Research On The Correlation Between Enterprise Environmental Accounting Information Disclosure And Enterprise Value Under The Background Of Green Finance

At present,China is in a critical period of economic transition.Green Finance is an important way to promote the adjustment of economic structure and the harmonious development of environment and economy.In August 2016,the People’s Bank of China,together with seven ministries and commissions,promulgated the guiding opinions on building a green financial system,the guidance clearly states "to gradually establish and improve listed companies and listed companies issued bonds compulsory environmental information disclosure system.".As the important foundation of the green financial system,the disclosure system of enterprise environmental accounting information has been paid more and more attention by the academic circles.Therefore,this paper will be based on the background of vigorously promoting the construction of green financial system,and follow the thread of "institutional environment —— The behavior of enterprises as--The economic consequence",an empirical study on the relationship among the development level of green finance,disclosure of Environmental Accounting Information and enterprise value.Based on the Literature Review and related theories,this paper analyzes the relationship among the development level of green finance,environmental accounting information disclosure and enterprise value.Secondly,this paper selects the listed enterprises of a share that disclose environmental accounting information from 2013 to 2018 as the sample,and after the multiple linear regression,the sample selection bias may exist,the propensity score matching(PSM)method is used to test the results.In order to improve the robustness of the results,nearest neighbor matching method,radius matching method and kernel matching method were used to estimate the average processing effect of environmental accounting information disclosure.Through the above research,it is found that the disclosure of environmental accounting information can significantly reduce the cost of equity capital and improve the value of enterprises.Through environmental accounting information disclosure,enterprises can deliver high-value information at low cost,which can not only reduce the degree of Information asymmetry,but also improve the liquidity of stock.And this kind of disclosure behavior also helps the enterprise win the investor preference,causes the investor to reduce its anticipated investment rate of return,thus reduces the enterprise equity capital cost.At the same time,the disclosure of environmental accounting information can reflect a strong sense of social responsibility and operational strength of enterprises,and help to improve the overall evaluation of enterprises by stakeholders,thereby improving the value of enterprises.The higher the level of development of green finance,the lower the cost of equity capital and the higher the value of enterprise.With the rapid development and improvement of China’s green financial system,the external institutional pressure has been increasing,sending a strong "green" signal to the market,to make investors and other stakeholders aware that environmental protection is an important factor in the long-term development of enterprises,so that they pay more attention to the environmental risks faced by enterprises,attach importance to the disclosure of environmental accounting information of enterprises,and promote the transformation of enterprises to green and low carbon,thus enables the enterprise to obtain the sustainable development the power.This paper empirically analyzes the development level of green finance,corporate environmental accounting information disclosure and corporate value between the mechanism.It further enriches the research theory of enterprise environmental accounting information disclosure and enterprise value,and helps to promote the practice of enterprise environmental accounting information disclosure,and to promote the endogenous motivation of enterprise environmental accounting information disclosure.The study of this paper provides theoretical basis and policy suggestions for improving the environmental accounting information disclosure system in China,and also provides empirical evidence for the construction of China’s green financial system.