Research On The Impact Of Environmental Protection Investment Of Listed Manufacturing Companies On Enterprise Performance

In the past,the extensive development methods of Chinese enterprises have allowed China’s economy to grow rapidly while consuming a lot of resources and energy,causing more serious environmental problems.With the deepening of supply-side structural reform and the acceleration of the ecological civilization construction,Chinese enterprises have gradually realized the importance of saving energy,reducing emissions,protecting the environment to reduce the cost of government penalties,establish a good corporate image and achieve sustainable development.However,due to the profitable nature of enterprises and the characteristics of environmental protection investment(high social benefits and uncertain economic benefits).There is a large gap in environmental strategies and environmental protection investment between Chinese enterprises,whose environmental protection awareness is generally weak.Some enterprises’ production still causes high energy consumption and heavy pollution.Manufacturing industry is the pillar industry of our country.The Chinese government formulated the first ten-year action plan "Chinese manufacturing 2025" to advance the industry.Manufacturing enterprises are also major consumers of resources,energy and major manufacturers of environmental pollution.Currently,the manufacturing industry is undergoing transformation and upgrading.Raising the awareness of environmental protection,conducting environmental management,increasing environmental protection investment are the important ways to comply with environmental regulations,meet public environmental needs,achieve sustainable development.In order to study the impact of environmental protection investment on corporate performance in manufacturing enterprises,this paper uses the listed manufacturing companies,which can obtain environmental input data,to conduct empirical research.The full text can be divided into five parts.The first chapter is the introduction,which mainly describes the research background and significance,literature review,technical route and research methods,research content and structure arrangement,the innovation points.The second chapter is the theoretical basis and definition of key concepts.It briefly describesthe theory of stakeholders,social responsibility,sustainable development and defines two concepts(environmental protection investment and corporate performance).The third chapter includes research hypotheses and empirical design.It combines theoretical foundations with social phenomena to analyze,then puts forward hypotheses.It also introduces sample selection rules and data sources,completes variable definition and model construction.The fourth chapter is the empirical analysis,including descriptive statistical analysis,correlation test,multiple regression analysis and robustness test.The fifth chapter is the conclusions and recommendations of the research.It summarizes the research results,puts forward corresponding suggestions from three aspects,points out limitations of this paper and future research directions.This article takes listed manufacturing companies,which can obtain environmental protection input from 2014 to 2018,as an sample and empirically tests the impact of environmental protection input on company performance for the current and next four years,then verifies the moderating effect of the quality of internal control and the nature of property rights on the relationship between the two.In the further analysis,the sample data is grouped based on export business and transnational operations to examine the difference.The following conclusions are obtained through empirical test:(1)Environmental protection investment has improved the corporate performance for the current and next four years.(2)The environmental protection investment of enterprises with high internal control quality has a more significant effect on improving corporate performance.(3)The environmental protection investment of enterprises with a high proportion of non-state-owned shares has a more significant role in promoting corporate performance.(4)The export business has enhanced the positive impact of environmental protection investment on corporate performance.(5)Multinational companies’ environmental protection investment has a stronger effect on improving corporate performance.This article provides new empirical data for the study of the relationship between manufacturing environmental protection investment and corporate performance and proposes corresponding suggestions from three aspects of enterprise,government,society.It provides a reference for manufacturing enterprises to increase environmental protection investment and achieve green sustainable development.The innovations of this article are as follows:First,it expanded the research content of corporate environmental investment.This article takes manufacturing,a relatively polluting industry,as the research object and analyzes the correlation between corporate environmental protection investment and corporate performance for the current and next four years.It also explains the importance of environmental protection investment to the company and its long-term impact on future development.Second,this paper enriches the research perspective of the correlation between environmental protection investment and corporate performance.It examines the differences in the correlation between environmental protection investment and corporate performance from four perspectives:the quality of internal control,the nature of property rights,the classification of export business,and the classification of transnational operations.