Study On The Influence Mechanism And Cost Benefit Of Enterprise Green Transformation

The Chinese government attaches great importance to environmental pollution,ecological civilization construction in the cause of socialism with Chinese characteristics "five one" the overall layout,clearly put forward to promote the building of ecological civilization,demand across the country to adhere to the "environmental priority" development strategy,firmly establish a "innovation,coordination,green,open,sharing" concept of development,We will be highly vigilant against "black swans" and "gray rhinos" in the ecological environment.The key to the implementation of ecological civilization construction lies in enterprises.As the main body of market economy,enterprises should fully understand the importance and urgency of ecological civilization construction and speed up the pace of green transformation.However,green transformation of enterprises will be affected by internal and external factors,and the fundamental goal of enterprises is to pursue profit maximization.The level of cost and benefit of enterprises is directly related to the initiative and implementation effect of green transformation of enterprises.Therefore,how to improve the green transformation of enterprises is not only related to the long-term sustainable development of enterprises,but also related to the behavior of investors and government guidance,which is an urgent problem to be solved by all sectors of society.To this end,this paper uses the panel data of heavy polluting enterprises listed in Shanghai and Shenzhen stock Markets from 2011 to 2020,according to the research question-research status-basic theory-empirical analysis-policy suggestions as the main line,and strictly defines the concepts of enterprise green transformation,enterprise environmental strategy,government environmental regulation,enterprise environmental cost,enterprise development performance and so on.Analysis of the existing institutional background,including the evolution of environmental protection policies,mainly divided into four stages of budding,sustainable development,scientific development,precision and strict,"supervision of enterprises" and "supervision of government" related policies;Using literature review method,content analysis method,regression analysis,robustness test,and so on,this paper empirically examines the influence mechanism of enterprise green transformation and its cost-economic effect.The main conclusions are as follows:First of all,the research conclusions on the influence mechanism of enterprise green transformation are as follows: first,environmental strategy is conducive to the improvement of enterprise green transformation,compared with the implementation of poor environmental strategy,enterprises with better environmental strategy have a greater role in promoting enterprise green transformation;From the perspective of action channel,environmental strategy can have a beneficial impact on the green transformation of enterprises by alleviating the pressure of financing constraints and improving the innovation ability of enterprises.Enterprises in different life cycles,pollution levels and environmental strategies before and after the implementation of the new environmental protection law have significant differences on the impact of green transformation of enterprises.Second,sewage charges have a significant inhibitory effect on enterprise green transformation;Environmental subsidies have a significant role in promoting green transformation of enterprises;The scale of the board of directors and the degree of marketization can alleviate the negative relationship between sewage charges and enterprise green transformation respectively.However,the two can not significantly strengthen the positive relationship between environmental subsidies and enterprise green transformation;For enterprises with high ownership concentration and low growth,the inhibition effect of sewage charge on green transformation is more significant,and the positive effect of environmental subsidy on green transformation is more obvious.Thirdly,in terms of the mediating role of enterprise environmental strategy between government environmental regulation and enterprise green transformation,sewage charges inhibit enterprise green transformation by inhibiting enterprise environmental strategy;Environmental subsidies strengthen the green transformation of enterprises by promoting their environmental strategies.The results of grouping test show that the mediating effect of environmental strategy on the relationship between pollutant discharge fee and green transformation only plays a role in enterprises with high ownership concentration and low growth;The mediating effect of environmental strategy on the relationship between environmental subsidy and enterprise green transformation is not affected by ownership concentration and enterprise growth.Secondly,in terms of the cost and benefit of enterprise green transformation,the research conclusions are as follows: first,from the baseline regression,enterprise green transformation can significantly promote environmental costs;After changing the measurement method of dependent variables,changing the econometric regression model,and eliminating interfering factors,the conclusion that green transformation significantly promotes environmental costs still holds.From the moderating effect,enterprise size strengthens the positive correlation between enterprise green transformation and environmental cost type;The degree of marketization weakens the positive correlation between green transformation and environmental cost.From the perspective of heterogeneity,the green transformation of state-owned enterprises in non-three economic zones can promote the increase of their environmental costs.Second,from the regression results,green transformation of enterprises promotes the improvement of return on assets and operating cash flow of enterprises,that is,green transformation of enterprises has a positive effect on enterprise performance;From the perspective of the effect path,managers’ incentive and capital intensity strengthen the positive relationship between green transformation and firm performance,especially managers’ incentive has a more obvious positive strengthening effect.Compared with green technology transformation,green management transformation can better improve enterprise performance.In addition,in the regions with developed economy and high level of environmental regulation,the green transformation has a more significant positive impact on the performance of the heavily polluting enterprises whose managers’ agency costs are lower.Thirdly,in terms of the mediating role of enterprise environmental cost between its green transformation and enterprise performance,enterprise green transformation has a partial mediating role on enterprise performance through enterprise environmental cost.There is a partial mediating effect of enterprise environmental cost between green transformation and enterprise performance,and the mediating effect of enterprise environmental cost between green transformation and enterprise performance only plays a role in non-three economic zones.Finally,the realization of enterprise green transformation is an important strategic measure to realize China’s green transformation and promote high-quality economic development.Based on the research on the influence mechanism and cost benefit of enterprise green transformation,this paper puts forward corresponding suggestions on improving the efficiency of enterprise green transformation from the three levels of government,enterprises and society,combining with the existing national policies.Specifically,at the government level,strengthen environmental law enforcement to ensure the effective implementation of policies;Optimize market environment,stimulate enterprise innovation vitality;We will face polluting enterprises rationally and take precise measures.At the enterprise level,attach importance to corporate environmental strategy and enhance social responsibility consciousness;Increase enterprise environmental cost and gain market competitive advantage;We will focus on green technology transformation and enhance overall innovation capacity.At the social level,we should attach importance to the assisting function of financial institutions.Strengthen communication and cooperation among stakeholders;Change the public’s green concept.There are 18 figures,52 tables and 293 references.