Research On The Impact Of Environmental Information Disclosure On Resource Allocation Efficiency

Since the reform and opening up,China’s economy has been growing rapidly.The extensive economic growth mode has caused serious resource mismatch problems,such as the unbalanced development among regions,the distortion of capital investment among industries and the deterioration of competition among enterprises.At the same time,economic growth has also brought serious pollution problems.How to achieve a win-win situation of economic growth and environmental protection is of great significance to the realization of high-quality economic development.In this context,a series of environmental regulation measures emerge as the times require.The current environmental management has already transited to the information stage.Environmental information disclosure,as an effective means to stimulate market participants to participate in environmental governance,has a positive impact on the enthusiasm of enterprises and the effect of government environmental law enforcement.Then,can environmental information disclosure alleviate resource mismatch,improve enterprise allocation efficiency,optimize industrial resource allocation and alleviate resource allocation distortion among regions? The focus of this paper is to analyze the impact of environmental information disclosure on resource allocation,and try to bring environmental information disclosure and resource allocation at different levels into the same research framework from micro-enterprises,meso-industries and macro-regional levels,so as to provide useful references for optimizing resource allocation and formulating environmental information disclosure policies in China.Based on this,under the theme of environmental information disclosure and resource allocation,this paper tries to expand it to enterprise-level,industry-level and regional-level,and carries out the following research.First,at the enterprise level,this paper focuses on measuring the resource allocation efficiency of listed companies,and calculates the environmental information disclosure index based on content analysis method,and analyzes the current situation of environmental information disclosure and resource allocation efficiency at the enterprise level.And try to explore the relation between environmental information disclosure and resource allocation in the enterprise internal network,and measure the consistency of environmental information disclosure of parent-subsidiary companies of group enterprises and different strategic combinations of environmental information disclosure of parent-subsidiary companies.Second,at the industry level,the paper analyzes the industry information disclosure efficiency and environment disclosure level.In addition,this paper focuses on the impact of intra-industry and inter-industry environmental information spillover on resource allocation,and compares the impact of industry environmental information disclosure on resource allocation efficiency from the perspective of diversified spillovers by measuring the density of environmental information disclosure among enterprises in the industry and the environmental information spillover index between industries.Third,at the regional level,based on the three-level meta frontier SBM-DEA,this paper calculates the resource allocation efficiency of prefecture-level cities,and measures the strategic interaction index of government environmental information disclosure(imitation strategy,competitive strategy and free riding strategy).On this basis,based on the quasi natural experiment,this paper first analyzes the impact of government environmental information disclosure on regional resource allocation,tests the impact path of government environmental information disclosure on resource allocation through industrial transfer and enterprise survival risk,measures the impact threshold of government environmental information disclosure on resource allocation,and uses spatial econometric model to test the intergovernmental environmental information disclosure policy.From the perspective of spatial dimension,time dimension and space-time dimension,this paper compares the impact of government environmental information disclosure on resource allocation under different strategic interactions.Empirical analysis is the main content of this paper and the main source of research conclusions.The relevant chapters empirically test the impact of environmental information disclosure on enterprise resource allocation,the impact of industrial environmental information disclosure on industry resource allocation,and the impact of government environmental information disclosure on regional resource allocation.(1)At the enterprise level,first,the benchmark results show that environmental information disclosure can effectively promote the efficiency of resource allocation of listed companies.Second,by analyzing the impact path,we find that environmental information disclosure optimizes resource allocation by strengthening financing capacity,green innovation incentives and government subsidies,and inhibits resource allocation by increasing environmental governance costs.The impact on resource allocation optimization reaches 38.14%,while the environmental governance cost weakens 23.47% of environmental information disclosure,resulting in resource optimization effect.Third,by further comparing the impact of hard environmental information and soft environmental information on resource allocation,soft environmental information disclosure has an inverted U-shaped impact on enterprise resource allocation,and the output of hard environmental information disclosure decreases first and then increases Fourth,the paper investigates the impact of environmental information disclosure strategies of parent subsidiary companies on group resource allocation in enterprise group samples,and finds that the consistency of environmental information disclosure of parent subsidiary companies can optimize the allocation of group resources,and when both parent and subsidiary companies disclose hard environmental information,it can produce the best resource allocation effect(2)At the industry level,first,the benchmark results show that industrial environmental information disclosure can optimize resource allocation.Second,it analyzes the impact of environmental information disclosure on the decomposition of industrial productivity change,and finds that environmental information disclosure optimizes resource allocation by promoting the productivity of incumbent high-efficiency enterprises,restraining low-efficiency enterprises from entering the market and promoting low-efficiency enterprises to withdraw from the market.Third,this paper analyzes the impact of intra-industrial environmental information spillover on resource allocation,and finds that the higher the density of environmental information disclosure,the more conducive it is to reduce the industry productivity dispersion.Fourth,the impact of inter-industrial environmental information spillover on resource allocation is analyzed,and four kinds of inter industry environmental information spillover modes(clean industry-clean industry spillover,pollution industry-pollution industry spillover,pollution industry-clean industry spillover,clean industry-pollution industry spillover)are compared.It is found that the pollution industry-pollution industry spillover has higher resource allocation optimization effect.(3)At the regional level,first,the PSM-DID estimation based on the 2008 pollution source disclosure event shows that the government environmental information disclosure can optimize the regional resource allocation.Second,the impact path test finds that government environmental information disclosure can optimize resource allocation by attracting clean enterprises to settle in and driving polluting enterprises to transfer out.By increasing the survival risk of clean enterprises,it does not optimize regional resource allocation,which reflects the low level of government environmental information disclosure and the possible impact on resource allocation.Third,this paper further measures the thresholds of government environmental information disclosure on resource allocation.When PITI is less than52.5,the impact of PITI on regional resource allocation efficiency is negative.When PITI is between 52.5 and 66.8,PITI can promote regional resource allocation efficiency.When PITI is greater than 66.8,the marginal impact of government environmental information disclosure on regional resource allocation efficiency is higher.Finally,this paper compares the impact of government environmental information disclosure on resource allocation from the spatial dimension,temporal dimension and space-time dimension.The results show that competition and free riding strategies exist simultaneously in spatial strategy interaction,and the strategic interaction between regions can optimize resource allocation.On the time dimension,the inertia behaviors of government environmental information disclosure can optimize resource allocation.At the same time,in the space-time dimension,the target city will reverse adjust the environmental information disclosure based on the current environmental information disclosure strategy of the opponent government,so as to optimize the resource allocation.