A Study On The Relationship Among Executive Incentive,Corporate Environmental Information Disclosure Quality And Corporate Value

With the rapid development of economy and the improvement of social system,the public's demand and yearning for a green and beautiful life have also increased.As the core force of social development,while enjoying the enormous benefits brought by economic development,enterprises are bound to shoulder more social responsibilities.Enterprises' environmental protection behavior is bound to be supervised by the government and the public.As the formulator and executor of the enterprise strategy,senior managers should not only ensure the normal operation and proper profit of the enterprise,but also take into account the long-term stable development of the enterprise.So actively disclosing enterprise's environmental information and improving the quality of environmental information disclosure are actively assuming social responsibility,bringing good social reputation for enterprises,and then improving the value of enterprises.This paper reviews the existing research,selects 175 listed companies from A shares of Shenzhen Stock Exchange as sample enterprises,collects the sample data from 2008 to 2016(a total of 9 years),selects 14 environmental information disclosure indicators as the basis for measuring the quality of environmental information disclosure,constructs an empirical model related to variables,and deeply explores the quality of environmental information disclosure by executive incentives.To explore the impact of executive incentives on the quality of environmental information disclosure and corporate value.The research finds that:(1)With the emergence of executive shareholding in enterprises,the identity of executives has gradually changed,from the identity of managers to the identity of managers and owners.Enterprises will independently improve the level of disclosure of environmental information,improve the content of disclosure,corporate social reputation will also be enhanced,and corporate value will be higher.(2)The higher the level of executive compensation,the more effective the short-term monetary incentives are,the better the quality of environmental information disclosure,and the higher the value of the enterprise.(3)The quality of environmental information disclosure partially mediates the relationship between executive incentives and firm value.After adding the quality of environmental information disclosure into model 3,it is found that there is a significant positive correlation between the quality of environmental information disclosure and corporate value.On this basis,executive equity incentive and executive compensation incentive maintain a significant positive correlation with corporate value to varying degrees.Combining with the research conclusions,the following suggestions are put forward:(1)Strengthening the legal system construction and establishing an open and perfect mechanism of environmental information disclosure.(2)Take appropriate incentive measures for senior managers.Different enterprises have different business models and strategic plans.When formulating incentive mechanism,salary incentive mechanism and equity incentive should be included in the incentive model.Rational combination of them can improve incentive efficiency and enhance enterprise value.(3)Correct environmental protection consciousness,establish environmental protection image and improve the ability of organizations to establish environmental management system.The government should also actively guide enterprises' environmental protection behavior and promote the virtuous circle of environmental protection.