Research On The Impact Of Environmental Pollution Liability Insurance On The Profitability Of Listed Companies

The 20 th National Congress of the Communist Party of China reports stressed that high-quality development is the primary task of building a modern socialist country in an all-round way.Environmental pollution liability insurance,as an effective approach to environmental governance,can help the insured to disperse the risks they may face.At the same time,it is conducive to promoting the sustainable development of enterprises,which is an important measure to implement the concept of sustainable development.But at present,the enthusiasm of enterprises to buy this insurance is not high,so we need to strengthen the attention to it.As enterprises are the main insurance subjects of environmental liability insurance,exploring the positive effect of insurance on enterprises is conducive to enterprises’ correct understanding of environmental liability insurance and promote the vigorous development of environmental liability insurance.Enterprises in heavily polluting industries are more likely to face environmental risks.Therefore,this paper takes listed companies in heavily polluting industries as the research object,applies fixed effect model and intermediary effect model to the insurance list published by the Ministry of Environmental Protection in 2014-2015,and conducts an empirical study on the relevant financial data of listed companies in heavily polluting industries.Through empirical research,this paper makes it clear that environmental pollution liability insurance can indeed improve the profitability of enterprises,and financing constraint is indeed the intermediary variable of the above mechanism.At the same time,the influence mechanism is more significant in non-state-owned enterprises and regions with fast marketization process.Through the organic combination of theoretical analysis and empirical research,this paper clarifies the positive impact of the insurance on enterprises,which can help enterprises understand the role of the insurance in a more comprehensive way.At the same time,it also provides references for the government to improve and develop the application of the insurance,and enables the insurance industry to clarify the development trend of the insurance and promote and popularize the insurance jointly by multiple parties.