Study On The Effect Of Environmental Information Disclosure On Investment Efficiency

With the development of China's environmental protection work and the green financial policy,the environmental information disclosure is becoming more and more important.Analyzing the relationship of investment efficiency and environmental information disclosure can provide theoretical basis for relevant policy making,and guide enterprises to realize the importance of environmental information disclosure,so the research is of great significance.However,there is a lack of relavant research,especially when it comes to its functionary mechanism and the mediator effects,so this article is of certain innovation.This article is based on the foundation of the existing literature,information asymmetry,and the principal-agent theory,selects 2013-2017 listed companies in chemical industry as samples,uses manual collection and Python text analysis method to construct the index system to measure the quality of environmental information disclosure,and establishes empirical analysis model to analyze the proposed two sets of issues.The first one is analyzing the effect of environmental information disclosure quality on investment efficiency.The second one is testing whether external financing having a mediation effect on the relationship of the two above variables.The empirical results show that the improvement of environmental information disclosure quality alleviates underinvestment and aggravates overinvestment,and that the external financing plays a significant intermediary role in this process.On the one hand,the improvement of environmental information disclosure quality can help companies get more external financing,reducing the phenomenon of lack of investment;on the other hand,the rise of external financing may increase the principal-agent problem,leads to more excessive overinvestment.