Research On The Path Of Enterprise Performance Improvement Under The Support Of Green Financing

For a long time in the past,China’s economic development has been dominated by crude factor consumption,which has brought about a series of increasingly serious environmental problems including air pollution,water pollution,land desertification,etc.Environmental accidents in enterprises have become more and more frequent,and the economic development model of resource consumption and environmental sacrifice is no longer sustainable.How to achieve economic development and at the same time stabilize the ecological environment has become the core theme of the development of the times.In this context,green financial policies have been introduced one after another,and it has become a rational market choice to guide the future development of China by building a green financial system to guide the "greening" of the economy.The iron and steel industry was an important driving force for China’s industrialization process in the past.However,with the construction of the green financial system and the green concept gaining popularity,the production method of the traditional steel industry has failed to meet the needs of economic development in the new era,and the green transformation has become the top priority for the development of China’s steel industry.Standing in the wind of green finance policy support,steel enterprises try to open up new ideas of using green financing tools to promote their own green transformation and ultimately achieve the purpose of improving corporate performance.This paper selects a typical case,Shandong Iron and Steel Group,which makes full use of the green finance policy to transform itself into a green company,and analyzes the path that Shandong Iron and Steel Group takes to achieve green transformation and improve its performance with the support of green finance.Based on the case study of Shansteel Group,the following conclusions are drawn:First,in the process of green financing,enterprises will produce signaling and guiding effects due to the phenomena such as the improvement of information disclosure level brought by policy requirements and the visualization of invisible environmental costs,which will prompt the completion of green transformation of investment and operation activities.In this process,the greening transformation of enterprise investment activities can further drive the greening transformation of enterprise operation activities through digital empowerment and improvement of green process production lines.Second,the green transformation process of enterprises obviously forms the "three green" effect:green innovation,green reputation and green operation.At the same time,the green management and green innovation activities of enterprises will support the formation and consolidation of green reputation.Third,the impact of the "three greens" effect on corporate performance:green innovation can improve corporate sustainability,increase market share and green revenue;green reputation can enhance corporate market image,reduce resource acquisition costs,and improve investor and creditor confidence;green management can reduce corporate operating risks and improve operating efficiency.Green management can reduce business risks,improve operational efficiency and enhance corporate performance in a comprehensive manner.The significance of this paper is that:1.it adds to the literature on green finance,green financing,and the performance of highly polluting and energy-intensive firms in active transformation;2.it enriches the research on the mechanism of green financing to enhance firm performance.