Research On The Impact Of Environmental Information Disclosure On Investment Efficiency Under Different Institutional Environments

In the new era of economic development,investment is still the key force driving China’s economic growth.Enterprises are important pillars of social and economic development.Improving the investment efficiency of enterprises is conducive to making full use of market economic resources.It is not only an important means to enhance the competitiveness of enterprises and revitalize the social economy,but also an urgent need to achieve high-quality development.Inefficient investment is common in China’s capital market,but there is still a lack of research on how to improve investment efficiency from the perspective of environmental information.Facing the increasingly severe ecological environment situation,the 18 th Party Congress proposed the construction of ecological civilization for the first time,raising environmental protection to the level of strategic development,and the importance of environmental information disclosure is also increasingly prominent.In the context of green development,studying how to improve the investment efficiency of enterprises from the perspective of environmental information disclosure is not only academically innovative,but also has important practical significance.In addition,the investment activities of enterprises will inevitably be universally affected by the external institutional environment.The imbalance of China’s economic development is prominent,and there is a large gap in the institutional environment between different regions.Exploring the impact of differences in institutional environment on the relationship between environmental information disclosure and investment efficiency will not only contribute to enrich the relevant research system,but also provide empirical evidence for solving the problem of unbalanced regional development in China.Based on information asymmetry theory,proxy theory and signal transmission theory,this thesis selects China’s A-share listed companies in heavily polluting industries from 2015 to2020 as a sample to study the relationship between environmental information disclosure and investment efficiency,and explore the impact of differences in institutional environment on the relationship between environmental information disclosure and investment efficiency.At the same time,it conducts mechanism analysis and heterogeneity analysis.The study found that:(1)High-quality environmental information disclosure can effectively restrain over-investment and under-investment,and improve investment efficiency of enterprises.(2)The level of finance and law negatively adjust the relationship between environmental information disclosure and investment efficiency,and the lower the level of finance and law,the stronger the promotion effect of environmental information disclosure on investment efficiency.(3)The mechanism analysis shows that environmental information disclosure can improve the investment efficiency of enterprises by reducing agency costs and alleviating financing constraints,and agency costs and financing constraints play a partial intermediary role in the relationship between them.(4)Heterogeneity analysis shows that non-monetary environmental information disclosure can significantly improve investment efficiency,while monetary environmental information disclosure has no significant impact on investment efficiency.Based on the above conclusions,this thesis puts forward relevant recommendations:(1)Improve the environmental information disclosure system.(2)Strengthen the government’s environmental supervision.(3)Improve corporate environmental responsibility awareness.(4)Play the governance role of the institutional environment according to local conditions.