The Impact Of Corporate Environmental Responsibility On Financial Performance Under Media Supervision

In order to achieve high profit growth in the development process of Chinese enterprises,they may pay one-sided attention to financial performance instead of environmental protection.Although this has promoted the rapid economic development to some extent,on the other hand,it has also brought about serious environmental problems.In order to solve these environmental problems,the government has issued a series of laws and regulations.However,environmental protection should not only rely on the power of the government,but also promote non-government forces to actively participate in the cause of environmental protection.The two most notable forces are enterprises themselves and media supervision.In previous studies,scholars differed on how to measure the fulfillment of corporate environmental responsibility.Regarding media supervision,enterprises pay less attention to the role of media supervision and do not distinguish the nature of media supervision.In view of this,this article will be to set up the enterprise environment responsibility to perform the evaluation index,and to distinguish the nature of the media supervision on the basis of exploring the media supervision,corporate environmental responsibility to the relations between performance and financial performance,intended to stimulate enterprises focus on the role of the media,to environmental responsibility actively,so as to promote the healthy development of the enterprise inner motivation.Firstly,the research literature on the relationship among media supervision,corporate environmental responsibility and financial performance at home and abroad was comprehensively reviewed and sorted out,and then on that basis,the research idea of this paper is formed.Secondly,the basic concepts of this paper are defined: media supervision,corporate environmental responsibility and financial performance,and media supervision is divided into three types: neutral,positive and negative.At the same time,it detailedly analyzes and discusses the basic theories closely related to the research,including stakeholder theory,information asymmetry theory and reputation theory.Third,the empirical research is designed,according to the theoretical basis of the research analysis,the paper puts forward the research hypothesis;design variables,build environmental information disclosure indicator system to measure the performance of corporate environmental responsibility,and use both accounting indicators and market indicators to measure corporate financial performance,and calculate media supervision to measure the neutral,positive and negative nature of the media by the number of neutral,positive and negative media reports.According to the research hypothesis and designed variables proposed above,the model is built and samples and data are screened.Then,statistical software such as spss23.0 and Excel are used to process data for empirical test.Describe variables,analyze the correlation between variables,and carry out multiple regression analysis according to the established model to test the hypothesis put forward above.Finally,on the basis of detailed analysis of empirical test results,the research conclusions of this paper are drawn,and based on the research conclusions,targeted suggestions are put forward from both the enterprise and the government.Through the research,it is found that there is a significant positive correlation between the performance of corporate environmental responsibility and financial performance,which means that if the performance of corporate environmental responsibility is better,the financial performance of the enterprise is likely to be higher,and vice versa.There is no significant correlation between the media supervision of neutral,positive and negative nature and the fulfillment of corporate environmental responsibility.Media supervision of neutral,positive and negative nature has a significant positive correlation with corporate financial performance,among which media supervision of positive nature has the greatest positive effect on corporate financial performance.Moderating variables--media supervision of neutral,positive and negative nature,negatively regulating the correlation between the fulfillment of corporate environmental responsibility and corporate financial performance.