Empirical Research On The Correlation Between Environmental Information Disclosure And Corporate Performance Of Electric Power Listed Companies

Environmental issues restrict the development of China’s economy.The government has strengthened environmental protection supervision and required companies to publicly disclose environmental information.As an important part of social economy,enterprises should assume environmental protection obligations and disclose environmental information.Although the current level of environmental information disclosure has improved,it is still in its infancy and has a lot of room for improvement.In response to this situation,academia has carried out a series of researches on environmental information disclosure and corporate performance,but still to draw general conclusions.As one of the heavily polluting industries,the power industry should also fulfill its environmental protection responsibilities and do a good job of environmental information disclosure.Although the power industry is transforming to clean energy power generation,the current electricity production is still highly dependent on coal resources.Environmental problems restrict the development of the industry,actively assume environmental obligations,and publicly disclose environmental information may play a role in improving company performance.Therefore,this paper uses listed companies in the power industry as a sample to conduct research on the correlation between environmental information disclosure and company performance,and provides a certain theoretical basis for promoting the better disclosure of environmental information and good development of power companies.This paper first defines the concepts of electric power listed companies,environmental information,environmental information disclosure level,and corporate performance in theory,and analyzes the relevant basic theories on the basis of consulting a large number of domestic and foreign literature and other materials.Then,it puts forward the hypothesis that there is a correlation between the environmental information disclosure level of listed power companies and company performance,then sorts out the research methods of environmental information disclosure level,analyzes the current status of environmental information disclosure of listed power companies.With reference to the requirements of laws and regulations,a content analysis method was used to construct a scoring system for environmental information disclosure levels of listed power companies,and the explanatory variable-environmental information disclosure level was obtained based on this;and then selects the return on equity and the Tobin’s Q as the explanatory variables to reflect the company’s financial performance and market performance,select five indicators were selected as control variables,and the reliability analysis of data reliability was performed using the Cronbach’s coefficient method.Then,based on the hypothesis,six multiple regression models were constructed to study the relationship between environmental information disclosure and the company’s financial performance and market performance,including lag and long-term considerations,and the data were used for descriptive statistics,correlation analysis,regression analysis and robustness test of model reliability.The empirical results show that the level of environmental information disclosure of power listed companies is positively correlated with the financial performance and market performance of the next period;the company’s high-level disclosure of environmental information for three consecutive years is positively correlated with its financial performance in the next three years,but there is no significant correlation with its market performance in the next three years.Finally,in order to ensure the implementation of the environmental information disclosure system of listed power companies,specific suggestions were made from four aspects.This article has the following innovations.First,the innovation of research variables.In the current research,scholars mostly use financial performance to represent company performance.This paper studies both financial performance and market performance,and the return on equity and Tobin’s Q are used as representative indicators.Second,the construction of the scoring system.The environmental information disclosed by the power industry is incorporated into the scoring standards to form a scoring system for environmental information disclosure levels applicable to the power industry.Third,the innovation of research perspective.It is proposed that there is a lag correlation between the level of environmental information disclosure and company performance,and study the short-term and long-term effects of environmental information.disclosure level.The short-term perspective is based on the environmental information disclosure level and the current and next-term company performance.The long-term perspective is based on the perspective of high-level disclosure of environmental information for 3 consecutive years and company performance in the next 3 years,enriching the perspective of research.