An Empirical Study On The Relationship Between Environmental Responsibility And Financial Performance Of Petroleum And Petrochemical Enterprises

With the strong recovery of the world economy and the deepening of China’s supply-side structural reforms,domestic market demand has generally stabilized.The efficiency of the petroleum and petrochemical industry,which is an important position in the development of the national economy,is improving and the value of the enterprise is also rising.However,petroleum and petrochemicals are typical high-pollution industries.The entire process from the exploration and development of oil and gas resources to the production,sales and use of petrochemical products will cause light or heavy pollution to the environment.In recent years,there have been frequent major environmental emergencies,all of which have accused the huge damage to the ecological environment caused by the discharge of oil and petrochemical enterprises,and have also attracted widespread public attention.Facing the increasingly severe environmental protection situation,in order to establish a good corporate image and seek long-term and sustainable development,petroleum and petrochemical enterprises should raise the banner of environmental responsibility and actively fulfill their environmental responsibilities while improving their financial performance to seek a symbiotic win-win situation between corporate environmental responsibility and financial performance.Therefore,it is of great significance to study the correlation between the environmental responsibility and financial performance of China’s petroleum and petrochemical enterprises.This paper will take the 221 A-share listed companies of China’s petroleum and petrochemical enterprises from 2012 to 2018 as research samples,use literature research methods to sort out domestic and foreign research trends and related theoretical foundations,use the comparative analysis method to describe the current status of environmental responsibility performance and financial performance,construct a linear regression model to conduct an empirical analysis of the relationship between environmental responsibility and financial performance.and then propose specific countermeasures.Firstly,the research background,purpose and significance of the paper are explained,the research trends at home and abroad are analyzed,and the relevant concepts and theoretical basis are introduced.Secondly,a total of 22 specific scoring indicators in the four dimensions of information disclosure,environmental management,environmental performance and environmental supervision are used for building an environmental responsibility evaluation indicator system,which is scored according to the environmental responsibility information disclosed in the company’s annual report and independent report,to analyze the current status of environmental responsibility performance.Then the comprehensive financial performance score is calculated by factor analysis to analyze the financial performance status of petroleum and petrochemical enterprises.Thirdly,taking the environmental responsibility score of petroleum and petrochemical enterprises as the explanatory variable and the comprehensive financial performance score as the explained variable,a regression model is constructed to empirically test the relationship between environmental responsibility and financial performance by using SPSS22.0 data analysis software.Finally,relevant suggestions for improving the implementation of environmental responsibility are proposed to provide theoretical reference and practical basis for enterprises to better fulfill their environmental responsibilities.