Research On The Impact Of Environmental Information Disclosure On The Green Development Of Heavily Polluting Enterprises

With the deepening of the concept of green development and the continuous promotion of the construction of ecological civilization,enterprises are facing increasingly severe pressure of environmental legitimacy.The past resource consuming development model is on the verge of elimination.Realizing green development through green transformation has become the way of survival under the background of high-quality development of enterprises.Based on the signal theory,environmental information disclosure can convey information to stakeholders,indicating the good signal of enterprise environmental governance and operation,establishing a better corporate image,and distinguishing enterprises with poor quality of environmental information disclosure,so as to obtain advantages,widen the gap,better obtain resources and realize green development.Therefore,exploring the relationship between environmental information disclosure and enterprise green development has guiding significance for the development of enterprises in reality.The environmental information disclosure of enterprises must be affected by executives,and enterprises,as social participants,are also affected by political factors,such as government supervision.Therefore,it is also of practical significance to explore how government regulation and executive political connection affect the relationship between environmental information disclosure and enterprise green development from the inside and outside of the enterprise.Starting from the problem,this paper selects the data from 2010 to 2019 of 174 listed companies in Shenzhen A-share heavy polluting industries as the research sample,adopts the method of empirical analysis to explore the relationship between environmental information disclosure and the green development of enterprises,and discusses the nature of the equity.Differences between state-owned enterprises and private enterprises.At the same time,two moderating variables,government regulation and executive political connection,are introduced to explore the moderating effect of political factors on environmental information disclosure and corporate green development from the inside and outside of the enterprise.The study found that the quality of environmental information disclosure has a promoting effect on the green development of enterprises;and this promoting effect is more obvious in state-owned enterprises.Both government regulation and executive political connections have moderating roles in the relationship between the two.The stronger the government’s supervision,the stronger the promotion effect of the quality of environmental information disclosure on the green development of enterprises;however,the higher the political connection of senior executives,it will inhibit the promotion of the quality of environmental information disclosure to the green development of enterprises.Therefore,this paper suggests that the state should formulate a reasonable environmental information disclosure system and reward and punishment mechanism to improve the quality of corporate environmental information disclosure;enterprises need to strengthen the awareness of green development;pay attention to and comply with government regulations,pay attention to the political background of senior management team members,and build reasonable executives team.The contributions of this paper are:(1)to explore the impact of environmental information disclosure on the green development of enterprises from the enterprise level,which enriches the research on green development at the micro level,and also enriches the research on the consequences of environmental information disclosure;(2)from the perspective of government regulation and executives Political connections are divided into two directions,internal and external,which study the role of political factors and expand the scope of application of executive characteristics and government regulation.