An Empirical Study On The Impact Of Environmental Information Disclosure On Enterprise Value

Now China’s economic development from high-speed growth to improve the quality of development stage,the construction of a new environmental governance system,improve the environment,enterprise responsibility is undoubtedly the key.Relevant departments have formulated a series of policies and regulations,requiring companies to strengthen environmental management,and disclosure of relevant environmental information in accordance with the provisions;At the same time,sustainable economic growth requires enterprises to pay attention not only to economic benefits but also to environmental benefits in their development.In addition,all sectors of society will focus on environmental issues,and all parties with interests in the enterprise need to understand the environmental information of the enterprise,according to the disclosure of information to truly understand and grasp the enterprise to fulfill the environmental protection responsibility,and then make decisions conducive to their own.Investors’ investment decisions are very important for the development of enterprises.At present,the impact of environmental information disclosure on enterprise value has aroused widespread concern from all walks of life.Therefore,this paper first carefully read and studied relevant literature to provide theoretical support for the study.Selected on the basis of relevant theories,the data of sample companies from 2015 to 2020 as the research sample,with reference to previous studies,using content analysis,environmental information disclosure index assessment framework,the measure of environmental information disclosure,carries on the regression analysis using multivariate regression method,investigates the environmental information disclosure of enterprise value influence,And how environmental information can influence enterprise value by improving information environment and increasing enterprise innovation.The empirical results show that :(1)the increase of corporate environmental information disclosure can improve corporate value.(2)Mechanism test shows that,on the one hand,enterprises disclose more environmental information to improve the information environment to enhance corporate value;On the other hand,the disclosure of more environmental information can promote enterprise innovation and thus enhance enterprise value.(3)Further research shows that compared with the enterprises with high financing constraints,low profitability and non-state-owned property rights,the environmental information disclosure of enterprises with low financing constraints,high profitability and non-state-owned property rights plays a more significant role in enhancing enterprise value.This paper is helpful to expand the research on the economic consequences of environmental information disclosure,and has reference value for the government,enterprises and relevant market entities to make information disclosure and investment decisions.