Study On The Environmental Information Disclosure, Market Response And Enterprise Value

Environmental information disclosure is the foundation for developing green economy and trade,and it is also an important aspect for enterprises to fulfill environmental responsibility.The main purpose of the enterprise is to pursue profit.The degree of influence of environmental information disclosure on the value of the company will directly affect the willingness of the company to disclose environmental information.From the perspective of domestic and foreign research,the current research on corporate environmental information disclosure and corporate value is mostly embodied in the empirical test of the correlation between them,and there is a relative lack of research on the internal impact mechanism of corporate environmental information disclosure.This paper attempts to discuss the relationship among environmental information disclosure,market response and corporate value,especially for those countries that have been monitored and controlled by listed companies with relatively high levels of supervision and attention.First of all,this article summarizes the development status of China's environmental information disclosure,sorts out related domestic and foreign literature on environmental information disclosure,defines the concept of environmental information disclosure,the concept of corporate value,and the concept of social response.Secondly,taking the national key listed companies as a sample,according to the latest national policies and regulations,an environmental information disclosure evaluation index system was established and weights were assigned to obtain the results of the environmental information disclosure index.On this basis,Tobin Q was introduced as the evaluation company value.The indicators,using abnormal return rate to measure the market's attention to positive environmental events and negative environmental events.Finally,using multiple regression models,mediating effects models,and event analysis methods,empirically examine the effect of environmental information disclosure on the value of the company and the effect of market response on the value of the company,and analyze “environmental information disclosure—market response—company value”.The intermediary transmission mechanism reveals the mechanism and approach of environmental information disclosure to corporate value.The results of this study show that:(1)The awareness and level of performance of corporate environmental information disclosure in listed companies in China is on the rise,and the content of disclosure is becoming increasingly abundant.However,the level of disclosure of corporate environmental information in China is still generally low,and the differences among enterprises are relatively large;(2)Corporate environmental information disclosure is positively related to corporate value;(3)Market responds to environmental information disclosure and has an impact on corporate value.Positive environmental information disclosure will help the company increase its value,and passive negative information disclosure will detract from the company's value.Due to the inconsistency of environmental information assessment standards,some evaluation mechanisms do not function well.Therefore,the government should establish and standardize disclosure standards and create a good legal environment and market environment for environmental information disclosure.The company itself should also actively respond to establish a perfect disclosure mechanism,and regulate the disclosure form and content.