Research On The Greenwashing Of Mining Listed Companies And Its Impact On The Value Of Companies

The 20 th report of the Party pointed out that it is necessary to firmly establish and practice the concept of "lucid waters and lush mountains are invaluable assets",and plan for development from the perspective of harmonious coexistence between humans and nature.The CPC Central Committee has comprehensively promoted ecological priority,economical,green and low-carbon development,which requires enterprises to be more responsible for environmental protection.However,in order to meet the current public’s demand for green products,some enterprises use false advertising to shape the green image of enterprises,but fail to put their environmental protection concept into action.Actually,this practice is "greenwashing".The behavior of greenwashing is essentially a kind of deception,which is not only violates the concept of environmental protection,but also harms the public interest.Therefore,the greenwashing of enterprises has become an urgent problem to be solved in the current society.Mining industry is one of the important pillar industries of national economy,providing necessary energy for national economic construction.However,mining activities usually involve the production process of high energy consumptions,emissions and pollution,which seriously destroys the geological and geomorphology.Some mining enterprises recklessly mining and destroy the ecological environment,seriously affecting the production and life of the local people,and causing a crisis of public confidence.It can be seen that in order to cover up the pollution problem,mining enterprises have a greater motivation to implement greenwashing behavior.Therefore,this thesis selects the mining industry in the heavy pollution industry to study and analyze its greenwashing behavior and its impact on the company value.Based on the above research background and centering on the research topic,in the beginning this thesis sorts out the relevant literature of greenwashing at home and abroad.On the basis of that,according to the industry characteristics and pollution of listed mining industry companies,the greenwashing evaluation system is constructed,which enriches the research on the identification and evaluation system of greenwashing actions.Then,taking the data of listed companies in mining industry from 2008 to 2021 as the research sample,the sample data uses Stata 16.0 statistical analysis software to verify the hypothesis of this thesis: in hypothesis 1,the greenwashing of listed companies in mining industry has the industry peer effects;in hypothesis2,the greenwashing of listed mining companies has a negative correlation with the enterprise value.And then,selecting classic case Zijin Mining as a research object,analyze the company in different stages when the change of the company value,and explore the Zijin Mining greenwashing behavior influence mechanism on the company value,the results show:Greenwashing behavior has a negative impact on enterprise value by increasing in pollution compensation costs,difficult in enterprise debt financing delivering and damaging in the enterprise reputation has a negative impact on enterprise value.Finally,delivering relevant conclusions and put forward policy suggestions.Through case analysis and empirical analysis,this thesis draws three conclusions: first,the greenwashing behavior of listed mining companies has the same peer effects;second,the behavior has a negative impact on the enterprise value;third,it is affected by the behavior of stakeholders.Based on the research conclusion,this thesis puts forward suggestions: Firstly,enterprises actively bear responsibilities for environmental protection and promote green technology research and development;Secondly,strengthen institutional construction to improve the level of governance,and restrain managers’ behavior;Thirdly,enterprises should develop internal anti-corruption scrutiny plans to enhance their independence;Fourthly,the government should establish a "red and black list" of environmental credit to stimulate market regulation;Fifthly,the government departments establish the bottom line awareness of environmental protection and stimulate the role of market regulation;Sixthly,to build an environmental protection information sharing platform to strengthen the supervision of public opinion.