The Impact Of Environmental Disclosure On Enterprise Value Greening

Based on the Guidance of Environmental Information Disclosure,this paper studies the mechanism of environmental information disclosure affecting enterprise value greening by combining theoretical analysis with empirical test.First of all,this paper makes a theoretical analysis on the influence mechanism of environmental information disclosure on enterprise value greening,and clarifies the concrete mechanism of environmental information disclosure affecting the greening of enterprise value.Then,it empirically tests the effect of environmental information disclosure on enterprise value and on enterprise value greening.The study finds some facts.First,environmental information disclosure is not conducive to enterprise value creation.Specifically,the quality of environmental information disclosure has a negative effects on enterprise value,but environmental economic performance has a positive effects on enterprise value,and the negative impact of environmental information disclosure quality is stronger than the positive impact of environmental economic performance.Second,environmental information disclosure is beneficial to enterprise value greening.Specifically,the quality of environmental information disclosure has a positive effect on enterprise value greening,and environmental economic performance also has a positive effect on enterprise value greening.Therefore,for the combination of "green" and "gold",enterprises need reduce the negative impact of the quality of environment information disclosure on enterprise value and improve the positive impact of the quality of environment information disclosure on enterprise value greening.Meanwhile,enterprises should promote the positive impact of environmental economic performance on enterprise value and enterprise value greening.The innovations of this paper are as followed: First,this paper introduces the greening of enterprise value,and study the influence mechanism of environmental information disclosure on enterprise value greening.Second,this paper studies environmental information disclosure from two aspects including environmental information disclosure quality and environmental economic performance.And finally this paper studies the impact of environmental information disclosure on enterprise value from two ways including capital cost and expected cash flow.