Environmental Information Disclosure, Investor Confidence And Corporate Value

In recent years, with the accelerating urbanization and industrialization process, it is high time to pay attention to the increasing environmental pollution. Due to the large amount of pollution emissions, enterprises have been the source of environmental pollution. And they have increasingly severe impacts on the natural environment, all sectors of society have paid more attention to the environmental behaviors of enterprises. The communication between enterprises and the outside world is achieved through the disclosure of their own information, while enterprises’ environmental behaviors are disseminated through environmental information disclosure, thus, the public and the market can assess enterprises’environmental performance and economic performance. It is hoped that enterprises should disclose environmental information as complete and transparent as possible whether from the perspective of the government, investors’wishes of reducing information asymmetry and other stakeholders’focusing on the living environment. However, on the premise of profit maximization, are enterprises willing to disclose their relevant environmental information? What vital interests can be brought if enterprises improve the quality of environmental information disclosure? Based on the previous research achievements, from the perspective of environmental information disclosure and combined with cognitive psychology and behavioral finance theories, this paper studies environmental information disclosure by associating with the perspective of investors, deepens and enriches value-relevance researches of quality of environmental information disclosure, and examines the relationship between investor confidence and corporate value. At the same time, constructive suggestions are put forward for the establishment and improvement of the environmental information disclosure supervision mechanism of China’s listed enterprises, which also helps enterprises fully recognize the marketing effects of environmental information disclosure.This paper is divided into five chapters for the research. The first chapter is an introduction. It introduces the overview of the paper from research background, research significance and other aspects, summarizes main points of domestic and foreign scholars, and points out the paper’s research ideas, methods and innovations. The second chapter describes relevant concepts and theoretical basis. It summarized relevant concepts of environmental information disclosure, investor confidence, and corporate value and so on and elaborates relevant theories, including the principal-agent theory, efficient market theory, asymmetric information theory, signaling theory, stakeholder theory, etc. The third chapter is theoretical analysis and research hypothesis. This part describes the status and existing problems of environmental information disclosure of China’s listed enterprises and analyzes the theoretical basis and influence path of the relevant research hypotheses and theoretical basis. The fourth part is empirical research, in which through collection of sample data, selection of variable indexes and establishment of an empirical model, the main-board listing enterprises on A shares of Shenzhen Stock Exchange are selected as samples for descriptive statistics, correlation analysis and multiple regression analysis. The fifth part summarizes research conclusions, puts forward policy recommendations and points out the shortcomings of the research and future research directions of this paper. The research results show that:firstly, there’s a weak negative correlation between environmental information disclosure and investor confidence; secondly, there’s a significant positive correlation between environmental information disclosure corporate value; thirdly,there’s a significant positive correlation between investor confidence and corporate value; Lastly, for the listed enterprises whose ownership nature of the ultimate controller is non-state-owned, the negative correlation between the quality of environmental information disclosure and investor confidence gets weakened.