Environmental Performance, Environmental Information Disclosure And Enterprise Value

With the rapid economic development of China, the problem of environmental pollution is becoming increasingly serious,and public awareness of environmental protection is becoming a higher degree. Enterprise environmental information disclosure, environmental performance has become a hot issue in today’s domestic and foreign research. As an important engine of China’s economic growth, heavy polluting enterprises also make large resource consumption and environmental pollution. in the context of the current environmental protection, the research of the specific relationship between environmental performance, environmental information disclosure and enterprise value of heavy pollution industry which is sensitive to environment,undoubtedly has a very important practical significance.The former scholar’s research about the relationship between enterprise value and enterprise’s environmental performance do not have a unified understanding, especially in the view of cost school, the enterprises which make good corporate environmental performance has a higher business cost because of paying more effort in environmental management. But to the heavy pollution industry which is sensitive to the environment, with the social public increasing attention to environmental problems, the enterprise which has good environmental performance will be welcomed by investors because of the reductive environmental risks. This paper studies the influence between environmental performance and the quality of the voluntary disclosure about environmental information, and the relationship in the capital market between environmental information disclosure level and the value of the enterprise. With social responsibility theory, sustainable development theory, asymmetric information theory and stakeholder theory as theoretical support, this paper use related literature at home and abroad, and combines with the special research background in our country, and puts forward a research hypothesis, and designs a corresponding model. In this paper, by means of the positive impact between the quality of environmental information disclosure of environmental performance and the positive relationship between the environmental information disclosure quality and the value of the enterprise, this paper makes a new theory to analyze the relationship between the value of the enterprise and the enterprise’s environmental performance.Although this paper has some certain innovation, this paper still exists so many shortcomings due to some subjective and objective reasons. On the one hand, this paper doesn’t have a more thorough understanding of relevant theories and found the information under the theory of the actual situation because of the limit of the ability. On the other hand, in this paper, the environmental performance and environmental information quality evaluation use the author’s subjective design system design, it will bring the result which is not completely true about the enterprise actual environmental performance and the level of information disclosure, this may make a different result with other research.