Environmental Information Disclosure Quality,Media Attention And Corporate Environmental Protection Investment

The concept of "green development" has became the mainstream of development in current era,and corporate environmental protection investment is an important part of "green development".However,at present,Chinese enterprises' investment in environmental protection is still insufficient and there are large differences among enterprises.Increasing investment in environmental protection of enterprises is conducive to the healthy and sustainable development of enterprises and the whole society.Environmental information is an important basis for stakeholder participation,evaluation,and monitoring of corporate environmental behavior.Environmental information disclosure transmits the company's environmental information to the public and provides a channel for stakeholders to monitor the company's environmental behavior,thereby regulating the company's environmental behavior and further affecting its environmental protection investment;At the same time,as a "fourth party right" The media plays an increasingly important role in transmitting information and supervising governance.It can effectively alleviate the problem of information asymmetry between the company and the outside world,enhance the transparency of the company,promote and supervise the company to make environmental protection investment decisions,and attract media attention.It is necessary to study the relationship between the quality of environmental information disclosure and investment in environmental protection.This article takes 2016-2018 listed companies in the heavily polluting industries of Shanghai and Shenzhen as the research sample,takes the environmental protection investment of the enterprise as the explanatory variable,the quality of environmental information disclosure as the explanatory variable,and introduces media attention as the regulating variable.Literature and theory,put forward relevant research hypotheses,establish regression models,and carry out descriptive statistical analysis,correlation analysis and multiple regression analysis of variables,and draw the following conclusions: First,the quality of environmental information disclosure has a positive effect on corporate environmental protection investment To promote the role,and has quantile heterogeneity.Second,media attention has a positive regulating effect on the relationship between environmental information disclosure quality andcorporate environmental protection investment.Under the role of media attention,the relationship between environmental information disclosure quality and corporate environmental protection investment has been strengthened.Third,positive media reports have a positive regulating effect on the relationship between environmental information disclosure quality and corporate environmental protection investment,and negative media reports have a positive regulating effect on the relationship between environmental information disclosure quality and corporate environmental protection investment.Fourth,compared with negative media reports,media positive reports have a more significant role in regulating the quality of environmental information disclosure and corporate environmental protection investment.The significance of this paper is mainly reflected in:(1)enriching the research on the influencing factors of corporate environmental protection investment,broadening the research on the environmental consequences of the quality of environmental information disclosure and media attention;(2)combining empirical results,targeting companies,governments and the media Put forward targeted suggestions: Enterprises should take the initiative to assume social responsibilities,disclose environmental information with high quality,increase investment in environmental protection,and consciously accept supervision from all walks of life;governments and relevant departments should improve the environmental information disclosure system and increase the disclosure of information content.Evaluation and review efforts;the media industry should strengthen industry self-discipline,give full play to the role of information transmission and supervision,and jointly promote investment in environmental protection.