| With the continuous development of science,technology and economy,environmental pollution has become a topic that human society needs to pay attention to.As companies continue to grow,they will also have an impact on the natural environment.In particular,listed companies are large in size and many of their products or services are related to the environment,so it is urgent to fulfill environmental responsibilities.In order to allow companies to carry out their environmental liabilities and disclose their environmental performance more,my country has promulgated a number of policies and regulations to supervise large and small companies in the market.However,in real life,the environmental information disclosure quality of listed companies is generally not high,and there is still a large room for improvement.This is an issue that needs to be focused on.Due to the existence of stakeholders,there are external pressures on corporate environmental message open,such as government supervision,public supervision,and the level of market competition,etc.These factors place high requirements on companies for information disclosure.At the same time,external pressure also has an effect on the company’s market value by influencing the company’s internal management model and capital institutions.Based on the legality theory,information asymmetry theory,stakeholder theory,etc.,this paper selects the listed companies in the Shanghai and Shenzhen stock market from 2015 to 2019 in the heavy pollution industry of A-shares as the research object.The three aspects of outside legitimacy pressure,publicity of environmental performance,and corporate value An empirical study was conducted on the transmission mechanism of the author,using publicity of environmental performance as an intermediate variable,and using a fixed-effect panel regression model to study the correlation of the three.The empirical results show that:(1)External pressure is positively correlated with corporate value,that is,the greater the external pressure,the higher the corporate value;(2)The outside legitimacy pressure is positively correlated with publicity of environmental performance,that is,the greater the outside legitimacy pressure,the higher the level of publicity of environmental message open;(3)The level of corporate publicity of environmental performance plays a part of the intermediary role between outside legitimacy pressure and corporate value.At the end of the article,after the empirical test,this article raise current market situation recommendations to listed companies,government agencies and other management agencies,and the general public.In the context of the entire market,it is necessary to give full play to the supervision of the government,the public and other stakeholders.Supervising responsibilities,working together,and exerting certain outside legitimacy pressure on the company,can effectively improve the company’s publicity of environmental performance quality and further enhance the value of the company. |
