The Collaborative Research Of Corporate Environmental Performance And Financial Performance

Since our country adopted the policy of reform and opening-up 30 years ago, the economy has developed rapidly. However, with the growth of economy, the ecological environment has also encountered certain destruction. Facing the worsening situation of ecological environment, the Government, enterprises and the public have recognized the importance of environmental protection. It requires enterprises to protect environment in the process of pursuing economic growth. At present, the society has laid too much stress on the measure of financial performance index, while many companies still have not integrated the concepts of environmental management and environmental performance into business strategic planning and management practice. It leads to the situation that some enterprises have excellent financial performance but poor environmental performance while others have problem in the increase of financial performance because of the good obey to the environmental protection responsibility. From the existing research on the financial performance or environmental performance issue, we can find that most of them take environmental performance and financial performance separately, while the collaborative research of the two are few. Some scholars carried out quantitative research on environmental performance. However, the research could not make real progress due to the lack of index in the constructing model or other reasons. Therefore, how to further improve business performance evaluation mechanism in enterprises to achieve the coordinated development of environmental performance and financial performance has become an urgent problem to be solved.Based on the correlation theories, considering the actual situation of our manufacturing enterprises, this article collected the relevant data of the emissions of industrial waste water, waste gas, waste solid and the total profits, used the multi-dimensional linear regression method to analyze the relevance of the environment performance and financial performance in enterprises and constructed a statistical model. Then we designed a financial form involved the environmental factor and made an applied research with a real case. Finally, the article put forward several policy recommendations for how to achieve environmental and financial performance collaboration in the hope of guiding the sustainable development of Chinese enterprises and then realizing the environment performance and the financial performance win-win management goal.The main body of this article includes four parts. The first part through analyzing value based management, corporate social responsibility theory and stakeholder theory, provided a theoretical foundation of corporate environmental performance evaluation. In the second part, through using the SPSS 16.0 statistical software and multiple linear regression to analyze the relationship between the "three types of wastes" emissions and the total profits of China's 31 provinces, autonomous regions and municipalities directly from 2000 to 2008, empirical results shows that industrial waste water, waste gas emissions have positive relationship with the total profits and solid waste emissions has negative correlation with total profit. Then analyzed the principles and methods of the cooperation between environmental performance and financial performance detailedly in the third part, and through designing a financial form involved the environmental factor, analyzed the cooperative effect of environmental performance and financial performance. In the fourth part, combing with a real case to applied research findings, and put forward several policy recommendations, which expected to guide the stakeholders'to make decisions and strengthen the comprehensive performance evaluation of enterprises.