Research On The Relationship Between Environmental Information Disclosure And Enterprise Growth

Promoting the Yellow River basin ecological protection and high quality development is time background and the process of economic and social development inevitably choice,is our country the building of ecological barrier and the layout of the high quality and economic development,is a major national strategy^[1].Yellow River basin,rich products,is the national important region of energy,chemical and other basic industries,but insufficient along the yellow the provinces economic development imbalance,the industrial leaning can rely on,the environmental pollution and other issues are still outstanding,become the Yellow River basin ecological protection and restriction factor in the development of high quality.As the leading and important material production departments of the national economy,industrial enterprises should assume the responsibility of economic development and ecological protection and actively fulfill the obligation of environmental information disclosure.This paper takes A-share listed companies in the Yellow River Basin from 2011 to2020 as the research object,and uses empirical research methods such as total sample regression,stepwise regression,grouped regression,lagged regression and instrumental variable method to study the relationship between environmental information disclosure and enterprise growth as well as the differential impact of changes in internal and external environmental characteristics on the relationship.The study found that:（1）the environmental information disclosure level ascension can effectively promote enterprise growth;（2）the internal characteristics,compared with non-state-owned enterprises,state-owned enterprise environmental information disclosure of the positive promoting effect is more significant to the enterprise growth;（3）the external environment characteristics,the enterprise growth in high quality audit,high degree of market competition and under the strict system of management information disclosure to be more sensitive to the environment.In conclusion,policy recommendations are put forward:Perfect the policies and regulations,standardize environmental information disclosure content and way;To strengthen the regulation of environmental information disclosure,to establish a set of complete supervision system;To improve the environmental information disclosure of Industrial enterprise attention ability and integration of disclosure;Focus on internal and external environment changes,grasp the opportunity,avoid risk.