Research On The Impact Of Corporate Environmental Responsibility On Corporate Sustainable Development

Green development is the main theme of China's current and future long-term development.With the ecological environment and the overload of natural resources,green development has become the only way for countries around the world to achieve economic transformation and upgrading.China has also begun to focus on environmental issues.The Third Plenary Session of the Eighteenth Central Committee of the Party regards green development as one of the five development concepts.The19 th National Congress of the Party pointed out that China's social contradictions have turned into contradictions between the people's increasing need for a better life and uneven and inadequate development.And green development is representing the people's expectations for a better life.In the context of the country's promotion of green development and the people's demand for green development,economic development should be based on environmental protection.Enterprise development should follow the concept of sustainable development and bear the responsibility of achieving green development.If companies do not pay attention to the ecological environment,the future will inevitably Will be eliminated.Stakeholder theory can explain to a certain extent why enterprises need to participate in environmental protection,because corporate environmental responsibility can have a positive impact on stakeholders and contribute to the sustainable development of enterprises.However,most of the current research is based on theoretical analysis,and the relevant empirical research is relatively lacking.Studying the impact of corporate environmental responsibility on corporate sustainable development helps to reveal the specific path through which corporate social responsibility affects corporate sustainable development through corporate value and stock price fluctuations,thereby promoting the development of corporate environmental responsibility and providing corporate sustainable development help.Based on this,comprehensive and objective measurement of corporate environmental responsibility is of great significance,and by studying its impact on corporate value,stock price return fluctuations and investor responses,it can strengthen stakeholders' understanding of corporate environmental responsibility and promote sustainable development of the company.The specific research contents of this article are as follows:First,basic theoretical research on corporate environmental responsibility and corporate sustainable development.The first part of this part is to define the two key concepts of corporate environmental responsibility on the impact of corporate sustainable development: corporate environmental responsibility and corporate sustainable development.Secondly,it describes the constituent elements of corporate environmental responsibility from a strategic perspective,an ethical perspective and a legal perspective,and explains the inner core of corporate environmental responsibility.Thirdly,it analyzes the mechanism of corporate environmental responsibility's impact on corporate sustainable development,and concludes that corporate environmental responsibility affects corporate sustainable development through three channels: corporate value,stock price return fluctuation and investor response.It lays a theoretical foundation for the analysis of the impact of corporate environmental responsibility on corporate sustainable development.Second,the statistical measurement of corporate environmental responsibility.In order to comprehensively evaluate corporate environmental responsibility,this part further divides the legal,moral,and strategic levels of corporate environmental responsibility into five dimensions: legal consciousness,social evaluation,process environmental protection,low-carbon technology,and green management.,And conduct a more in-depth quantitative analysis of the overall situation and heterogeneity of China's corporate environmental responsibility.The results show that the level of corporate environmental responsibility of Chinese listed companies is in a rising trend;the heterogeneity of corporate environmental responsibility among enterprises in different industries,different regions and different types is steadily decreasing.Third,research on the impact of corporate environmental responsibility on corporate value.Enterprise value is an important indicator reflecting the growth ability of an enterprise and an important manifestation of an enterprise's sustainable development ability.Therefore,this part explores the relationship between corporate environmental responsibility and corporate value and studies the mediating role of corporate innovation on this relationship.The results show that an enterprise with environmental responsibility is conducive to improving its corporate innovation and corporate value,and corporate innovation plays an intermediary role in the relationship between corporate environmental responsibility and corporate value.When companies begin to engage in corporate environmental responsibility,corporate environmental responsibility is not conducive to the improvement of corporate value,but at a certain level,corporate environmental responsibility can still have a positive impact on corporate value.Compared with companies without corporate environmental responsibility,corporate innovation has a greater role in promoting the corporate value of companies with corporate environmental responsibility.Therefore,an enterprise's increased corporate environmental responsibility can enhance its competitive advantage,enhance its corporate image and innovation capabilities,and thus enhance its value and promote its sustainable development.Fourth,research on the impact of corporate environmental responsibility on stock price fluctuations.The sustainable development capability of an enterprise can be reflected in its ability to respond to risks.Therefore,this part discusses the impact of corporate environmental responsibility on market-driven common return fluctuations and the company-driven characteristic stock price returns from both macro and micro aspects.By using the generalized dynamic factor model to decompose the stock price fluctuations into the common part of the stock price fluctuations and the characteristic stock price fluctuations,we study the impact of corporate environmental responsibility on stock price fluctuations when faced with the impact of economic policy uncertainty.The results show that the increase in economic policy uncertainty has significantly reduced the market-driven common earnings volatility,but increased the volatility of the characteristic stock price earnings driven by the firm itself.In addition,compared with low-environmental environmental responsibility companies,economic policy uncertainty has less negative impact on the common stock returns of companies with higher environmental responsibility.Compared with companies with lower corporate environmental responsibility,economic policy uncertainty has a stronger positive impact on the characteristic stock price fluctuations of companies with higher corporate environmental responsibility.Therefore,corporate environmental responsibility can not only help companies resist the impact of macro risks,but also increase their return on stock prices,so that companies can still face risks.Fifth,research on the impact of CER on corporate market performance.This part of the paper aims to study the impact of CER on the performance of companies in the stock market,and to explore the heterogeneity of this effect between different types of companies and the market performance of different companies.The results show that CER engagement has a significant positive impact on investors' investment decisions.Further,it shows that investors are more sensitive to environmental responsibilities of high energy-consumption companies comparing with non-high energy-consumption companies and no matter the company is a state-owned company or a non-state-owned company,environmental responsibility engagement will have a significant positive impact on investors' investment decisions and the impact is higher for state-owned companies.Further,CER has a significant positive impact on investors' reactions in all quantiles except one and the promoting effect of CER engagement on investors' reactions will increase first and then decrease with the growth of corporate market value from lower to higher quantiles.