Enterprise Esg Greenwashing Behavior Identification,motivation And Economic Consequences

Since the 21 st century,as corporate ESG information disclosure has been widely concerned globally,especially as investors pay more and more attention to the performance of corporate ESG when investing,companies with good ESG performance tend to obtain financing at a lower cost.In addition,under the background of " double carbon " in China,the state has set certain standards for the carbon emissions and resource utilization efficiency of enterprises,requiring enterprises to pay more attention to their own performance in environment,society and corporate governance.However,due to the late start of ESG in China,there is no effective regulatory system,and there is no unified ESG evaluation system in the world.The real green development of enterprises requires a lot of costs to transform and upgrade equipment and technology,while greenwashing only needs to verbally promise some commitments to protect the environment or publish some news that is beneficial to itself to obtain the name of green development.As a result,even enterprises with poor ESG performance can still obtain green financing through greenwashing,and greenwashing will cause a lot of harm to investors and the market.Once exposed,greenwashing will have a negative impact on the financial performance and non-financial performance of enterprises.For example,Volkswagen companies have installed ineffective pollutant emission monitoring devices on their products,making the pollutant emissions of their products seem to meet the standards but actually seriously exceed the standards.The exposure of this behavior has caused Volkswagen to face a huge fine of $ 2.9 billion,and its stock price has also fallen by30 percentage points.Based on the case study method,this paper takes Master Kang ’s "greenwashing " incident as the case study object,discusses the identification,motivation and impact on financial performance and financial performance of corporate greenwashing behavior,and analyzes corporate greenwashing behavior based on catering theory,principal-agent theory and signal transmission theory.Firstly,through the research on the overall ESG disclosure of listed companies and the current situation of ESG greenwashing,this paper analyzes the motivation of greenwashing behavior,and then identifies the specific behavior of greenwashing through the whole process of Master Kong ’s greenwashing exposure event,explores its greenwashing motivation and analyzes the economic impact of its greenwashing exposure.The study found that accurate identification of greenwashing behavior is the premise of distinguishing corporate greenwashing behavior.The lack of corresponding supervision and management mechanism and low illegal cost give enterprises the opportunity to drift green;greenwashing has a long-term impact on corporate financial performance and non-financial performance.The research on corporate greenwashing behavior can improve the supervision of the public and the government,so that enterprises can realize the harm caused by greenwashing behavior,so as to promote enterprises to truly realize green development and take the road of sustainable development,and help China achieve the goal of " double carbon " as soon as possible.Master Kang ’s environmental protection concept is false and has been exposed by the media,resulting in serious losses.On the one hand,it damages the image of enterprises in the minds of stakeholders and reduces consumer stickiness.On the other hand,it will directly affect the interests of enterprises.It is hoped that through this article,enterprises should learn from the lessons of Master Kong and clearly understand that greenwashing will have a negative impact on their long-term development.It is also necessary to independently recognize the seriousness of the problem.