Environmental Information Disclosure,R & D Investment And Enterprise Value

With the continuous rapid development of our economy,the quality of life of the people is constantly improving,but the ecological environment is deteriorating day by day.Protecting the ecological environment is not only a basic national policy of our country,but also a common goal of the world.At present,80% of pollution in China comes from enterprises.In the actual operation process,most enterprises pay more attention to production and operation activities,pursue economic benefits,but ignore environmental protection,consider environmental management simply as a cost expenditure,avoid as much as possible,and make environmental problems gradually develop into economic problems.Environmental governance is urgent,and all parties that have an interest relationship with the enterprise need to judge the enterprise environment.The quality of information disclosure and its economic value,in order to truly grasp the situation of enterprises to fulfill the social responsibility of environmental protection and its impact on the value of enterprises,and then make correct economic decisions.At present,the impact of environmental information disclosure on enterprise value has been a common concern of government departments,practice and theoretical circles.Through research and analysis,it is concluded that environmental information disclosure and R&D investment have a positive impact on enterprise value.Therefore,all food processing enterprises in China should actively carry out environmental information disclosure and pay attention to R&D innovation.Based on the findings of the study,combined with the industry characteristics of food processing industry,respectively from the government,enterprises,society and financial institutions to put forward relevant suggestions,in order to provide guidance for enterprises in the process of compliance disclosure,reasonable R&D how to play a greater economic effect,has a strong theoretical and practical significance.Based on information asymmetry theory,stakeholder theory,social reputation theory,signal transmission theory and sustainable development theory,this paper takes the data of food processing companies listed in Shanghai and Shenzhen A stocks from 2014 to 2018 as a sample,puts forward relevant assumptions and builds models,and tests the correlationbetween environmental information disclosure level and enterprise value through empirical evidence.At the same time,innovative R&D investment as a regulatory variable,based on the analysis of the relevant impact path,to explore whether R&D investment in China's food processing industry has a positive regulatory role between environmental information disclosure and enterprise value.Subsequently,further sectors ement information soft disclosure and hard disclosure,respectively as explanatory variables for regression analysis.In order to ensure the reliability of the conclusions,after the robustness test is carried out,the research conclusions are expounded.Finally,according to the conclusion of the study,according to the industry characteristics of food processing industry,respectively from the government,enterprises,society and financial institutions to put forward relevant recommendations.This paper shows that the listed companies in China's food processing industry should consider one important factor,which is the level of environmental information disclosure and R&D investment,in order to strengthen the positive path of environmental information disclosure on enterprise value.The improvement of environmental information disclosure level will bring about the significant improvement of enterprise value.It is found that both soft disclosure and hard disclosure have significant positive effects on enterprise value,among which the incremental effect of soft disclosure is stronger.Secondly,the positive correlation between R&D investment and enterprise value is verified,and the positive regulation effect of R&D investment is also verified.The purpose of this study is to provide guidance for enterprises to play a greater economic effect in the process of compliance disclosure and reasonable R&D,which has strong theoretical and practical significance.