The Impact Of Environmental Accounting Information Disclosure On Enterprise Value

A good ecological environment is the foundation for the survival and development of society and the country.However,in the process of economic and social development,the contradiction between environmental protection and the growing development needs of mankind has become increasingly prominent.Enterprises are the backbone of social development and the main producers of environmental problems.In order to promote enterprises to fulfill their environmental responsibilities and actively manage a series of waste of resources and environmental pollution during production and operation,the Chinese government and relevant departments have formulated a series of Laws and regulations to restrict and standardize the environmental accounting information disclosure of enterprises.The improvement of the quality of corporate environmental accounting information disclosure can not only improve the level of environmental governance of the whole society,speed up pollution control,fully and reasonably allocate limited social and natural resources,and more effectively help the stakeholders of the enterprise to understand the operation and management status of the enterprise,and enable investors to more accurately judge the future development potential of the enterprise.At the same time,competition in all walks of life is becoming increasingly fierce.How companies can occupy a favorable market share in the fierce market competition,reduce operating costs,and improve production efficiency has become a topic of great concern in the academic community.In the past 20 years,product market competition has been an important external governance mechanism for business development.It can not only help companies restrain lazy behavior,strengthen the incentive and supervision of management,but also play a positive role in improving corporate governance and enhancing corporate value.In order to further explore the relationship between the quality of environmental accounting information disclosure,corporate value,and product market competition,293 A-share listed companies in heavy pollution industries were selected as sample companies,and based on their 2016-2019 data.Construct an environmental accounting information disclosure system,combine stakeholder theory,information asymmetry theory,signal transmission theory,industrial organization theory,and sustainable development theory to analyze and propose hypotheses,and establish regression models to find: product market competition is significantly positively correlated with the quality of corporate environmental accounting information disclosure;corporate environmental accounting information disclosure quality is significantly positively correlated with corporate value;in fierce product market competition,the positive correlation between corporate environmental accounting information disclosure quality and corporate value is even greater obvious.Based on the above research results,the following suggestions are put forward:improve laws and regulations related to environmental accounting information disclosure,improve long-term effective punishment mechanism;strengthen effective competition in the product market,and encourage enterprises to consciously improve the quality of environmental accounting information disclosure;establish and improve environmental responsibility supervision The system and the coordination mechanism of corporate stakeholders.