make clear the driving factors of enterprises’ choice of pro-environmental behaviors,and answer the question "How do enterprises choose pro-environmental behaviors at different stages";Secondly,based on the visual threshold of optimal differentiation,this paper analyzes the financial value creation mechanism of different types of environmental-friendly behaviors,and answers the question "How do enterprises’ environmental-friendly behaviors create financial value";Thirdly,test the results of financial value creation through relevant indicators;Finally,the financial value creation mechanism of enterprises’ environmental-friendly behaviors in different stages is compared by comparative analysis,and the model is constructed.The contributions of this paper are as follows:(1)Through the analysis of the time series interval of enterprise’s environmental-friendly behavior,it is found that the evolution process of enterprise’s environmental-friendly behavior belongs to the punctuated equilibrium model,which complements the research on the equilibrium model of enterprise’s legitimacy and heterogeneous behavior from the dynamic perspective.At the same time,according to the different challenges of legality and heterogeneity faced by enterprises in different stages,it can be divided into three stages: green stage,green stage and green stage,and a three-dimensional coordinate diagram of the evolution process of enterprises’ environmentally friendly behaviors is put forward,which provides a new interpretation mechanism for the evolution of enterprises’ environmentally friendly behaviors from the perspective of optimal differentiation.(2)Based on the coding results,this paper constructs a "dynamic evolution model of financial value in the evolution process of enterprises’ environmentally friendly behaviors".From the model,it can be seen that in the green period,enterprises only adopt legal pro-environment behavior,and realize cost reduction through legal recognition feedback;In the green-seeking period,enterprises adopt the compensatory synergetic behavior of coupling legitimacy and weak heterogeneity,and create financial value through legitimacy identification feedback and differential identity setting;In the mature green period,enterprises adopt the threshold synergetic behavior of combination of legitimacy and strong heterogeneity,and reduce costs and increase efficiency for the company through feedback of legitimacy identification and projection of different images.To sum up,this paper theoretically enriches the research horizon of enterprise’s pro-environmental behavior;At the practical level,the research conclusion provides a reference for key sewage enterprises to choose pro-environmental behaviors to realize the unification of economic benefits and environmental benefits.