System Pressure,Environmental Information Disclosure And Enterprise Value

With the rapid development of economy,environmental problems have become an important factor affecting the life of human society.Especially in the 18 th CPC national congress,our party has made clear that we should put ecological civilization in a prominent position and run through the whole process of economic construction,political construction,cultural construction and social construction.Then,in the newly convened 19 th,the four measures of socialist ecological civilization and beautiful China are put forward,which remind us of the importance of building a good ecological environment.As the connectome of ecological environment and economic interests,enterprises are obliged to disclose environmental information.But the reality is that China's overall environmental information disclosure level is not high,and the enterprise environmental information disclosure misunderstandings,just understand it as a mandatory obligation,not from the perspective of enterprise long-term interests,considering the environmental information disclosure for the benefits.In this case,in order to give enterprises more disclosure of environmental information,the government can only improve the disclosure standards of enterprises' environmental information through compulsory means.Therefore,this paper studies enterprise environmental information disclosure and its economic consequences,the relationship between the enterprise value of expectation through a synergistic effect of both enhance the enthusiasm of enterprise environmental information disclosure,at the same time,the system pressure effect on the adjustment of the relationship between,in order to verify that the guiding role of the government on environmental information disclosure.Firstly,this paper studies the economic consequences of environmental information disclosure,the relationship between environmental information disclosure and enterprise value and the system pressure,and determines the research topic of this paper.Secondly the environmental information disclosure,enterprise value and illustrates the basic concepts of system pressure and introduces the relevant theories concerning the three relations,,such as asymmetric information theory,principal-agent theory,signaling theory and the theory of legitimacy.On the basis of related theories,this paper analyzes the mechanism of environmental information disclosure and enterprise value,and puts forward research hypotheses.Then,the paper selects the enterprises of Shanghai a-share heavy pollution industry as the research sample,and carries on the empirical test for the value correlation of environmental information disclosure and the regulation effect of institutional pressure.In this process,by summarizing the previous experience of scholars,using tobin Q as the proxy variable for the enterprise value of the explanatory variable;And variable environmental information disclosure of the metric is by hand to collect the annual report,the social responsibility report,environmental report and the sustainable development report and content analysis to get environmental information disclosure index;Institutional pressure is measured by the number of environmental laws and regulations of the listed companies.The empirical results show that in the case of other conditions unchanged,positively related to the environmental information disclosure and corporate value,and the system pressure,the greater the environmental information disclosure and the relevance of the enterprise value.Finally,based on the research results of this paper and the actual situation in China,the author tries to put forward relevant policy Suggestions.