Research On The Influence Of Environment Information Disclosure Quality On The Value Of Heavily Polluting Enterprises

How to deal with the relationship between the environment and the development of enterprises is an important subject that academic circles pay attention to.With the appearance of a series of government policy documents,environmental information disclosure of heavy polluting companies has become more and more clear,and the report of the Nineteenth National Congress of the Party emphasized the establishment of a mandatory system of environmental information once again.The state’s attention to environmental management has brought huge challenges to heavy polluting companies,but it has also ushered new opportunities in sustainable development.Under the policy of mandatory disclosure,environmental information has become an important part of the disclosure of information by heavily polluting enterprises.Therefore,it is necessary to analyze the motivation and economic consequences of enterprises’ disclosure of environmental information,so as to provide a stronger driving force for environmental information disclosure of enterprises.Based on the research of information asymmetry theory,signal transmission theory,reputation theory and legitimacy theory,this paper took 124 heavily polluted listed companies of Shanghai and Shenzhen A shares from 2010 to 2018 as the research object,constructed a theoretical model and put forward the theoretical assumptions between the value of environmental information disclosure and company value from the perspective of corporate reputation and internal control.Using STATA.15 for descriptive analysis,correlation analysis,regression analysis and robustness analysis,the paper explored the impact of environmental information disclosure quality on corporate value and how it affected the improvement of corporate value,and further focused on the role of institution pressure in the relationship between environmental information disclosure quality and corporate value.The research results showed that the quality of environmental information can send a good signal to the society and promote the promotion of corporate value.The role of environmental information disclosure quality in promoting corporate value is not directly generated,in which corporate reputation and internal control played a moderating role.However,the signal transmission effect of environmental information quality on corporate value is affected by institutional pressure.Both mandatory pressure and imitative pressure are positively promoting the relationship between them,while the positive promoting effect of normative pressure is not significant.Further,compared with the single system pressure,multiple institution pressures simultaneously exert a stronger effect on environmental information disclosure.Finally,from the perspective of corporate self-discipline and government regulation,this paper put forward some advises,in order to improve new business ideas for the core competitiveness of enterprises,and thereby ensure the sustainable development of heavily polluting enterprises.