A Study On The Impact Of Environmental Information Disclosure Quality On Corporate Value Of Listed Companies In Chemical Industry ——Zhejiang Longsheng As An Example

At present,the construction of ecological civilisation has been elevated to a national strategy,and it is a key strategy for the great rejuvenation of the Chinese nation.Green and high-quality development is an important goal and embodiment of the ecological civilization strategy,and has thus become the mainstream of China’s economic and social development in the new period."The 14 th Five-Year Plan period is a key period for green and high-quality development,and an essential window period for transforming the crude economic development mode.In the context of the "double carbon" strategy,vigorously promoting highquality green development is an important way to achieve the carbon peak and carbon neutral strategy as soon as possible.Enterprises are important participants in the construction of ecological civilization strategy,but also the main body of carbon emission reduction,therefore,to discuss the green and high-quality development of enterprises is the theme of ecological civilization construction.Among the many industries,the chemical industry has become a key focus of attention due to its high pollution and energy consumption characteristics,which play a vital role in the process of green and high-quality development and the achievement of the dual carbon strategy.As one of the basic ways for the community to understand the environmental pollution situation of enterprises,corporate environmental information disclosure is an important measure to urge enterprises to develop towards green and high quality in the new era,and is also an effective way for enterprises to demonstrate their own environmental performance.However,there are still problems with the disclosure of environmental information by listed companies in the chemical industry,such as incomplete information disclosure,low enthusiasm for disclosure and untimely disclosure,and the overall quality of environmental information disclosure is not high.This is partly due to the fact that enterprises need to pay money to disclose additional environmental information,which increases the cost burden of enterprises;on the other hand,some negative environmental information may have a negative impact on the reputation of enterprises,thus affecting the evaluation of enterprise value.Some scholars have used empirical methods to test the causality of information disclosure quality and enterprise value,but no uniformity has emerged.Fewer studies have used case study methods to explore the impact of environmental information disclosure quality on corporate value.Therefore,this paper attempts to investigate whether there is a correlation between the quality of environmental information disclosure and corporate value through case studies.Taking Zhejiang Longsheng as an example,this paper analyses the relationship that exists between the quality of environmental information disclosure and corporate value of listed companies in the chemical industry.Based on the definition of relevant theoretical concepts,the paper analyses the relevant reports of Zhejiang Longsheng in the past five years and summarises the approach and content of its disclosure of environmental information.The paper also constructs a rating index system for the quality of environmental information disclosure,and scores the content of environmental information collected in Zhejiang Longsheng’s relevant reports to form the Zhejiang Longsheng Environmental Information Disclosure Quality Index,while accounting indicators and market indicators are selected to quantify Zhejiang Longsheng’s corporate value.Finally,the relationship between the two is analysed and the reasons for this need to be further explored.Through specific case studies,the paper finds that there is a positive correlation between the quality of environmental information disclosure and enterprise value,while there is a lagging effect of enterprise value on the response of environmental information disclosure,which indicates that the improvement of environmental information disclosure quality is conducive to the enhancement of enterprise value.At the same time,by analysing the environmental information disclosed by Zhejiang Longsheng,it is found that the following problems exist in its environmental information disclosure:（i）lack of enthusiasm and initiative in information disclosure;（ii）lack of uniformity in the content of information disclosure;（iii）irregularity in the form of environmental information disclosure and scattered disclosure locations;（iv）incomplete content of environmental information disclosed and low value of environmental information;（v）lack of negative environmental information disclosure.This reflects that the quality of environmental information disclosure of listed companies in the chemical industry needs to be further improved,which not only requires listed companies in the chemical industry to take the initiative to assume social responsibilities related to the environment,but also requires the government to introduce relevant standardized and mandatory regulations on environmental information disclosure in the chemical industry,as well as enterprise stakeholders,including the public,to actively exercise their own monitoring rights to promote the chemical industry Listed companies should enhance their awareness of environmental protection and address environmental issues in their economic and creative activities.