The Empirical Research About The Impact Of Environmental Information Disclosure Quality On Enterprise Value

The research subject about environmental information disclosure has always been a hot issue in the field of environmental accounting research. As we know China’s environmental problem has been got more and more attentions. For the research subject, Chinese and western scholars have conducted a lot of theoretical and empirical researches, but the theory research in China is still dominant. As one of the responsibility undertakers of environment pollution, the enterprise must let people know the effects on the environment and its environmental protection measures taken in the process of its production and operation. And the goal of the enterprises in the development is to maximize the enterprise value, what influence the quality and the level of enterprise environmental information disclosure will have on the enterprise value? How to affect? Not only the enterprise management, but also other stakeholders such as investors, creditors, consumers pay close attention to this problem. And as a starting point, this paper will explore how the environmental information disclosure make the influence to enterprise value based on the Angle of theory and practice.This article reviewed the domestic and foreign outstanding literature, mastered the research direction and dynamic, and studied the signal transmission theory, information asymmetry theory, stakeholder theory and corporate social responsibility theory, and then using the information disclosure, corporate social responsibility disclosure to affect the process of enterprise value deduced the theoretical mechanism,that is how the environment information disclosure affect the enterprise value. the theoretical mechanism is through equity capital cost and the expected cash flow. So this article puts forward the hypothesis, which are environmental information disclosure influence enterprise value, the expected cash flow and equity capital cost. This article selects 255 companies of heavy pollution industry in Shanghai stock market listed companies from 2010 to 2012, about 765 research samples. Then describe the enterprise value, equity capital cost and the expected cash flow and other control variables, at the same time make correlation analysis and multivariate linear regression analysis. What we want is to how the environmental information disclosure of listed companies has impact of enterprise value according to empirical research.This paper empirically tested the impact of environmental information disclosure to enterprise value, The environmental information disclosure quality has good effect on enterprise value at the significant level of 1%, It is also suggesting that the quality of corporate environmental information disclosure can promote the enterprise value of ascension to a certain extent. Research also concluded that environmental information disclosure quality is positively related to the expected cash flow, so it can be seen that the effect what environmental information disclosure has on enterprise value is largely from the cash flow increases, and this increase mainly comes from product markets. Environmental information disclosure index is negatively related to the equity capital cost, that environmental information disclosure is to a certain extent, reduce capital use cost of the enterprise.After the research of theory and empirical, this paper puts forward policy Suggestions.