Research On The Correlation Between Environmental Information Disclosure And Enterprise Value

With the development of the domestic economy and the continuous advancement of industrialization,domestic environmental problems have become increasingly serious,and pollution problems have emerged,making the society's understanding of the seriousness of environmental pollution problems deeper.Among the current environmental pollution problems,the most prominent is the pollution of water,atmosphere and land generated during the production and operation of enterprises.The reason is largely due to loopholes in corporate management,including the inadequacy of corporate environmental information disclosure and lax social supervision.For enterprises,they are obliged to perform environmental protection duties in production and operation activities,including timely disclosure of environmental information.At the same time,environmental information disclosure is also one of the important contents to enhance the competitiveness of enterprises.Extremely important practical significance.At present,the research on environmental information disclosure and enterprise value in academia is mostly focused on the research of relevant norms,the empirical research is relatively few,and the conclusions of some existing research results are also quite different.In particular,there are relatively few multi-industry studies on heavily polluting companies.Therefore,further research on the correlation between environmental information disclosure and corporate value,especially case studies of sub-industry demonstrations and heavy polluting enterprises,scientifically reveal the internal relationship between the two,and take corresponding countermeasures in a targeted manner.Not only has theoretical significance,but also has practical significance.Based on the current research on environmental accounting information disclosure theory and enterprise value theory,this paper makes a reasonable analysis of the correlation of environmental information disclosure to enterprise value,and puts forward two hypotheses.In the collection of data,we focused on the Shanghai Stock Exchange A shares from the 2012 to 2017 and the A shares of the Shenzhen Stock Exchange,including thermal power,steel,cement,coal,metallurgy,building materials,mining,chemicals,pharmaceuticals,light industry(paper and brewing).The annual reports,social responsibility reports,sustainable development reports,environmental special books and other information published by listed companies in the textile,tanning and other industries have established evaluation indicators for disclosure levels,and established environmental information disclosure and enterprise value correlation models,with the help of STATA software.The empirical analysis of the correlation between environmental information disclosure and enterprise value,through the analysis of all samples and phased samples,not only indicates that there is a positive correlation between environmental information disclosure and corporate value,but also indicates that corporate environmental information disclosure is a continuous development process.With the improvement of the level of corporate environmental information disclosure,the impact of environmental information on corporate value has gradually become apparent.Finally,this paper attempts to make recommendations on improving the environmental information disclosure of enterprises from the three dimensions of listed companies,government supervision and investors.