Research On The Relationship Between Environmental Information Disclosure, Reputation And Enterprise Value

With the development of economy, the problems of environmental pollution and ecological destruction are in an endless stream. This once caused great attention of the government. Facing the characteristics of centralization, structure and complexity in environmental pollution, the eighteenth Congress of the Party clearly put forward, we must highly concern about the ecological civilization, and integrate it into the economic construction, political construction, cultural construction and social construction. Due to environmental problems are highly valued, scholars have made a lot research on environmental information disclosure and enterprise value. They want to encourage enterprises to carry out environmental information disclosure to alleviate the current environmental pollution problems. But, there is no agreed conclusion in relationship between environmental information disclosure and enterprise value. What’s worse, they come to the opposite conclusion. The key reason is that they may be isolated to examine the relationship between environmental information disclosure and enterprise value. Consequently, this paper tries to introduce the intermediary variable of reputation to discuss the relationship between environmental information disclosure and enterprise value.First of all, this paper makes a review and analysis on the relationship among environmental information disclosure, reputation and enterprise value. Secondly, this paper defines the concept of environmental information disclosure, reputation and enterprise. And expounds the theoretical basis about them, they are Information asymmetry theory, signaling theory, supply and demand theory and resource based theory. Then the paper makes the theoretical analysis and put forward research hypotheses. Finally, the paper selects 105 heavily polluting companies which are belong to the Shanghai and Shenzhen two A shares of non *ST, ST, PT company as the research object. And then using Logistic regression analysis and multiple regression analysis study how environmental information disclosure affects enterprise value.The results show that enterprise environmental information disclosure level can positively affect the reputation of enterprise and enterprise reputation can positively affect the enterprise value. Reputation as a part of the intermediary variables put up a bridge for environmental information disclosure and enterprise value, this makes the level of environmental information disclosure positively affect the enterprise value. Based on this, The paper puts forward the following suggestions for the government and the environmental protection department. The first one is promoting environmental culture so as to improving the environmental protection consciousness. The second one is strengthening supervision and inspection of enterprise environment information, increasing the cost of enterprise law. The last one is establishing environmental information audit so as to strengthen that the enterprise environment information is real and legal. The purpose of these recommendations is to strengthen the positive correlation relationship between environmental information disclosure and enterprise value. As a result, the enterprises pay more attention to environment and the deterioration of ecological environment will be alleviated.