Research On The Impact Of Environmental Information Disclosure On Corporate Investment Efficienc

Although Chinese legal system related to environmental protection is becoming more and more perfect,there are some shortcomings,and there is still a large degree of autonomy in the disclosure of environmental information by enterprises.It should be recognised that it is far from enough to rely on laws and regulatory authorities to promote environmental protection,and that the development of environmental protection requires the efforts of the whole society,especially the main body of enterprises.Listed companies are gradually realising that economic development at the expense of the environment is not conducive to sustainable development,and that companies in heavily polluting industries are responsible for much of the environmental pollution in China.This paper selects 1029 samples of 208 listed companies in A-share heavily polluting industries from 2017 to 2021 for the study,and finds a significant correlation between environmental information disclosure and corporate investment efficiency.The better quality of environmental information disclosure,higher the investment efficiency of enterprises,and the poorer quality of environmental information disclosure,lower the investment efficiency of enterprises.Further research found that media attention has a positive moderating effect on investment efficiency,and the higher the media attention,the stronger the investment efficiency of enterprises may be.This paper takes Jiangsu Huachang Chemical CO.,LTD.,a representative company in Jiangsu province in the chemical industry category of heavy pollution,as an example to provide a reference for more companies through a qualitative and quantitative analysis of the case to provide reference for more enterprises.This paper enriches the empirical evidence in related research areas,makes enterprises aware that the disclosure of environmental information affects corporate investment efficiency,and motivates more enterprises to improve their own quality and performance to participate in the construction of a better environmental information disclosure evaluation system.It provides reference for the government’s formulation of environmental information disclosure policies.Meanwhile,the media should actively carry out information transfer,pay attention to the monitoring role of the media and long-term development of enterprises.