Research On The Influence Of Environmental Information Disclosure On Enterprise Market Value

With the rapid growth of the economy,China’s economic construction has brought heavy pressure on the sustainable development of the environment by long-term catch-up and extensive growth.As one of the most important micro subjects of social and economic activities,the environmental performance of enterprises directly affects the effectiveness of environmental governance.How to promote Chinese enterprises to improve the quality of environmental information disclosure and improve the awareness of environmental responsibility is an urgent problem in current theory and practice.Based on this,this paper studies the relationship between the quality of environmental information disclosure and enterprise market value,and explores the intermediary role of green technology innovation in it.First of all,a comprehensive review of the research literature on the impact factors and economic consequences of enterprise environmental information disclosure is carried out,and a theoretical analysis framework is constructed.Then,we use multiple regression model,intermediary effect model and quantile regression model to test the hypothesis.The study found that the quality of environmental information disclosure of listed companies in China is generally low and individual differences are large;The quality of environmental information disclosure is significantly positively correlated with the market value of enterprises;In the whole sample,the transmission relationship that enterprises improve the quality of environmental information disclosure through green technology innovation affects the market value of enterprises is established,and green technology innovation water plays a part of intermediary role;In each quantile,information disclosure has a significant positive impact on the market value of enterprises,and the degree of positive impact will show a trend of first increase and then decrease due to the improvement of enterprise market value;For enterprises in different industries and regions,the effect of environmental information disclosure quality is also significantly different.According to the above research conclusions,in order to further improve the governance effect of the environmental information disclosure system and standardize the environmental information disclosure behavior of enterprises,the paper suggests that the central government continue to promote the institutionalization of environmental information disclosure,while improving the standardization of disclosure information;Local governments and departments need to adjust measures to local conditions and strengthen guidance on corporate social responsibility information disclosure in different industries and regions;Enterprises should strengthen their awareness of environmental information disclosure and actively disclose high-quality environmental information.