Research On Enterprise Environment Information Disclosure's Impact On Enterprise Value

With the rapid economic development and raising demand of living standards,environment problem has drawn more and more attentions from the society.As the major source of environment pollution,heavy polluting companies are focused around the world.Since 2000,China has paid more and more attentions to environment problems.Government and authoritative department issued various documents successively to restrain heavy polluting companies' behaviors,especially urging listed companies to proactively disclose their environment information.This paper mainly focuses on the relationship between listed companies' environment disclosure and their value.This paper first reviews the researches on enterprise environment information disclosure.This paper,based on these researches,signal theory and principal-agent theory,come up with the hypothesis that heavy polluting enterprises' environment information disclosure can increase enterprise value.Besides,environment pressure and environment information disclosure have coordination effect.Then,with the data from A-share listed companies,utilizing multivariate linear regression model,this paper did empirical research on the hypothesis.The result shows that the environment information disclosure level and environment information disclosure quality have influence on enterprise value.The conclusion of this paper is that heavy polluting companies not only need to disclose environment information,but also have to attach importance to the environment information level and quality.