Research On The Coupling And Coordination Effects Of Corporate Environmental Responsibility,green Innovation And Financial Performance And Their Obstacles

With the increasing contradiction between economic growth and resources and environment,green development has become an inevitable choice for enterprises.However,in the process of carrying out green innovation and undertaking environmental responsibility,enterprises may have adverse effects on their financial performance,making them less motivated to carry out green development.How to make environmental responsibility,green innovation and financial performance synergistic,achieve1+1+1> 3.The effect is crucial for enterprises to achieve green and sustainable development.Therefore,this paper regards the relationship between corporate environmental responsibility,green innovation and financial performance as a complex green sustainable development system,constructs an evaluation index system for the development of each subsystem,and uses the coupling coordination degree model to measure the coupling and coordinated development level of the green sustainable development system of heavy polluting manufacturing enterprises from 2011 to 2020.And explore the system factors and index factors that hinder the coordinated development of the system.The heterogeneity of enterprises is further considered to explore the differences of coordinated development level and obstacle factors of the system,so as to provide support and suggestions for the realization of green and sustainable development.The results show that:(1)The level of green innovation of heavily polluting Chinese manufacturing enterprises shows a good trend of rapid rise,and the comprehensive development level of corporate environmental responsibility and financial performance shows a fluctuating growth trend;The coupling coordination effect of the three systems of environmental responsibility,green innovation and financial performance of heavy polluting manufacturing enterprises showed a steady rise,and reached a good level of coordinated development in 2020,but there is still room for further improvement.(2)According to the analysis of the system influencing factors,the coupling effect of CSR and green innovation systems gradually declines in recent years,which is significantly lower than the coupling coordination level of the other two systems,and the slope of the time series fitting curve decreases year by year.It can be seen that CSR and green innovation systems are the main system factors hinding the improvement of the coupling coordination level of the green sustainable development system in recent years.From the level of indicators,the main barriers to the coordinated development of the environmental responsibility,green innovation and financial performance system are green innovation input,green patent number,green management system construction,environmental protection input,environmental accidents,and the number of illegal behaviors.(3)The heterogeneity of state-owned enterprises and non-state-owned enterprises,high and low financing constraints of corporate environmental responsion-green innovation-financial performance system coupling coordination development level and its obstacle factors are different.Before2016,the coupling and coordination level of green sustainable development system of state-owned enterprises was significantly higher than that of non-state-owned enterprises,and the gap between state-owned enterprises and non-state-owned enterprises has gradually narrowed in recent years.The coupling coordination degree of environmental responsibility-green innovation-financial performance system of enterprises with low financing constraints is higher than that of enterprises with high financing constraints.