Research On Environmental Performance And Its Influencing Factors Of Listed Heavy Polluting Enterprises In Chengdu-Chongqing Economic Circle

The contents of "continuous improvement of environmental quality" and "accelerating the green transformation of development mode" in the 14 th Five-Year Plan set higher requirements for all regions and enterprises.Due to their huge output value contribution and pollution emission,heavy polluting enterprises have become the focus of national environmental protection departments to monitor and control the object.As an important growth pole for the high-quality development of western China,Chengdu-Chongqing economic circle plays a vital role in the high-quality development of western China and even the whole China.It is necessary to analyze and study the environmental performance of listed heavy polluting enterprises in Chengdu-Chongqing Economic Circle and even the high quality development of the whole country.Based on sustainable development theory and stakeholder theory,this paper conducts an indepth study on the environmental performance of listed heavily polluting enterprises in the Chengdu-Chongqing economic circle.Firstly,on the basis of the existing research results,the evaluation index system of environmental performance of listed heavily polluting enterprises is constructed.In this paper,the static environmental performance and dynamic environmental performance analysis are carried out on the data of 27 representative listed companies with heavy pollution in the Chengdu-Chongqing economic circle from 2017 to 2021.The realization of this process relies on the data envelopment analysis method.The models used are the super-efficiency SBM model considering undesired output and the Malmquist-Luenberger index model.Static environmental performance is mainly analyzed from three aspects: comprehensive efficiency value,pure technical efficiency value,and scale efficiency value.For analysis,the dynamic environmental performance analysis is mainly carried out from the analysis of changes in total factor productivity,technological progress,comprehensive efficiency,pure technical efficiency and scale efficiency.And the panel Tobit regression model was used to analyze these influencing factors of environmental performance of listed heavy polluting enterprises in the region.The research results show that: First,the static environmental performance level of the listed heavily polluting enterprises in the Chengdu-Chongqing economic circle is low,and the low comprehensive efficiency value and scale efficiency value are the main reasons.Second,the dynamic environmental performance of listed heavily polluting enterprises in the ChengduChongqing economic circle shows a fluctuating upward trend.The increase of scale efficiency is the main reason for the change of comprehensive efficiency,but according to the static analysis,there is still a lot of room for improvement of scale efficiency;at the same time,the change of pure technical efficiency is not enough to promote the comprehensive efficiency;the slow growth of technology level limits the further improvement of total factor productivity.Third,enterprise scale and return on equity have a significant positive impact on the environmental performance of listed heavily polluting enterprises,while R&D investment and asset-liability ratio inhibit the improvement of the environmental performance of listed heavily polluting enterprises.Finally,based on the research conclusions,this paper gives six suggestions: improve the level of green management and actively undertake social responsibilities;learn from excellent example enterprises and make up for their shortcomings;appropriately expand the scale of the enterprise and allocate enterprise resources reasonably;enhance the innovation vitality of the enterprise,improve the R&D investment efficiency;optimize corporate capital structure,appropriately reduce debt risk;improve corporate profitability and enhance corporate operating efficiency.