Research On The Impact Of Environmental Information Disclosure On Corporate Value Of Resource-based Listed Companies

The environmental problems caused by the rapid economic growth have a certain impact on the capital market.Under the background of attaching great importance to environmental issues at home and abroad and many relevant policies have been issued by the state to protect the environment,it is incumbent upon enterprises as micro-subjects to conscientiously implement environmental protection and disclose environmental information.However,at present,many enterprises are still in the state of mandatory passive disclosure of environmental information,lacking the intrinsic motivation of voluntary disclosure.This paper studies the impact of environmental information disclosure on corporate value,in order to find the motivation of voluntary disclosure for enterprises,and provide reference for improving the content of environmental information disclosure.Based on the environmental and financial data of key pollutant discharging units of resource-based listed companies from 2013 to 2017,this paper constructs an index system of environmental information disclosure,including hard disclosure index and soft disclosure index.Hard disclosure index includes environmental management information,reliability,environmental performance information and environmental expenditure information.Soft disclosure index includes enterprise strategy and sound.Through direct and indirect effects,the relationship between environmental information disclosure and enterprise value is explored by empirical test in three categories: Ming,environmental status information and spontaneous environmental protection information.Firstly,on the one hand,Tobin Q value is used as the representative variable of relative value for direct regression,on the other hand,it is verified by two indirect paths: equity capital cost and expected cash flow;secondly,it further verifies the impact of hard disclosure index and soft disclosure index on Tobin Q value,equity capital cost and expected cash flow;finally,it verifies four kinds of information in hard disclosure index on Tobin Q value,equity capital cost and expected cash flow.The impact of Tobin Q value,equity capital cost and expected cash flow.The results show that: firstly,the number of items related to environmental information disclosure of resource-based listed companies is small and the disclosure structure is unreasonable,and the distribution of resources among the industries is not balanced;secondly,the quality of environmental information disclosure has a significant positive impact on enterprise value.The path of total disclosure information affecting enterprise value is only equity capital cost,while hard disclosure information has a significant impact on enterprise value.The impact is through the two paths of equity capital cost and expected cash flow,while soft disclosure information does not affect enterprise value through these two paths;further verify the impact of four types of environmental information on enterprise value in hard disclosure,and find that there is no significant correlation between environmental management information and enterprise value,while reliability information is promoted through equity capital cost effect.Environmental performance information has a positive impact on enterprise value through equity capital cost and expected cash flow effect,while environmental expenditure information promotes enterprise value through expected cash flow effect.Finally,this paper verifies the impact of environmental information disclosure on enterprise value and equity capital cost through regression analysis of non-ferrous smelting industry.The effect is also hard disclosure,but there is no expected cash flow effect.Finally,this paper puts forward relevant suggestions from three aspects: the level of resource-based listed companies,the level of investors and the level of government.