Research On Environmental Information Disclosure And High Quality Development Of Enterprises

With the continuous occurrence of major environmental pollution accidents in enterprises and the growing demand for a better natural environment,the environmental information disclosed by enterprises to the public has gradually become the focus of public attention.Since1997,when the Securities and Futures Commission promulgated the “Content and Format of Prospectus(for Trial Implementation)”,which explicitly requires listed companies to disclose environment-related information in prospectuses,the environmental information disclosure policy has been implemented in China for more than 20 years,but the current situation of environmental information disclosure is still not optimistic,and one important reason is that many enterprises regard environmental information disclosure as an “extra burden” and have insufficient incentives to disclose environmental information.High-quality economic development is a major development strategy for China in the future,but the macro-level highquality economic development must be implemented at the micro-enterprise level in order to truly achieve high-quality development.High-quality development of enterprises requires enterprises to pursue economic value while also taking into account social and environmental values.The high-quality development of enterprises is the process of scientific,rational and efficient allocation of limited resources to achieve high economic value,high social value and high environmental value.Given that environmental information disclosure and the environmental management practice of enterprises also involves the allocation of limited resources of enterprises,is there any conflicts between environmental information disclosure and corporate high-quality development? In other words,what is the impact of environmental information disclosure on the high-quality development of enterprises? Is this impact positive or negative? What are the mechanisms of its impact? What are the factors that affect their relationship? The existing studies are often limited to emphasize only the environmental consequences or economic consequences of corporate environmental information disclosure,there is a lack of research on the relationship between environmental information disclosure and high-quality corporate development.In view of this,based on classical theories such as signalling theory and stakeholder theory,we conduct an in-depth study on the relationship between environmental information disclosure and high-quality corporate development,with a view to exploring the comprehensive impact of environmental information disclosure on corporate development,providing motivational support for enterprises to actively improve their environmental information disclosure level,and at the same time contributing to the realization of high-quality corporate development.The main contents include:(1)Theoretical research on the impact of environmental information disclosure on the highquality development of enterprises.Firstly,we clarify the concept and connotation of highquality development and environmental information disclosure in the new era;secondly,based on classical theories such as signalling theory,stakeholder theory,principal-agent theory,social exchange theory and Porter’s hypothesis,we focus on three important factors of production,namely,capital,labor and technology,and analyze the impact of environmental information disclosure on high-quality development of enterprises in three paths,including financing constraints,intellectual capital and green innovation.Finally,we construct an evaluation index system for high-quality enterprise development from the input-output perspective,and use the Malmquist-Luenberger method to scientifically,comprehensively and effectively measure high-quality enterprise development.Finally,we establish an index system for evaluating enterprises’ high-quality development from the input-output viewpoint,and use the MalmquistLuenberger method to make a scientific,comprehensive and effective measurement of enterprises’ high-quality development.(2)Based on the perspective of information transmission and game theory,we construct a mathematical model to explore the relationship between environmental information disclosure and high-quality development of enterprises.Moreover,we carry out mechanism analysis,put forward research hypotheses,collect relevant data,design empirical model,and testify it through empirical analysis.The results of the empirical test show that environmental information disclosure can promote the high-quality development of enterprises.(3)Analyze the impact of environmental information disclosure on the high-quality development of enterprises from the perspectives of financing constraints,intellectual capital and green innovation.We construct a relevant mathematical model,conduct a channel analysis and empirically test the impact of environmental information disclosure on the high-quality development of enterprises from the perspectives of financing constraints,intellectual capital and green innovation,respectively.It is found that the quality of environmental information disclosure is positively related to the high-quality development of enterprises;further analysis of the influence mechanism shows that the environmental information disclosure of enterprises affects their financing constraints,intellectual capital and green innovation,and finally affects their high-quality development.(4)Analysis of the moderating effect of environmental information disclosure on the highquality development of enterprises based on the moderating variables.Mathematical model and empirical model are constructed separately to test the moderating effects of management power and industry competition on the impact of environmental information disclosure on the quality development of enterprises.The results of the empirical tests reveal that the management power and industry competition play a moderating role in the relationship between environmental information disclosure and the high-quality development of enterprises.In summary,we firstly analyze the direct influence mechanism of environmental information disclosure on enterprise high-quality development and the indirect influence mechanism of environmental information disclosure on enterprise high-quality development under different paths(financing constraints,intellectual capital and green innovation)and different moderating factors(management power and industry competition degree)based on classical theories such as signalling theory;secondly,a scientific,comprehensive and effective measurement of high-quality development is conducted,an environmental information disclosure index is constructed to measure the level of environmental information disclosure of enterprises,and relevant data are collected to empirically test the direct and indirect effects of environmental information disclosure on the high-quality development of enterprises,as well as the changes of those effects under different internal and external factors of the enterprise;finally,relevant policy recommendations are proposed based on the findings of our study.The possible innovations of this paper are: 1.The Malmquist-Luenberger productivity index method is used to comprehensively measure the high-quality development of enterprises including economic,environmental and social dimensions,which makes the measurement of high-quality development of enterprises more scientific,comprehensive and effective;2.We conduct comprehensive research on environmental information disclosure,including economic consequences,environmental consequences and social consequences,which provides reliable power support for enterprises to disclose environmental information;3.We combine organizational behavior and financial management to study,and select the unique perspective of organizational behavior intellectual capital to study the comprehensive consequences of environmental information disclosure.Theoretically,we enrich the measurement method of enterprise high-quality development and expands the theoretical research on the consequences of environmental information disclosure and the influencing factors of corporate high-quality development,which helps to enrich the literature on environmental information disclosure and high-quality development.From the practical point of view,we provide motivational support for enterprises to improve their environmental information disclosure level;facilitate to clarify the influencing factors of high-quality development of enterprises;help investors to make more scientific and reasonable investments based on the environmental information disclosed by enterprises;and provide government regulators reference to formulate a more scientific environmental information disclosure system.