Research On The Impact Of The Quality Of Social Responsibility Information Disclosure In Heavy Pollution Industries On Corporate Value

China's social economy is developing rapidly,but "green water and green mountains" and the concept of sustainable development will be issues that need to be considered now and for a longer period of time.Economic development is important,but environmental issues cannot be ignored.We must make overall plans and not lose sight of each other.For heavily polluting enterprises,this test will be even more profound.Jiangsu Xiangshui's 2019 "3.21" special major explosion accident has been settled,but the impact is far from over.This accident has had a huge impact on the local environment and economy,and even for all parts of the country,it requires deep reflection and attention.Although China's economic development is inseparable from the support of enterprises,enterprises play a central role in the process of national construction,but heavily polluting enterprises will face environmental damage during the development process,which requires us to think deeply.At the cost of destroying the environment and the interests of relevant stakeholders,blindly pursuing benefits without fulfilling social responsibilities will only plunge you into a deeper swamp and will never end.In particular,provinces and cities in China have begun to attach importance to environmental regulations of heavily polluting enterprises,and in response to the call of the national environmental protection policy,have begun to rectify heavily polluting enterprises.For example,Jiangsu Province recently issued the Jiangsu Province Chemical Industry Safety and Environmental Protection Improvement Plan,which requires that by the end of 2020,the number of chemical production enterprises in Jiangsu Province must be reduced to 2000;some areas in Shandong Province have shut down 122 heavy pollution in mid-2019 enterprise.Some company leaders also openly stated that the green water and green mountains do not mean that all heavily polluting enterprises should be shut down,but that they are encouraged to use scientific and technological methods to reach the green water and green mountains.Therefore,if heavily polluting enterprises can actively fulfill their social responsibilities,adopt energy-saving and emission-reduction methods of technological innovation,and disclose their environmental protection concepts and social contributions to the society,they can get out of the predicament and create new value.Scholars are paying more and more attention to the fulfillment of corporate social responsibility,and are constantly studying and enriching the content in this field.Scholars also have a strong curiosity about the relationship between the quality of social responsibility information disclosure and corporate value,but because of the different data intercepted and the different measurement standards of social responsibility,the conclusions are not consistent.This article is based on the social contract theory,stakeholder theory,corporate citizenship theory and information transmission theory as a guide,drawing on previous literature,using the data of listed companies in the Shanghai-Shenzhen A-share heavy pollution industry from 2017 to 2018 as the research object,using third-party professional The indicator system of the organization and Xunwang selects the Xunwang social responsibility evaluation score as the quality of corporate social responsibility information disclosure,and empirical analysis shows that:(1)There is indeed a positive correlation between the quality of social responsibility information disclosure and corporate value in China's heavily polluting industries,and It is verified that this effect is realized through the path of enterprise equity capital cost.(2)Introduce environmental protection investment of various provincial governments as adjustment variables,and find that the more local environmental protection investment of the provincial government,the stronger the positive impact of the quality of social responsibility information disclosure on its enterprise value,and this adjustment effect is only reflected in non-state-owned enterprises.,Is not significant in state-owned enterprises.(3)The marketization level of each province is introduced as a regulating variable.The result is that the higher the marketization level,the less positive the local corporate social responsibility information disclosure quality has on the corporate value,and this regulatory effect is only reflected in state-owned enterprises.Not significant in non-state-owned enterprises.The research conclusion of this paper shows the importance of the quality of corporate social responsibility disclosure and provides a new perspective for corporate management,investors and regulatory authorities.Enterprises should improve the management's sense of social responsibility,promote the construction of corporate social responsibility,improve the evaluation mechanism for managers,pay attention to the comprehensive measurement of non-financial indicators,and assume the responsibility of employees to cultivate employees' sense of belonging.When assessing the value of an enterprise,especially a heavily polluting enterprise,the assessment agency should also consider the off-balance sheet factors of the degree of fulfillment of corporate social responsibility and the environmental protection supervision of the province where the enterprise is located.These factors will restrict the development of the enterprise to a certain extent.Regulatory departments should also look for and correct deficiencies in the local heavy pollution corporate social responsibility information disclosure system,reasonably assist companies to improve their social responsibility disclosure systems,and enable companies to develop more healthily.