Research On The Impact Of ESG Information Disclosure On Enterprise Value

As China enters the stage of high-quality development,building a beautiful China and green development have become the requirements of the new era.Investors are increasingly paying attention to the social responsibility and sustainable development capabilities of enterprises.The traditional evaluation system based on financial factors is increasingly difficult to fully reflect the fundamental development of listed companies.ESG provides a new perspective to evaluate the sustainable development capability of enterprises through three issues,including environment,social responsibility and corporate governance,and has become an effective tool to measure the performance of enterprises in the theme of "dual carbon" goal realization,rural revitalization,common prosperity,high-quality development of listed companies,so that investors can identify corporate risks Evaluate the investment value of the enterprise.However,at present,China’s ESG information disclosure is still in its infancy,and a comprehensive ESG information disclosure framework has not been established.There are problems such as a lack of ESG related laws and regulations,insufficient enthusiasm for enterprise ESG information disclosure,and inconsistent evaluation standards for third-party institutions.At the same time,many companies have insufficient awareness of the ESG field and are concerned that the cost of ESG information disclosure may have a negative impact on corporate performance,without understanding its positive impact on long-term value enhancement.On the basis of reading relevant literature and theoretical research on ESG information disclosure both domestically and internationally,this article sorts out the impact paths of environment,social responsibility,and corporate governance on corporate value,and compares and analyzes the differences in ESG information disclosure development between China and developed regions in Europe and America from the perspectives of ESG information disclosure system and disclosure status.Finally,Shanghai Jiahua Company in the beauty care industry was selected as the research object.On the basis of learning and combing the existing research results,and based on the stakeholder theory,signaling theory and resource dependence theory,we explored the impact of ESG information disclosure on enterprise value from the results of information disclosure in the three aspects of environment,social responsibility and corporate governance,and used the event study to detect the market reaction brought by ESG information disclosure.By summarizing the information disclosure content of Shanghai Jiahua ESG,explore its impact on various aspects of corporate value.The research results of this article indicate that ESG information disclosure enables enterprises to constrain their own behavior and regulate their own management.In terms of external environment,ESG information disclosure will alleviate financing constraints,improve corporate reputation,and increase corporate profitability.The study provides evidence for the positive impact of high-level ESG information disclosure on corporate value,which is conducive to attracting the attention of various stakeholders to corporate ESG information disclosure and strengthening the awareness of information disclosure within the enterprise itself.This has a certain positive significance for the formulation of government related incentive policies and investors’ investment decisions.