Research On Environmental Responsibility,Enviromental Information Disclosure And Enterprise Value

In today’s rapid development of human civilization,a large number of unsustainable economic activities brought great pressure to the environment,the resulting all kinds of environmental problems are increasingly serious,the human survival and development were threatened.Therefore,taking the path of green sustainable development,controlling pollution from the source,actively implementing energy conservation and emission reduction,developing a recycling economy and maintaining a stable ecological balance have become the inevitable trend of the development of human society.Direct manufacturing of human wealth is the enterprise,but the main cause of environmental pollution is also enterprise.According to "China Corporate Citizenship Report" 2009 data display,industrial enterprise was the main force of environmental pollution,70%of the pollution was produced by industrial enterprises and 50%of these are due to lack of management in the operation.Therefore,in the process of development,enterprises should strengthen their self-discipline and self-restraint,fulfill their entrusted responsibilities to the environment to the greatest extent and consciously carry out environmental information disclosure in order to protect the common interests of all stakeholders is an indispensable choice,and it is one of the most effective measures to governance environment problems.This study uses statistical analysis,normative analysis and empirical analysis.Firstly this artical based on the theory of social responsibility,signal transmission theory and others,elaborates the relationship between environmental responsibility,environmental information disclosure and enterprise value,and considers that environmental information disclosure is the manifestations of enterprise commitment to environmental responsibility,at the same time,environmental responsibility,environmental information disclosure will have a conductive effect on enterprise value.then according to the enterprise valuation model,it is found that the enterprise value was affected by environmental information disclosure via cost of equity capital and expected cash flow respectively.Secondly,this study takes water risk into consideration and constructs an index of environmental information disclosure.Two models are built,124 enterprises in heavy-polluting industries that are seriously polluted by water were randomly selected as research samples to investigate the relationship of environmental information disclosure,cost of capital and expected cash flow.The conclusions indicated that the environmental responsibility and the environmental information disclosure on the enterprise value is reflected in the decrease of cost of equity capital and the increase of expected cash flow.And the selected industry has a wide range of environmental information disclosure,but the overall level remains to be improved,and the level of disclosure is closely linked with environmental sensitivity.At last,based on the conclusions of this study,considering the characteristics of China’s market economy,some associated recommendations of environmental information disclosure were provided to the governmental,companies and supervisory departments.The purpose of this study is to explore the relevance of environmental responsibility and environmental information disclosure,through in-depth exploration to further expand market response research.Meanwhile it contributes to understand the enterprises for all stakeholders,to make reasonable investment decisions and to reduce the investment risk.