Research On The Relationship Between Environmental Responsibility And Financial Performance Of Pharmaceutical Enterprises

In recent years,our country’s economy and technology have developed rapidly,and the rapid development of society has brought serious ecological and environmental problems.In the context of the global green economy,China has also placed more emphasis on the importance of environmental protection.Listed companies,as microscopic entities that cause environmental problems,shoulder more important environmental protection responsibilities.Some companies refuse to fulfill their environmental responsibilities because they are worried that environmental protection uses management resources,deviates from the company’s core areas,reduces corporate profitability,and is not conducive to financial performance.However,some scholars pointed out that as the public’s awareness of environmental protection increases,the public has a certain tendency towards green products when consuming.Enterprises can gain consumers’ trust and maintain reputation through the performance of environmental responsibilities,thereby promoting financial performance.What is the relationship between corporate environmental responsibility performance and financial performance has become an important issue worth exploring.Therefore,this article selects listed pharmaceutical manufacturing companies as the research object to analyze the impact of corporate environmental responsibility performance on financial performance.This paper constructs an analysis framework of environmental responsibility and financial performance in the pharmaceutical industry based on stakeholder theory,corporate social responsibility theory,corporate social responsibility hierarchy theory and sustainable development theory.The 2015-2018 Shanghai and Shenzhen A-share Chinese medicine manufacturing listed companies are selected for empirical research,and Kelun Pharmaceutical(002422)is a typical case for in-depth analysis.This article measures the performance of corporate financial performance from two aspects of market indicators and accounting indicators,uses content analysis to obtain environmental-related information from the annual reports of listed pharmaceutical manufacturing companies,and conducts one by one on 12 scoring items such as environmental protection honor,energy saving and emission reduction.The study found that:(1)the environmental responsibility of pharmaceutical companies has a positive impact on financial performance;(2)the implementation of environmental responsibility lacks complete rules and regulations,and the corporate environmental responsibility information disclosure lacks a unified evaluation standard.(3)The performance of environmental responsibilities in the pharmaceutical industry is improving year by year,and companies currently have a general awareness of environmental responsibilities.Based on the above conclusions,this article puts forward suggestions and measures to strengthen the fulfillment of environmental responsibilities from multiple levels such as enterprises,governments,and media.(1)Pharmaceutical companies should establish a sound internal environmental control mechanism to actively fulfill their environmental responsibilities;(2)The government needs to continuously regulate the relevant laws and regulations of pharmaceutical companies to perform environmental responsibilities,and strengthen the supervision of the pharmaceutical industry;(3)Media requirements Continue to pay attention to the performance of corporate environmental responsibilities,and play its role in monitoring environmental information disclosure;(4)Industry associations need to actively formulate industry standards to guide companies in fulfilling environmental responsibilities.(5)NGOs should widely publicize the importance of environmental protection and encourage enterprises to voluntarily fulfill their environmental responsibilities.