Research On Environmental Information Disclosure,Media Attention And Firm Value

With the rapid development of China's economy,people's living standards have been continuously improved.At the same time,it also brings many environmental problems.For example,in many rural areas,drinking water polluted in different degrees.A lot of big cities'air quality does not meet the national standard,frequent fog and haze.Crops,forests and city constructions have brought great losses.Meanwhile,it seriously endangers people's health of life.In this context,environmental issues become the focus of the whole society,and the quality of Environmental Information Disclosure is also increasingly concerned by the parties.The firm environmental disclosure behavior can relieve the information asymmetry between the enterprise and its stakeholders,to meet stakeholders environmental information needs for the firm,to establish a good firm image,which can help the firm to improve the value of enterprises.Media as an information transmission medium,plays an important role in this process.Media attention concerning enterprise information can help to alleviate the information asymmetry,reducing the information collection and acquisition costs,and enhance firm transparency,so as to enhance the firm value.Based on the Information Asymmetry theory and the Stakeholder theory,this paper describes the relationship between the quality of Environmental Information Disclosure and firm value.Then,this paper chooses the heavy pollution industry as the research object,selecting the Shanghai and Shenzhen two A shares of heavy polluting industries listed companies as research samples.This paper tests the relationship between Environmental Information Disclosure in heavy polluting industries of our country and firm value.At the same time,this paper introduces media attention as moderator variables,empirical tests of media attention in the relationship between Environmental Information Disclosure and firm value.The empirical results show that:(1)The Environmental Information Disclosure is positively related with firm value.(2)More media attention will strengthen the relationship between Environmental Information Disclosure and firm value.Finally,combined with the research results of this paper,it puts forward some policy recommendations to the enterprise managers,the news media and government departments.