| Green transformation is closely related to the sustainable development performance of enterprises.How green transformation affects the sustainable development performance of enterprises is the primary issue facing green development.Green transformation is a major means to deal with environmental pollution,an important mechanism to balance economic interests and environmental interests,and an inevitable choice for green and sustainable development.With environmental issues becoming more and more important today,how to formulate scientific green transformation policies and how to adapt enterprises to the new development mode are practical problems we need to face.As the world’s largest carbon emitter,China faces great pressure and tight time to realize its "dual carbon" goal.The implementation of green transformation policy can help to realize the "dual carbon" goal quickly by improving the efficiency of energy conservation and emission reduction of enterprises.Based on the above analysis,it is found that it is of great significance to study the antecetical configuration and aftereffects of green transformation,how the government and enterprises coordinate economic benefits and environmental benefits,and the influence mechanism of green transformation policies on enterprises’ sustainable development performance.This thesis makes an empirical analysis of the impact of green transformation policies on the sustainable development performance of enterprises by using the method of differential analysis.The signing of 《The Paris Agreement》and the promulgation of 《Industrial Green Development Plan 2016-2020》have set off A wave of green transformation.Therefore,this thesis considers 2016 as the time point for the implementation of green transformation policy,selects the relevant data of A-share listed enterprises from 2012 to 2020,and finds 1390 enterprises with a total of 12272 observed values after screening.First of all,from the perspective of top-level government system design,this thesis discusses the direct impact of green transformation policies on the sustainable development performance of enterprises,and analyzes the moderating effects of corporate social responsibility level and financing constraint level.Secondly,from the perspective of legitimacy theory and stakeholders,the mediating mechanism effect of green innovation and media governance is discussed.Finally,the conclusions of this thesis are summarized,relevant countermeasures and suggestions are put forward and research limitations are pointed out.The main research conclusions of this thesis are as follows:(1)The implementation of green transformation policies can promote the economic performance and environmental performance of enterprises at the same time,thus promoting the sustainable development of enterprises;(2)Green innovation and media governance play a partial mediating role between green transformation policies and corporate sustainable development performance.The mediating effect of green innovation on environmental performance is more obvious,while the mediating effect of media governance is more prominent in economic performance.(3)The level of corporate social responsibility can positively regulate the promoting effect of green transformation policies on corporate sustainable development performance,while the level of financing constraints has a negative moderating effect. |
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