Research On The Impact Of Environmental Information Disclosure On Corporate Value In The Background Of Government Supervision

With the rapid economic growth,environmental pollution problems are becoming increasingly prominent in China.Soil erosion,haze,acid rain and other phenomena occur frequently.In order to protect the natural environment of human existence,it will become an inevitable choice for the social development to live a harmonious relationship between people and nature on the road of sustainable development.As a profit-making organization in the society,especially for the listed companies in heavy pollution industry,it is necessary to seek a good balance between economic development and environmental sustainability,and the most important part of testing this balance is the disclosure of environmental information.Disclosure of environmental information can convey the current status of corporate environmental governance to stakeholders,help stakeholders understand the actual situation of the company in a timely manner,help them make reasonable decisions,and also help the government supervise the company’s own environmental responsibility and urge the company to achieve sustainable development.However,at present,China’s regulatory system for disclosure of environmental information is still not perfect.The awareness of corporate resources for environmental information disclosure is weak,and the level of corporate environmental information disclosure is still not very high.Therefore,it is necessary to further study the impact of environmental information disclosure on corporate value,improve the status of disclosure of environmental information,and enable companies to take into account their social responsibility while enhancing their value.This paper studies the correlation between environmental disclosure and company value of listed companies in China.At the same time,it examines the regulatory effect of government supervision on the relationship between the two.On the one hand,it can increase the persuasiveness of environmental information disclosure and guidance of listed companies.On the other hand,it can also strengthen the implementation of the environmental protection of listed companies in China and promote the sustainable development of the social economy.Based on the study of past academic achievements and the theory of motivation of environmental information disclosure,this paper expounds the internal correlation and mechanism of environmental information disclosure and company value,and then derives the research hypothesis.In the past 2014-2016 years,the listed companies of heavy pollution industry in China were selected as the research samples,and the correlation between environmental information disclosure and corporate value was empirically studied.Then,the government supervision was further added as an adjustment variable,and the regulatory role of government supervision in the relationship between environmental information disclosure and corporate value was tested.The results show that:(1)There is a positive correlation between the quality of environmental information disclosure and company value,that is,the higher the quality of environmental information disclosure,the higher the company’s value;(2)There is a significant positive correlation between environmental information disclosure quality and company value in non-state-owned companies,which is not significant in state-owned companies;(3)The greater the degree of government supervision is,the stronger the positive correlation between environmental information disclosure quality and company value is.Finally,this paper puts forward relevant policy suggestions from the government department,the company manager,the investor and the public,in order to improve the quality of environmental information disclosure of the listed companies in the heavy pollution industry.