Research On The Mechanism Of Green Finance Affecting Corporate Environmental Performance

With the development of the new normal economy,environmental issues have become major problems that hinder economic development and social progress.Traditional economic development models that pursue economic development at the expense of the social environment and the plunder of natural resources have caused the destruction of ecosystems and the depletion of resources.In order to change the traditional economic development model,countries have begun to carry out "green revolutions." The emergence of the "Equator Principles"further promoted the advancement of the revolution.Since then,the green financial system with the "Equator Principles" as the standard has begun to be gradually promoted.Nowadays,green finance has become the focus of international organizations,governments,and companies.Financial development is an important engine for China ' s economic growth,while green finance is an engine for improving environmental performance.As a member of the economic entity,the enterprise is a major producer of environmental pollution.It is imperative to increase the production efficiency and energy efficiency,reduce energy consumption,control pollution emissions,and improve corporate environmental performance.Green finance,as the core of the "green revolution ",is how it plays a role in the improvement of corporate environmental performance and is worthy of studying.This article defines the concept of green finance and corporate environmental performance,and introduces innovation investment as an intermediary variable to explain the mechanism of financial development on corporate environmental performance.First of all,this paper analyzes the factors that influence the improvement of corporate environmental performance from three perspectives,and finds out the technological progress of the company,corporate resources(including human resources,funds,knowledge,etc.),corporate stakeholders,such as government,financial institutions,consumers,etc.,It has a certain degree of promoting effect on corporate environmental performance.Secondly,theoretical analysis was used to interpret and explain the entire transmission mechanism of green finance for corporate environmental performance improvement.The conclusion shows that green finance provides funds for enterprises to solve corporate capital constraints on the one hand and external supervision on the other,including government supervision and media supervision.Corporate environmental pollution behaviors urge enterprises to carry out environmental innovation and improvement and improve corporate environmental performance.At the same time,it discusses two direct ways of improving corporate environmental performance:end-to-end governance and corporate cleaner production,and specifically divides corporate clean production into the introduction of new technologies and independent R&D innovation.Finally,introducing innovation input as an intermediary variable,building panel random effects model and mediating effect model,using Eviews8.0 software to conduct an empirical test on China's listed heavy polluting corporate data,the results show that there is significant between green finance and corporate environmental performance.There is a positive correlation,and the results also show that innovation investment plays an intermediary role in the role of the process,and the mediating role is obvious,indicating that green finance can improve corporate environmental performance through corporate innovation investment.