Research On The Relationship Among Environmental Protection Investment,Technological Innovation And Financial Performance Of Heavily Polluting Enterprises

Considering that ecological environment protection has always been an urgent and arduous task in the economic and social progress,the Chinese government,under the new normal of economy,has taken various measures to promote a high-quality development path which is oriented towards ecology and green development.Under this background,heavily polluting enterprises,as the main producer of environmental pollution and the focus of environmental protection,are also striving to realize green transformation and to promote energy conservation,emission reduction as well as pollution prevention by increasing investments.At the same time,with the proposal of “scientific pollution control”,the implementation of measures for driving green development based on technological innovation has accelerated industrial optimization and upgrading.However,the increased expenditure in environmental protection will generate impact on enterprise economic benefits to a certain extent,so the fulfillment of environmental responsibility has become an important factor in enterprise development.By means of studying the relationship among environmental protection investment,technological innovation and financial performance of heavily polluting enterprises,this article expects to clarify the relationship between environmental protection enterprises and economic development.First of all,by reviewing the relevant research literatures at home and abroad,a qualitative analysis is conducted on the relationship among corporate environmental investment,technological innovation and financial performance,and the related concepts as well as theories are defined.Secondly,105 A-share listed companies in heavily polluting industries during 2013-2018 are selected for empirical analysis.In addition,a multiple regression model is established by taking corporate financial performance as explained variable,environmental protection investment as explanatory variable and technological innovation as intermediary variable,so as to analyze the relationship between environmental protection investment and financial performance,and research whether technological innovation acts as an intermediary in such relationship.Finally,it is concluded as follows:(1)There is a positive relationship between environmental protection investment and financial performance in heavily polluting enterprises,but this relationship is lagging;(2)There is a positive correlation between environmental protection investment and technological innovation in heavily polluting enterprises;(3)Technological innovation plays a mediating role in the positive relationship between environmental protection investment and financial performance in lag phase.On the basis of empirical analysis,Baoshan Steel Co.,Ltd.is selected for case analysis in the aspects of its environmental protection,innovation and business performance.The description of relevant data helps more intuitively reflect the relationship environmental protection investment,technological innovation and financial performance.In this way,the conclusions are obtained by combining with the empirical results and the corresponding suggestions are proposed.