| Today,the rapid development of the economy is accompanied by a continuous deterioration of the ecological environment.Countries are aware of the importance of environmental issues and the serious consequences of economic growth at the expense of the environment.At present,China’s economic development has entered a new normal state.Economic growth under the new normal is essentially a kind of sustainable growth.It is an economic development model that seeks economic growth while taking into account the sustainability of development.The 18 th National Congress put forward the concept of "beautiful China";the report of the 19 th National Congress has repeatedly mentioned "ecological civilization",and listed pollution prevention and control as one of the three major battles to build a well-off society in an all-round way,releasing strong environmental protection and Energy-saving emission reduction signals,China’s attention to environmental issues has reached an unprecedented height.However,enterprises that are the mainstay of microeconomics have primary responsibility for environmental issues.Due to its inherent industry characteristics,chemical companies have an impact on environmental issues.Therefore,based on a sample of 560 observations from 112 companies in the Shanghai and Shenzhen A-share chemical industry during 2013-2017,this paper systematically sorts out the related concepts of environmental information disclosure and corporate value and reviews the relevant literature.The research hypothesis of this paper is put forward.The empirical model with the cost of equity capital as the intermediate variable is constructed.The regression analysis and robustness test are carried out on the sample.Through the above empirical research,it is found that the environmental information disclosure of listed companies in China’s chemical industry has a positive impact on the value of enterprises,which has a negative impact on the cost of equity capital,and the cost of equity capital plays a mediating role in the impact of environmental information disclosure on corporate value.In other words,environmental information disclosure can increase the value of equity by reducing the cost of equity capital.This conclusion is inversely related to the value of enterprise and the cost of equity capital in the cash flow model as one of the methods of enterprise value assessment.The conclusions are consistent.Finally,after obtaining the empirical conclusions,this paper proposes three policy recommendations for improving the quality of environmental information disclosure of listed companies in China and establishing a positive effect on corporate value as soon as possible.First,establish and improve the mandatory constraint mechanism for environmental issues.This requires not only the relevant departments of the state and the government to continue to improve the environmental legal system,but also to allow the specific problems of environmental pollution and environmental information disclosure of enterprises to be legally enforced.It also requires relevant departments to strengthen supervision and ensure that the restraint mechanism can be effectively implemented so that enterprises can There are laws to follow and there are laws to follow.Second,strengthen awareness of environmental awareness and establish an education evaluation mechanism for environmental issues.In this way,the company’s environmental awareness will be enhanced,and the enterprises will recognize the environmental values from the heart,recognize the green development concept and the sustainable development concept,and thus improve the environmental status of China from the source.Third,encourage the development of independent third-party supervision mechanisms.This is to give full play to the role of social supervision,promote the establishment of an environmental information market,and play a role in the market’s allocation of information on corporate environmental information. |
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