Research On The Impact Of Environmental Information Disclosure On Enterprise Value Under The Background Of Double Carbon Goals

Enterprises,as the biggest polluters,should assume more environmental responsibilities.However,the availability of environmental information disclosed by listed enterprises in heavily polluting industries is poor,and the content authenticity level is uneven,which is not conducive to the decision-making of stakeholders,but also affects the realization of the goal of maximizing enterprise value.It is of great significance to study the impact of environmental information disclosure level on enterprise value for promoting the realization of dual-carbon goals and improving the operation efficiency of capital market.This paper first introduces the background and research significance of environmental information disclosure and the implementation of the two-carbon target.Based on the existing literature,it sorts out the differences in the conclusions of environmental information disclosure on the value of enterprises and finds out the research questions.After defining the connotation of environmental information disclosure,the research hypothesis is put forward based on sustainable development theory,reputation theory and hysteresis effect theory,that is,environmental information disclosure has short-term negative impact on enterprise value and has hysteresis effect,and the size of the board of supervisors and media attention play a moderating role in it.In the empirical study,1,170 observed values of 195 Shanghai and Shenzhen A-share listed companies in heavily polluting industries from 2015 to2020 were taken as research data.Multivariate fixed effect model and moderated effect model were constructed,and cluster standard misestimation regression was used to test the main effect and lag effect of key variables.The hierarchical regression method is used to test the moderating effect of the size of the board of supervisors and media attention.Finally,the correlation changes of key variables under the property rights nature and policy environment heterogeneity are analyzed.The results include:(1)the environmental information disclosure level of listed enterprises in heavily polluting industries is not high on the whole;(2)The impact of corporate environmental information disclosure on corporate value is negative in the short term;(3)The larger the size of the board of supervisors,the more intensified the short-term negative impact of environmental information disclosure on corporate value;(4)The greater the media attention,is conducive to alleviating the short-term negative impact of environmental information disclosure on enterprise value.According to the conclusion,the following suggestions are made:(1)Enterprises should improve the level of environmental information disclosure and improve the content of information disclosure;(2)Government departments should strengthen the environmental information disclosure system in accordance with regulations;(3)Reasonably adjust the scale of the board of supervisors and improve the comprehensive quality of the members;(4)Give full play to the role of the media as external supervision channels.