An Empirical Research On The Impact Of Environmental Information Disclosure On The Green Transformation Of Heavily Polluting Enterprises

Since the reform and opening up,China’s economic growth has achieved world-renowned achievements.The emergence of environmental problems such as resource consumption and ecological pollution in the development process threatens the health of the public and the sustainable development of the economy.It has become a serious problem that the human society must work together to deal with.Under such a realistic background,the Chinese government has continuously improved its policies on energy conservation and environmental protection,and restricted the environmental behavior of enterprises by requiring enterprises to disclose environmental information.The proactive disclosure of environmental information by companies is a win-win behavior for themselves and their stakeholders.It can effectively reduce information asymmetry,provide investors with more effective information,and improve corporate reputation,thereby alleviating the company’s own financing pressure and obtaining more green premiums;At the same time,it also strengthens the enterprise’s own crisis awareness,prompting the enterprise to improve production skills and actively seek green transformation.As an important part of the industry,heavy-polluting enterprises are an important engine to promote my country’s economic growth.At the same time,because of their own production characteristics,they have become the main source of resource consumption and the main source of environmental pollution.Therefore,heavy-polluting enterprises should take the initiative to assume social responsibilities.Improve the level and quality of environmental information disclosure.However,in reality,some companies may not realize the importance of environmental information disclosure for various reasons,resulting in a low level,chaotic form and mixed content of our environmental information disclosure.Therefore,this article conducts research on the impact of environmental information disclosure of heavily polluting companies on green transformation,and explores possible impact paths.Based on the stakeholder theory,legitimacy theory,rent-seeking theory and other theories,and on the basis of combing foreign and domestic scholars’ research status,the paper use listed companies’ data in heavy polluting industries from 2015 to 2019 as the research sample,using the model Regression test whether environmental information disclosure will affect enterprises’ green transformation,explore whether government environmental protection subsidies play an intermediary role in it,analyze the internal mechanism,and finally consider property rights’ nature,and explore whether property rights’ nature will produce environmental information disclosure’s effects and green transformation of enterprises influences.The empirical results show that overall,from a sample of heavily polluting listed companies,environmental information disclosure can positively promote the green transformation of enterprises.Further introduce the variable of government environmental protection subsidies.Since government environmental protection subsidies have a policy-oriented effect to a certain extent,there is a transmission path of environmental information disclosure-government environmental protection subsidies-corporate green transformation.The classification of the sample by the nature of property rights also proves that the nature of property rights will have a significant impact on the environmental protection policies and operating methods of enterprises.Compared with state-owned enterprises,the environmental information disclosure of non-state-owned enterprises plays a more obvious role in promoting the green transformation of enterprises.This paper extensively collects pollution discharge data and energy consumption data from heavy-polluting industries,and realizes the quantification of micro-enterprise level green transformation.It enriches the research methods of corporate green transformation,deepens the research on the economic consequences of environmental information disclosure,provides useful evidence for improving environmental information disclosure policies,and provides new ideas and perspectives for environmental accounting research.