Research On The Impact Of Environmental Information Disclosure On The Enterprise Value ——A Case Study Of The Listed Companies That Are Heavily Polluted

In recent years,with the rapid development of domestic economy and the continuous enhancement of comprehensive national strength,people are yearning for a better life.However,with the rapid development of industrialization,environmental problems have become increasingly prominent,resulting in environmental pollution has seriously affected people’s happiness index.Promoting green development,improving the ecological environment,strengthening pollution control and ecological protection and restoration,and promoting harmony between man and nature are all mentioned in the report to the 19 th CPC National Congress,the 14 th Five-year Plan,and the report on the work of the Government in 2022.Compared with other domestic enterprises,heavy polluting enterprises,which discharge pollution and consume resources,cause more serious harm to the environment.Although they play an important role in promoting China’s economic development,they should also assume corresponding social responsibilities in production and operation and make their own contributions to the protection of the ecological environment.Although the disclosure of corporate environmental information will increase environmental protection costs and operating costs,it will also help enterprises establish a good image,win the favor of stakeholders,attract more capital and enhance corporate value,which is both a challenge and an opportunity.Through the review of domestic and foreign literature,it is found that there are abundant researches on the impact of environmental information disclosure on enterprise value.There are generally three situations,namely,the disclosure of environmental information will enhance enterprise value,reduce enterprise value and do not affect enterprise value.However,there are also some shortcomings: first,the current research is either limited to a specific industry,such as chemical industry,mining industry,energy industry,etc.,which makes the research has limitations;Or the research object is too broad,which has no great impact on the environment,such as education,finance,electronic information and other industries are also included,making the research lack accuracy;Second,current scholars focus on external factors,such as the level of internal control,marketization,public attention,etc.,while there is little research on internal situation;Third,there are different standards of environmental information disclosure at present.Each company has different standards of disclosure,different focuses,and different index systems,which lack universality.This paper improves the index system of environmental information disclosure.By collecting information from the social responsibility reports,annual reports and official websites of heavily polluted listed companies,the commonness of the information disclosed by sample companies is selected to conduct qualitative and quantitative analysis,and the scoring framework is constructed from the monetary and non-monetary aspects to improve the index system,so as to make the assessment of environmental information comparable.At the same time,hypotheses based on stakeholder theory,information asymmetry theory,signal transmission theory and social responsibility theory are proposed to enrich the research content.On the basis of studying the influence of environmental information disclosure on enterprise value,the paper further analyzes whether there is lag in the influence.At the same time,environmental information disclosure is divided into monetary and non-monetary parts,and its impact on enterprise value is analyzed from the inside.Finally,the property right nature is added to deeply analyze the impact of property right nature on the relationship between the two.The research object is mainly the heavily polluted listed companies.The data of 220 heavily polluted listed companies from 2016 to 2020 are selected to establish a multiple regression model,and the data are analyzed by using STATA software.The conclusions are as follows :（1）The environmental information disclosure of heavily polluted listed companies has a positive and significant impact on enterprise value;（2）There is a lag in the impact of environmental information disclosure on enterprise value;（3）Compared with monetary environmental information disclosure,non-monetary environmental information disclosure is more conducive to the improvement of enterprise value.（4）Compared with state-owned enterprises,the enterprise value of non-state-owned enterprises is more susceptible to the impact of environmental information disclosure.Finally,this paper puts forward corresponding policy suggestions: first,improve environmental awareness,increase investment in environmental protection;Second,take the initiative to fully disclose environmental information,focusing on non-monetary environmental information disclosure;Third,perfect the environmental information disclosure system,establish a reasonable and unified index system;Fourth,we need to carry out all-around environmental supervision,and use both rewards and punishments.