Research On The Impact Of Environmental Information Disclosure On Financial Performance Of Heavy Pollution Industry

Since mankind enters the stage of industrial civilization,rapid economic growth and environmental pollution problems also gradually surfaced,the most prominent is the human in the process of understanding and reforming society pollution such as water,air,land,and heavy pollution industry enterprise pollutant emission is one of the sources of environmental pollution in our country,at present the social from all walks of life also gradually pay attention to enterprise environmental obligations.The environmental protection consciousness of enterprise managers is weak and the environmental information disclosure requirements are not uniform,which leads to frequent occurrence of pollution incidents.Therefore,this paper studies the impact of environmental information disclosure on financial performance,and promotes polluters to assume environmental responsibility,so as to improve enterprise performance and green development.At first,this paper based on the study of literature at home and abroad,to green development,stakeholders,based on the theory of information asymmetry and puts forward the influence of environmental information disclosure of financial performance related assumptions,and then to our country enterprise in the a-share listed companies,329 companies as samples,the selection of 2014-2018 1645 observations to build A model to carry on the empirical analysis,by constructing suitable for China's national conditions of the environmental disclosure of heavy pollution industry evaluation index system,selection of index model for empirical analysis.The empirical results show that:(1)On the whole,the level of environmental information disclosure is relatively low,and there is a large gap between the disclosure of each company.(2)The impact of environmental information disclosure on corporate financial performance is lagging behind,and the impact is weakening year by year.(3)The environmental information disclosure of non-state-owned enterprises improves the financial performance of enterprises more significantly than that of state-owned enterprises.Finally,according to the theoretical analysis and empirical results of this paper,the paper puts forward corresponding Suggestions from the aspects of environmental information disclosure and corporate financial performance.Second,third party institutions should be introduced to participate in the disclosure of environmental information,and enterprises should incorporate the disclosure of environmental information into the corporate governance structure.Third,the government should strengthen the enforcement of environmental information disclosure to non-state-owned enterprises.