Study On The Impact Of Environmental Regulations On The Performance Of Thermal Power Generation Enterprises

Following reform and opening-up,China’s economy has moved from high growth to medium growth and entered a new normal,with many of the ecological problems left over from past economic development needing to be addressed.The 19 th National People’s Congress report made the very important thesis that the modernisation currently taking place in China is a modernisation in which people and nature live together in harmony,satisfying both people’s material and spiritual needs and their aspirations for a good ecological environment.Therefore,the relevant government agencies have put environmental management on the agenda and introduced a series of environmental management policies every year to promote ecological civilization.In order to achieve a win-win situation for both the environment and the economy,it is necessary to put in place effective ways of regulating the environment,and since environmental regulation is a new and important external factor affecting business,governments and companies should explain how environmental regulation affects business.This article firstly presents in detail the national environmental laws and regulations,clarifies the objectives of relevant environmental regulatory policies at the national and Henan provincial levels,describes the types and instruments of environmental regulatory policies,examines the relationship between environmental regulatory mechanisms and financial indicators,environmental indicators and social indicators,and the three types of indicators;secondly,presents the constraints and impacts.Finally,we conclude that:(1)the impact of environmental regulatory policies on firms’ performance varies;(2)different environmental regulatory instruments have different effects on firms’ performance,and an organic combination of different environmental control instruments is an important guarantee that both the environment and the economy benefit.On the basis of the results of theoretical studies and case studies,appropriate proposals for countermeasures are put forward at both national and company level.The novelty of this work lies in the fact that,while previous literature has simply examined the impact of environmental regulation on a single type of performance,this work is based on three types of firm performance,which are richer and more comprehensive.