A Study On The Economic Consequences Of Corporate ESG Information Disclosure From The Perspective Of Shared Value Creation

With the deepening of the concept of sustainable development,more and more companies recognize the close connection between economy,environment and society.A series of ESG disclosure framework guidelines have been issued at home and abroad,raising the importance of environmental protection,social responsibility and corporate governance among enterprises and the community.By taking environmental protection and social development into account while realizing the interests of shareholders,enterprises can create environmental and social values in addition to their own,i.e.,realize the creation of shared values.In this context,it is necessary to study the economic consequences of ESG information disclosure from the perspective of shared value creation.This major environmental incident and the company’s intentional delay in environmental information disclosure caused strong repercussions in the society,which once again raised the attention of all parties in the society to corporate environmental information disclosure and strengthened Zijin Mining’s awareness of ESG responsibility and information disclosure.Awareness.Since then,the company has actively proceeded to build an ESG ecosystem and improved the quality of ESG information disclosure.Therefore,this paper selects Zijin Mining,a representative enterprise of domestic mining companies,as a case study,and explores the shared value creation and economic consequences reflected in its ESG information disclosure in conjunction with the company’s ESG report.In response to the above reality,based on sustainable development theory,stakeholder theory,signaling theory and shared value creation theory,this paper firstly,conducts a macro analysis of the development and current situation of ESG information disclosure of listed companies in China,and tries to illustrate the importance of corporate ESG information disclosure through the policy development and industry differences in ESG information disclosure.Secondly,focusing on the current situation of ESG information disclosure of case companies,a detailed analysis of ESG information disclosure of Zijin Mining is conducted to identify its shortcomings and provide practical suggestions in a targeted manner.Further,the paper focuses on the economic consequences of ESG information disclosure,and explores the impact mechanism of the economic consequences of ESG information disclosure from the perspective of shared value creation,based on the market response perspective,EVA economic value added perspective and stakeholder perspective,respectively.This paper analyzes the market response to ESG disclosure through the event study method;analyzes the impact of ESG disclosure on corporate value through EVA indicators;and conducts corporate financial and non-financial performance analysis from the shareholder dimension,employee dimension,supplier dimension,government dimension,community dimension,and media dimension,respectively,to illustrate the shared value created by corporate ESG disclosure.Finally,research conclusions and insights are developed,and the shortcomings of this paper’s research are pointed out.The research conclusions drawn from this paper are as follows:(1)Zijin Mining’s ESG system construction and practice has been effective.The company has deeply integrated the responsible concepts of green,openness and sharing into its corporate culture,and actively fulfilled its environmental responsibility,social responsibility and corporate governance responsibility to promote the company’s high-quality sustainable development.(2)There are still deficiencies in Zijin Mining’s ESG information disclosure.This is mainly reflected in the imperfect ESG information disclosure structure,less quantitative information disclosure,and less objective information disclosure.(3)ESG information disclosure of Zijin Mining has created shared value and produced positive economic consequences.From the market reaction results,ESG information disclosure can bring positive market reaction;from the EVA economic value added situation,ESG information disclosure will have positive impact on enterprise value;from the shareholder dimension,it improves shareholders’ mastery of non-financial information of the company,enhances shareholders’ confidence in the sustainable operation of the company,and the company’s total asset return,return on net assets and earnings per share can be From the employee dimension,it protects the rights and interests of employees and enhances the effect of business operation;from the supplier dimension,it reduces the operating costs of both parties,improves market competitiveness and realizes the synergistic development of the supply chain;from the government dimension,it pays taxes in accordance with the law and uses government subsidies reasonably,improves local financial revenue,establishes the corporate image and reduces the company’s capital pressure;from the community dimension,it increases community investment and can From the community dimension,increasing community investment can promote the development of community clusters and lay the foundation for the company’s growth;from the media dimension,it can increase social attention and accumulate the company’s reputation.Through ESG information disclosure,companies can realize the common development of the company and stakeholders and help further enhance corporate value.In this paper,we believe that the government and relevant regulators and companies can improve the quality of ESG information disclosure by improving ESG information disclosure policies;companies can improve the professionalism of ESG information disclosure by introducing and training ESG talents;and third-party institutions can effectively improve the reliability of ESG information disclosure by strengthening the authentication of ESG reports of companies.In this way,the company can create social value and environmental value at the same time on the basis of realizing corporate value.