Research On The Influence Of Environmental Accounting Information Disclosure On Enterprise Value In Non-ferrous Metal Industry

Now,in the environment of advocating green development,enterprises,as the basic units of the national economy,gradually realize that sustainable development is the right way to operate,reckless consumption of the environment and resources to create value wealth behavior is no longer desirable.Environmental Accounting Information Disclosure,as the best carrier between enterprises and environment,plays an important role in the development of green economy.Starting with the enterprises,it is realized that the disclosure of its own environmental accounting information makes it clear whether the voluntary disclosure of environmental accounting information can be used as an important channel to enhance the value of enterprises,only in this way can enterprises be truly guided to disclose efficient and practical environmental accounting information.Therefore,it is worth exploring and thinking whether the disclosure of environmental accounting information has a positive or negative impact on enterprise value and the process of environmental information disclosure on enterprise value.After reviewing the literature on environmental accounting information disclosure and Enterprise Value at home and abroad,this paper finds that there is little research on the correlation between environmental accounting information disclosure and enterprise value by scholars in combination with the highly polluted Non-ferrous metal industry,even less analysis was done on a company-by-company basis.Therefore,through the organic combination of theoretical analysis and case study,starting from case analysis,combined with the corresponding impact mechanism,analysis of the case of Jiangxi copper industry environmental accounting information disclosure level of enterprise value of positive impact and impact path.Firstly,this paper measures the level of environmental accounting information disclosure of Jiangxi copper industry by using the Content analysis from six aspects:Environmental Disclosure Carrier Information,environmental certification information,environmental performance information,environmental management information,environmental governance situation and environmental protection investment situation,the enterprise value of Jiangxi copper industry is evaluated from Tobin’s Q value and financial index.It is found that the improvement of environmental accounting information disclosure level of Jiangxi copper industry has brought about the improvement of enterprise value.At the same time,from the perspective of the cost of equity capital,this paper also explains the path of influence of environmental accounting information disclosure level of Jiangxi copper industry on enterprise value,for it has obtained the good social approval,the investor has reduced to the enterprise the forecast risk,promoted the investor to its investment willingness,causes the equity capital cost to obtain the reduction,finally,it plays an important role in increasing the value of enterprises and verifies the conduction effect of the cost of equity capital between them.Finally,based on the current disclosure situation of Jiangxi copper industry,from three dimensions of strengthening information disclosure system construction,promoting enterprise self-disclosure consciousness,setting up environmental accounting supervision department,this paper puts forward concrete improving suggestions for the optimization of enterprise environmental accounting information disclosure work.Based on the study of the relationship between the disclosure of environmental accounting information and the value of the enterprise,this paper further analyzes the influence of the cost of equity capital on the relationship between the Non-ferrous metal and the enterprise value,enriched the environmental accounting information disclosure of economic consequences of the relevant research.At the same time,the analysis and suggestion on the environmental accounting information disclosure of Jiangxi copper industry can provide some references for the enterprises in the same industry to improve their own environmental accounting information disclosure.