Research On The Impact Of Environmental Responsibility Of Listed Companies In China’s Automobile Manufacturing On Financial Performance

Under the traction of China’s "carbon peak" and "carbon neutral" strategic objectives,pollution emission enterprises must carry out green ecological transformation to achieve sustainable development.The automobile manufacturing industry is the backbone of China’s manufacturing industry economy.It is characterized by high emissions of pollutants and strong technological innovation.It is an integration of production,manufacturing,innovation and research,and has the advantages of green digital transformation.In achieving the goal of "double carbon",it has been entrusted with an important mission.When promoting the green ecological transformation,the primary goal of the development of automobile manufacturing enterprises is still to make profits.How to link environmental responsibility with financial performance,and how to use green technology innovation to help enterprises achieve social responsibility goals and financial goals are the key to the sustainable development of enterprises.Based on the above background and existing questions,this thesis firstly sorts out three more important theoretical benchmarks:first,stakeholder theory,second,green technology innovation theory,and third,sustainable development theory.Then,from the theoretical basis,we sort out and analyze the meaning of variables and the related literature on the relationship between variables.The results show that there are four kinds of relationship between "environmental responsibility and financial performance",namely,promotion relationship,inhibition relationship,non-correlation relationship and "U" type relationship.Among them,most scholars believe that there is promotion relationship.In the research on the relationship between green technology innovation and financial performance,there are many different views,among which more scholars believe that the relationship between them is a promotion.Finally,through analysis,this thesis puts forward the hypothesis that "corporate environmental responsibility has a significant negative correlation with financial performance" and "green technology innovation has a negative moderating effect on the impact of corporate environmental responsibility on financial performance".This thesis takes China’s listed automobile manufacturing industry in 2017-2021 as a sample.After collecting and sorting out the relevant data of the sample enterprises,470 observations of 94 automobile manufacturing industries have been formed.With green technology innovation as the adjusting variable,a regression model is constructed,and software SPSS25.0 is selected for empirical analysis.Among them,environmental responsibility is measured by EDI index,and financial performance is measured by return on equity(ROE).Through empirical analysis,the results show that:(1)the listed automobile manufacturing industry performs its environmental responsibility in a good trend year by year.(2)Corporate environmental responsibility has a significant negative correlation with financial performance.(3)As an adjusting variable,green technology innovation has a negative moderating effect on the impact of corporate environmental responsibility on financial performance.There are two contribution points in this thesis.(1)In terms of research objects,this thesis selects the automobile manufacturing industry.It belongs to the pollution discharge industry,which combines R&D and production,and belongs to the mass consumer goods.It involves many stakeholders and has great research value.Although there are many literatures on the impact of environmental responsibility and financial performance,most of the research objects focus on heavy pollution industries such as coal and chemical industry,and there are relatively few research literatures on automobile manufacturing.(2)In terms of research results,through data analysis,it is verified that green technology innovation in automobile manufacturing industry has a regulatory effect on environmental responsibility and financial performance;And through the discussion of the conclusion,some suggestions are put forward for each stakeholder.It can provide some management enlightenment for the automobile manufacturing industry to focus on the coordinated development of environmental responsibility and green technology in practical work.