Research On The Financial Performance Of Energy Enterprises Under Environmental Regulation

For the first time,the Fifth Plenary Session of the 18 th Central Committee regarded “green development” as one of the five development concepts,and proposed “the most stringent environmental protection system”in the “13th Five-Year Plan”.The energy industry holds the core resources related to people's livelihood and social construction.It is the pillar of China's national economy,the foundation and guarantee for the stable and healthy development of the economy.With the development of the national economy,China's energy industry has also flourished,but while achieving rapid economic development,the mining and processing of energy have also brought about more and more serious environmental pollution problems.And with the continuous reform of China's economic system,the economic environment in which energy companies are located is also very different from the previous ones.How to improve financial performance in fierce market competition is a long-term concern of scholars.Then,in the background of environmental regulation,how to evaluate the financial performance of energy companies,how is its financial performance,this is what this article needs to solve.The financial performance of an enterprise is the result of a combination of factors,and its measurement is a multi-input and multi-output evaluation process.Therefore,this paper constructs a model from three dimensions of input,output and adjustment variables to measure the financial performance of energy companies.In this paper,the modified DEA model is adopted.At the same time,this paper also introduces the Malmquist index analysis,which compares the changes of financial performance in each year in the vertical direction to compensate for the defects that DEA can only analyze the cross-section data.This paper selects the data of 39 A-share listed companies in A-shares from 2014 to 2017 and analyzes their financial performance from both static and dynamic perspectives,and further analyzes them according to industry segments and distributed area.The results show that the coal mining and washing industry has the highest average performance,followed by the electric heating gas and water industry and the worst is the petroleum processing industry.The performance of the energy industry is in an unbalanced state in the region,with the strongest in the east,the second in the west,and the worst in the middle.At last,the article concludes with recommendations for companies and countries from the perspectives of innovation?active response to environmental regulations et al.