A Study On The Correlation Between Government Environmental Regulation,Quality Of Environmental Information Disclosure And Enterprise Value

With the rapid development of society and economy,all sectors of society pay more and more attention to environmental protection and ecological governance.China's environmental information disclosure started late.The beginning of corporate environmental information disclosure was the "green accounting" introduced in the 1990 s,such as " "Corporate Social Responsibility Report" and other information disclosure methods followed.In 2015,China promulgated the "Environmental Protection Law of the People's Republic of China",which brought invisible pressure to enterprises.Enterprises usually aim at maximizing profits.When choosing whether to disclose environmental information,enterprises will first consider whether environmental information disclosure will increase the value of the enterprise and be beneficial to the development of the enterprise.Therefore,the discussion on the relevance of the value of environmental information disclosure will help companies to voluntarily disclose environmental information and assume corresponding social responsibilities.This article first returns to relevant domestic and foreign literature,summarizes the research results on environmental information disclosure,corporate value,and government environmental regulation,and reviews the literature.Then it introduces related theories and proposes four assumptions: The first is that government environmental regulation has a significant positive correlation with the level of corporate environmental information disclosure;the second is that the level of environmental information disclosure is positively related to the value of the enterprise;the third is that the level of environmental information disclosure is negatively related to the value of the enterprise;This is even more pronounced in non-stateowned enterprises.Then build a multiple regression model based on the hypothesis.This article uses the data of 423 heavily polluting companies listed on A shares in 2015-2018 as a sample,and uses SPSS and excel software to perform descriptive statistics,correlation analysis,multiple regression analysis,and the results are confirmed.Made assumptions.Then take Chenming Paper as a case for case analysis,expatiating Chenming Paper's environmental information disclosure status,problems,etc.,and put forward suggestions for improvement.Finally,I put forward my own suggestions from the three aspects of government,business and the public,and summarize the outlook of this article.