Green Information Disclosure,Reputation Capital And Enterprise Value

In recent years,the frequent occurrence of various environmental problems has g reatly affected social stability and economic development.In order to restore the ecolo gical environment and prevent the occurrence of major environmental accidents,the g overnment and enterprises have actively taken corresponding measures."Green devel opment" has become the trend of world economic development,and green informatio n disclosure has become the choice of more and more enterprises.However,the ultim ate goal of all production and operation activities of enterprises is to maximize the val ue of enterprises.Why are they willing to squeeze out the resources used for producti on and operation activities to disclose green information? Based on this question,this paper will discuss the impact of green information disclosure on enterprise value.At t he same time,reputation capital,as an intangible asset,is not easy to be imitated by ot her competitors in the industry.The disclosure of green information by enterprises wil l inevitably have a certain impact on it.Therefore,this paper also examines the mediat ing role of reputation capital in the relationship between green information disclosure and corporate value.Taking the data of all A-share listed companies from 2012 to 2020 as research sa mples,this paper examines and analyzes the impact of green information disclosure o n corporate value and the intermediary role of reputation capital in this impact.Finally,based on the differences in property right nature,industry nature,enterprise size,envi ronmental performance,regional nature and executive background,the differences in t he value enhancing effect of green information disclosure in different types of enterpri ses are studied.The conclusions are as follows: First,corporate green information disc losure is positively correlated with corporate value,that is,the higher the level of gree n information disclosure,the higher the corporate value.Second,reputation capital pla ys a partial intermediary role in the relationship between green information disclosure and enterprise value.Third,the positive impact of green information disclosure on ent erprise value of non-state-owned enterprises is more obvious than that of state-owned enterprises.Fourthly,the value enhancement effect of green information disclosure of enterprises in high-polluting industries is more significant than that of enterprises in n on-high-polluting industries.Fifth,compared with small-scale enterprises,large-scale enterprises’ disclosure of green information has a stronger positive effect on enterprise value.Sixth,disclosure of green information by enterprises with good actual environ mental performance has a more significant enhancement effect on enterprise value tha n that of enterprises with poor actual environmental performance.Seventh,the positiv e impact of green information disclosure on enterprise value of enterprises in eastern China is more obvious than that of enterprises in central and western China.Eighth,th e value enhancement effect of green information disclosure of enterprises with senior executives with legal background is more significant than that of enterprises without s enior executives with legal background.The research contributions of this paper are mainly reflected in the following thre e aspects:(1)Based on the overall perspective of the system,the impact of green infor mation disclosure as a comprehensive factor on enterprise value is investigated,and th e related research on enterprise green information disclosure and enterprise value is ex panded.(2)Discuss the role of reputation capital in the relationship between green inf ormation disclosure and corporate value,and analyze the mechanism of value enhance ment effect of green information disclosure.(3)This paper establishes a green inform ation disclosure index to measure the level of green information disclosure of enterpri ses,which provides a certain reference for future research on green information disclo sure.