Research On The Impact Of ESG Information Disclosure On Corporate Performance

In recent years,along with the steady progress of our country’s carbon peaking and carbon neutrality goals and development of the financial market,regulatory departments such as CSRC and the Ministry of Ecological Environmental Protection have successively issued relevant policies to guide enterprises to disclose information about ESG.The enterprise regulatory requirements embodied by ESG information disclosure are gradually established and strengthened,and we can see from the construction and continuous improvement of the top design,The disclosure of ESG information by listed companies will be an important direction of capital market regulation.However,from the current situation of ESG information disclosure of Chinese listed companies,although the number and proportion of information disclosure enterprises have increased,the disclosure rate and disclosure quality of enterprise ESG information need to be improved,especially the pharmaceutical industry,compared with other industries,ESG information disclosure rate is relatively low.And there are some problems such as the basis and system of information disclosure is not unified and the content of information disclosure is not comprehensive.In this context,it is of great significance to study the relationship between ESG information disclosure and corporate performance and its influence path,which will encourage enterprises to pay attention to and effectively improve ESG information disclosure,thus improving corporate performance and promoting corporate sustainable development.On the basis of sorting out and analyzing existing researches at home and abroad,combining signal transmission theory,information asymmetry theory,stakeholder theory and resource-based theory,this paper uses inductive deduction to sort out and analyze and proposes research hypotheses.Pharmaceutical manufacturing industry,one of the heavily polluting industries with low ESG information disclosure rate,is selected as the research object.Based on the relevant data of Chinese A-share pharmaceutical manufacturing listed companies from 2015 to 2021,this paper explores the impact of ESG information disclosure on enterprise performance through empirical analysis,uses the mediation model to test the relationship between ESG information disclosure,debt financing cost and enterprise performance,and starts from the perspective of enterprise characteristic heterogeneity.Further study on the impact of ESG information disclosure on corporate performance.The results of this study show that ESG information disclosure has a positive impact on corporate performance.ESG information disclosure has a negative impact on debt financing costs;By improving ESG information disclosure,enterprises can reduce debt financing costs and promote the improvement of corporate performance.At the same time,further analysis shows that,compared with enterprises with higher tax burden,ESG information disclosure of enterprises with lower tax burden has a more significant positive impact on corporate performance.Compared with enterprises with internal control defects,ESG information disclosure of enterprises without internal control defects has a more significant positive impact on enterprise performance.This paper explores the impact of ESG information disclosure on enterprise performance and its mechanism through practical methods,provides effective and targeted suggestions for pharmaceutical manufacturing enterprises to improve the quality of ESG information disclosure and enterprise performance,and provides experience and reference for listed companies in other heavily polluting industries.And provide the ideas to improve our ESG information disclosure system and enhance the awareness of listed companies’ ESG information disclosure.