Empirical Research On The Relationship Between Environmental Responsibility And Financial Performance Of Enterprises In Heavy Pollution Industry

As a rapidly emerging economy and one of the world’s major manufacturing centers,China’s economy grows fast,while at the same time it brings the serious industrial pollution that is unprecedented.For the time being,heavy polluting industries still occupy an important position in terms of energy consumption and environmental pollution in China.And with our country’s laws and regulations related to environmental protection are becoming increasingly strict,it is inevitable for enterprises to fulfill their environmental protection responsibilities.Therefore,studying the relationship between environmental responsibility and financial performance of heavy polluting industries plays a decisive role in the development of national economy and the environmental and ecological management of China.This paper combines the domestic and foreign literature about the impact of environmental responsibility on corporate financial performance.Under the guidance of corporate social responsibility theory,stakeholder theory,sustainable development theory and signal transmission theory,selecting the 2010-2016 data of the A-share listed companies in China’s heavily polluting industries as a sample;taking the corporate environmental responsibility score as a measure of the company’s environmental responsibility;and calculating financial performance by selecting relevant variables from three aspects:profitability,operational capability and development capability,and choosing the solvency,firm size,nature of the enterprise and their area as control variables;furthermore,selecting the internal control effect of the enterprise as the adjustment variable,to build models via SPSS and EXCEL tools,conduct descriptive analysis,regression analysis and robustness test to verify the impact of corporate environmental responsibility on the financial performance of the current and later period.The results show that the current environmental responsibility of heavy polluting enterprises is negatively correlated with the profitability of current enterprises,while financial performance and environmental responsibility are positively correlated.It means that the better financial performance is more conducive to the implementation of environmental responsibility.Furthermore,the internal control effect of enterprises plays a significant positive adjustment role in the relationship between environmental responsibility and financial performance.