Study On The Impact Of Green Financial Development On The Performance Of Environmental Enterprises

With the rapid growth of China’s economy,environmental problems have become more and more serious,and people are generally aware that economic development at the cost of the environment is short-lived and must pay attention to the protection of the environment.Since the new era,the Party and the State have vigorously promoted sustainable economic development,formulated a series of environmental protection policies,advocated the development of an "Environment-Friendly" economy,and put forward the slogan of "developing Green Finance" to achieve more efficient resources for green industries through the basic role of green financial capital accumulation and capital flow.The basic role of green financial capital accumulation and capital flow is to achieve more efficient resource allocation for green industries.As a financial model and tool with both economic value and social benefits,green finance prefers green environmental industries,directs the flow of market capital,provides financial support for the green transformation and upgrading of enterprises,and promotes the long-term development of green economy.As one of the business objectives of environmental protection enterprises to promote green economic growth is to pursue value maximization,it is worthwhile to investigate how the development of green finance will affect the comprehensive performance of environmental protection enterprises in their daily production and operation,and how the impact is generated.Therefore,the research in this paper focuses on the relationship between green finance and the comprehensive performance of environmental protection enterprises.This paper finds the entry point of the study by combing and summarizing the domestic and international literature on the impact of green finance on corporate performance,and analyzes the mechanism of green finance affecting the comprehensive performance of environmental protection enterprises with relevant theoretical foundations and proposes research hypotheses.Then,the data related to 77 listed environmental protection enterprises in China from 2014-2021 were selected for empirical analysis to study the impact of the financial operation of environmental protection enterprises on their comprehensive performance with the support of green finance from a microscopic perspective,while the mediating role of financing constraints and technological innovation was explored,and the possible existence of geographical The study also explores the mediating role of financing constraints and technological innovation,and further analyzes the possible geographical,property rights nature and size heterogeneity effects of green finance on the performance of environmental firms.Through theoretical analysis and empirical tests,it is found that(1)Green finance development has a significant contribution to the overall performance of environmental companies;(2)Green finance affects the overall performance of environmental firms by improving their level of financing constraints;(3)Green finance affects the overall performance of environmental firms by improving their level of technological innovation;(4)The impact of green finance on the overall performance of environmental firms varies depending on the region,the nature of the firm’s property rights,and the size of the firm.