The Effect Of Environmental Information Disclosure Of Listed Companies

With the continuous improvement of China’s economic strength and the increasing international status,environmental issues have also become the focus of our country’s current concerns.In our country,there are a large number of scholars studying the field of environmental accounting.Most of the research focuses on the accounting and recording of environmental accounting.As the main producer of environmental problems-enterprises,although the environmental costs in corporate profits can not be reasonably quantified at present,we can understand the contribution of the environmental protection companies through environmental disclosure.Enterprises as profit groups,the maximization of corporate value is their pursuit of the goal,and share prices in the case of investment is unchanged,a manifestation of corporate value.So what is the intrinsic relationship between the effect of environmental information disclosure and the enterprise value on the basis of the stock price synchronization is the research focus of this article.This paper studies the current situation of environmental information disclosure based on the special report of 410 annual report of listed companies in high pollution industry and environmental information disclosure in 2012-2016 and quantifies the prior disclosure level of environmental information in China by establishing the index of environmental information disclosure.Then according to R2 measure stock price synchronization of this indicator,the use of 2012-2016 five years 909 sample data,the establishment of environmental information disclosure → price synchronization → enterprise value empirical research path.Finally,the following conclusions are drawn:(1)The listed companies in China’s high-pollution industries have low levels of overall environmental information disclosure,poor comparability among industries,and lack of independent environmental audits;they mainly disclose environmental compliance.(2)Environmental information disclosure of listed companies in high-pollution industries in China can significantly reduce the price synchronization;but there is no significant correlation with disclosure of environmental information carriers.(3)High pollution industry listed companies to measure the synchronization of stock price index R2 is generally higher,lower stock price synchronization can improve corporate value.(4)Environmental information disclosure of listed companies with high pollution industry is positively correlated with enterprise value.This empirical test of environmental information disclosure → synchronization of the stock price → enterprise value of information transmission path.