Research On The Impact Of ESG Information Disclosure In Shenhua,China

ESG is a high-quality development concept and corporate evaluation standard that focuses on corporate environmental,social and corporate governance.In recent years,under the background of global energy conservation and environmental protection,the Chinese government has put forward the "dual carbon" goal,and the business philosophy of energy conservation,environmental protection,sustainability and high-quality development advocated in the ESG system is in line with the sustainable development concept advocated by the state,so China’s emphasis on ESG issues continues to increase.China Shenhua is the world’s leading large-scale coal-based listed company,its industry has a very important position in the national economic and social development,in response to the national green and sustainable development strategy,the coal industry must correctly understand ESG concepts,actively disclose ESG information,and strive to balance energy supply and low-carbon emission reduction.However,compared with Western countries,China started late in ESG disclosure,and although the number of companies conducting ESG information disclosure has shown a straight upward trend with the introduction of the national sustainable development strategy and the strict requirements of regulators on ESG information,many enterprises still believe that the disclosure of ESG information requires more ESG governance costs,resulting in the insufficient willingness of some enterprises to disclose ESG information.Therefore,studying the impact of ESG information disclosure of coal enterprises has certain practical significance for improving their willingness to disclose ESG information.Based on the above background and purpose,this thesis adopts literature research method,case study method and event study method to analyze the role mechanism of ESG information disclosure in China Shenhua by comparing and analyzing the specific impact of ESG information disclosure on enterprises,so as to draw the research conclusions and insightful suggestions of this case study.First,the article compares the relevant literature on ESG information disclosure at home and abroad,and understands the current research status and results.At present,domestic research on ESG information disclosure started late and no unified and clear standard or system for ESG information disclosure has been formed,but with the strengthening of ESG information disclosure regulation in China,there are more and more studies on the causes and effects of ESG information disclosure of enterprises.Secondly,this thesis compares in detail the preparation and disclosure of China Shenhua’s ESG report and analyzes the motivation of its ESG information disclosure.In recent years,China Shenhua has continuously improved its ESG governance,embedded ESG regulatory requirements and rating standards into its daily management,and carried out long-term and continuous ESG disclosure work,and has excelled in ESG disclosure and been listed in the lists of many domestic and international ESG rating agencies.Then,the article analyzes the impact path of ESG information disclosure from four perspectives: cost of capital,enterprise value,environmental benefits and social benefits.Under the guidance of signaling theory,stakeholder relevance theory and sustainability theory,disclosing high-quality ESG information can reduce information asymmetry,send positive investment signals to external stakeholders,and help enhance the sustainability of the enterprise,which will have a positive impact on the enterprise.Finally,this thesis analyzes the impact of ESG information disclosure of China Shenhua based on the above path analysis by selecting indicators such as "cost of equity capital,cost of debt capital,cumulative excess return,and Tobin Q",proposes relevant policy recommendations based on the current situation of ESG information disclosure in China,and looks forward to possible future research directions in this field.The results of this thesis show that China Shenhua’s ESG information disclosure is not only a good indicator of its performance,but also a good indicator of its performance.The results of this thesis show that during the period of continuous ESG disclosure by China Shenhua,the cost of capital has been gradually reduced and stabilized at a low level,the short-term market value has been significantly improved,the environmental management has achieved good results,and the social benefits have become better.