Ecological Civilization Reform Plan,Environmental Information Disclosure And Corporate Value

In the context of advocating green and sustainable development,whether to disclose social responsibility in accordance with regulations is an important consideration for the capital market.In the disclosure of social responsibility,environmental information disclosure is an indispensable and important part of it,Therefore,this paper mainly studies whether there is a relationship between the environmental information disclosure level of heavily polluting enterprises and the value of enterprises,whether market attention plays an intermediary role in it,and whether there is heterogeneity in the nature of enterprises and the degree of market competition.Through theoretical analysis and empirical research,this paper aims to explore the importance of environmental information disclosure by highly polluting enterprises and the government’s "plan" guidance,so as to open up a new path for the enhancement of corporate value,and also have certain practical significance for achieving sustainable social development.Based on domestic and foreign literature and various theoretical foundations,this paper selects listed companies in Shanghai and Shenzhen from 2011 to2021 as the research object,and takes the level of environmental information disclosure,enterprise value,market attention,and "Ecological Civilization Reform Plan" as research variables.When studying the value effect of environmental information disclosure level and the mediating role of market attention,the fixed-effect model is adopted,and when exploring the value effect of environmental information disclosure in the Ecological Civilization Reform Plan,the propensity matching score and the double difference model are used,and the second year of the promulgation of the plan is used as the policy time for empirical analysis.Finally,the following conclusions are drawn:(1)the level of environmental information disclosure has a significant effect on the improvement of enterprise value;(2)In the process of environmental information disclosure acting on enterprise value,analyst attention in market attention plays a part-mediating role;(3)The environmental information disclosure of enterprises with different nature and market competition degree has different influence on enterprise value.(4)The promulgation of the "Ecological Civilization Reform Plan" policy effectively improves the value effect of environmental information disclosure.Base on the theoretical and empirical analysis,This paper makes recommendations from the perspectives of two subjects: companies and governments.For enterprises,they should mainly do a good job of self-restraint in management activities,production activities and financial activities,and for the government,they should mainly improve the construction of institutional systems and strengthen guidance for companies.This article provides reliable suggestions for improving the sustainability of listed companies.