Study On The Media Supervision, Environmental Information Disclosure And Firm Value

With the rapid growth of economy, environmental protection faces increasingly grim situation. In order to promote enterprises to better fulfill their environmental responsibilities, China’s government departments have issued a series of environmental information disclosure laws and regulations. But studies have found that enterprises disclose environmental information disclosure not timely, spread only the good news and cover the bad and pay attention to quantity and despise quality, which are very common problems in our country How to promote enterprises to improve the quality of environmental information disclosure becomes a topic of common concern in academic circles and practice circles. In recent years, as one of the important mechanisms of corporate governance, media supervision receives increasingly attention. But currently, studies related to media supervision and corporate environmental information disclosure are mostly the empirical test of the correlation between the two, which lack in-depth analysis of the intrinsic mechanism, and restrict the guiding significance of the research conclusion given to enterprise practice.The thesis studies the relationship among media supervision, environmental information disclosure and firm value from two aspects of theories and empirical terms. First, there is a comprehensive review of researches on influence factors of corporate environmental information disclosure and its economic consequences. The thesis establishes "pressure- state- response(PSR) analysis system based on the relationship among media supervision, environmental information disclosure and firm value. Then, the thesis uses multiple regression model, adjusting variable model and mediation effect model etc. respectively to do empirical tests of the effect of media supervision on corporate environmental information disclosure and the effect of environmental information disclosure on firm value. In addition, the thesis analyzes the internal supervision mechanism‘s regulatory role in them. On the basis of this, the thesis discusses the mediating mechanism of "media supervision—environmental information disclosure—firm value". The study finds that the overall level of corporate environmental information disclosure in China is low and the difference between enterprises is relatively large; If the total amount of the media reports on enterprise environment activities is higher, the level of corporate environmental information disclosure is higher. And internal supervision mechanisms can regulate the relationship between media supervision and the level of disclosure of environmental information; only when the internal supervision mechanism is effective, can the function of media supervision play the role. The level of environmental information disclosure and firm value have a significantly positive correlation, supporting corporate environmental information disclosure’s signal transmission theory. The enhancement of environmental information disclosure to firm value is also restricted by the effectiveness of the internal supervision mechanism of enterprises. The transmission relationship of media reports about corporate environmental activities affecting firm value through the level of environmental information disclosure is established. Environmental information disclosure level plays a partial intermediary role between media supervision and firm value. According to the above research conclusions, in order to further improve the governance effect of media supervision and regulate the behavior of corporate environmental information disclosure, the thesis suggests as follows: Optimize the external environment and industry self-discipline to improve the effect of media supervision; Build a synergy mechanism between the media and other stakeholders; Improve corporate environmental information disclosure system’s policies and regulations; Perfect the enterprise managers’ select mechanism and incentive-restricted mechanism; Optimize environment financial policy and guide enterprises to disclose of environmental information in high quality.The thesis forms a "pressure- state- response(PSR) theoretical analysis system based on the relationship among media supervision, environmental information disclosure and firm value to provides a new way of thinking for the research of influence factors of corporate environmental information disclosure and its economic consequences. Through the empirical test of the internal supervision mechanism’s regulatory role towards the relationship between media supervision and environmental information disclose, the thesis clears the comprehensive influence of enterprise internal and external supervision mechanism on environmental information disclosure under the background of the transformation system in China, which is a useful complement to the traditional media management research.