Empirical Study On Environmental Cost Influencing Factors Of Listed Coal Enterprises

Coal has always occupied a large proportion in China's energy consumption structure.At present,coal is still the dominant energy source.The continuous development of coal resources has also caused a series of environmental problems,such as surface collapse,deterioration of farmland,gangue accumulation,air pollution and so on.Therefore,the sustainable development of coal enterprises is more prominent than other industries.Rational exploitation of coal resources,strengthening of comprehensive environmental control and environmental cost control in mining areas,and protection of ecological environment in mining areas are important ways for coal enterprises to implement sustainable development strategy.Based on the current situation of the theoretical research and practice of environmental cost in China,this paper conducts an empirical study on the factors influencing the environmental cost of coal enterprises in China,which has very important theoretical and practical significance.Firstly,this paper briefly introduces the environmental cost of coal enterprises from the connotation and characteristics of the enterprise environmental cost,and summarizes the enterprise environmental cost as preventive environmental cost and loss environmental cost.Secondly,the factors influencing the environmental cost of coal enterprises are analyzed theoretically,and the regional economic development level,enterprise profitability,listing system restriction and government support are selected as the explanatory variables,and the explained variables are the environmental cost of coal enterprises.Then,the variables are quantified and the research hypothesis is elaborated.Thirdly,the model design and model selection,because the panel data of 35 listed companies in the coal industry from 2015 to 2018 are used in this paper,and there are three application models of panel data to choose from.The individual fixed effect model is finally established through the F test and Hausman test.Then descriptive statistics and multiple regression analysis were carried out on the sample data.The regression results showed that the level of regional economic development,enterprise profitability and government support were significantly positively correlated with the environmental cost of coal enterprises,and the listing system constraints did not pass the T test.Finally,it is a quantitative analysis of the influence degree of environmental cost significance factors in coal enterprises.The VAR model is used to quantify the impact of environmental cost factors on coal enterprises,so as to intuitively and clearly analyze the impact of these factors on environmental cost of coal enterprises.Through the stationarity test and Johansen co-integration test on the sample data,it can be known that the sample data is a first-order single integral sequence and there is a cointegration relationship between variables,so the VAR model can be directly established.Then,impulse response analysis and variance decomposition were used to determine the influence of regional economic development level,enterprise profitability and government support on environmental cost fluctuation of coal enterprises.The innovations of this paper are reflected in the following two aspects: First,the theoretical model of environmental cost influencing factors of coal enterprises is established.VAR model was built on the basis of multiple regression model analysis to further analyze the quantitative impact of various factors on the environmental cost of coal enterprises,so as to improve the theoretical model.Second,VAR model is used to quantify the impact of significant factors on the environmental cost of coal enterprises,so as to intuitively and clearly analyze the impact of these factors on the environmental cost of coal enterprises,and provide effective countermeasures and Suggestions for coal enterprises to protect the environment.