The Study On Relationships Between Enterprises’Environmental Responsibility, Environmental Performance And Financial Performance

In the process of China’s economic construction, due to industrial enterprise lacking of awareness of environmental protection, blinding exploitation mine and over-using of environmental resources, the negative effects of environmental pollution on economy is highlighting, that as the main obstacles affects the sustainable development of industrial enterprises and even whole society. Over the years, scholars have already begun to concern about the relationships between environment and economic development, with a focus on the relationships between corporate social responsibility and financial performance, as well as the relationships between environmental performance and financial performance two-two relations research. However, their mutual relationships are still inconclusive. Corporate environmental responsibility inevitably has an impact on corporate environmental performance, thereby affect financial performance. Therefore, author connects corporate environmental responsibility with environmental performance and financial performance, further explores their mutual relationships in order to provide some theoretical and implementation reference for the better development of the enterprises.Based on the existing literature, this paper combines with corporate social responsibility theory, stakeholder theory, sustainable development theory and so on, on the basis of further study the industrial enterprise relationships between environmental performance and financial performance, researches the relationships between environmental responsibility and environmental performance, and inspects environmental performance mediating effects between environmental responsibility and the financial performance further. Through theoretical analysis and empirical research, this article takes30provinces, autonomous regions and municipalities of all state-owned and non-state-owned industrial enterprises as samples and selects their data from2000to2010analyzing the relationship between environmental responsibility, environmental performance and financial performance by using statistics date of China Statistical Yearbook, Environmental Yearbook and so on. By designing ISO14031Evaluation Indicator System of Industrial Environmental Performance to measure environmental performance; selecting unit of industrial output in the sewage fee income as a proxy to measure corporate environmental responsibility; calculating ROE to measure financial performance, using economic region, state-owned and state-holding industrial enterprises industrial output value accounted for the proportion of total industrial enterprises scale, asset-liability ratio, the net asset growth as the control variable. This paper puts forward to the related assumptions, establishes the multiple regression models, and combines statistical methods and mediator empirical test method for empirical testing. By empirical study, all assumptions are true:namely enterprises fulfill their environmental responsibility that will have a positive impact on corporate financial performance; enterprises fulfill their environmental responsibility that will have a positive impact on corporate environmental performance; corporate environmental performance plays an intermediary role in corporate environmental responsibility impacting on financial performance.Finally, based on the above empirical study on, the limitations are summarized and further prospected. The possible innovation in the article may be environmental performance, environmental responsibility and another variables measured, as well as further certifies that corporate environmental responsibility has a positive impact on financial performance, and this effect is achieved by the way of influence corporate environmental performance.