Research On The Influence Of Environmental Information Disclosure Quality On The Value Of Energy Enterprises

As the global environment continues to deteriorate,people are paying more and more attention to the ecological environment.As the main body of pollutant emission,energy enterprises should assume the main responsibility of protecting the ecological environment and disclosing environmental information.To regulate and guide the environmental information disclosure of listed companies,the environmental protection departments have issued a series of laws and regulations,although the environmental information disclosure of listed companies is improved,but there are still between environmental information disclosure quality overall is low,the enterprise information disclosure quality is uneven,such problems as lack of the intrinsic motivation of voluntary disclosure,How to promote enterprises to pay attention to the quality of environmental information disclosure has become a common focus of academic and practical circles.In addition,different external governance environments will significantly affect the daily business activities and decisions of enterprises,especially in China,a country with uneven development of regional marketization.Therefore,based on the differences in the degree of marketization in various regions of China,this paper discusses the relationship between the quality of environmental information disclosure and the value of energy enterprises from the perspective of the energy enterprises themselves,in order to provide data supporting suggestions for the improvement of the value of energy enterprises and the realization of high-quality development.First,starting from the research background,purpose and significance,the article sorts out and evaluates domestic and international research related to environmental information disclosure quality,marketization degree,and corporate value.Based on the analysis of environmental Kuznets curve theory,the paper puts forward research hypotheses and expounds the mechanism of environmental information disclosure quality affecting corporate value.Second,the paper collected data of 140 listed companies in the energy industry from2010 to 2019 as research samples,conducted empirical tests on the research hypothesis and explored specific action paths,introduced the degree of marketization as a moderator variable,and further discussed the impact of environmental information disclosure quality on enterprise value.Third,the empirical results show that the quality of environmental information disclosure of energy companies is positively correlated with corporate value.The quality of non-monetary environmental information disclosure has a more significant positive impact on corporate value.The cost of equity capital and expected cash flow play an intermediary role in the process of environmental information disclosure quality affecting enterprise value.In other words,the quality of environmental information disclosure can reduce the cost of equity capital and improve the expected cash flow,forming a transmission mechanism that affects the enterprise value.The degree of marketization has an enhanced effect on the positive correlation between the quality of environmental information disclosure and corporate value.The degree of marketization has a stronger positive regulatory effect on the relationship between the quality of non-monetary environmental information disclosure and corporate value.Finally,based on the empirical results,the thesis puts forward relevant suggestions for enhancing the value of energy companies,including: paying attention to the quality of environmental information disclosure and improving environmental reputation,reducing information asymmetry to reduce equity capital cost,increasing public awareness to enhance expected cash flow,and adapting to the pace of marketization to promote the harmony and unity of economic and social values.