The Research On The Motivation And Economic Consequences Of Listed Companies Of ESG Disclosure

Under the background of economic globalization,due to the characteristics of the pharmaceutical industry that are prone to pollution in the production process and have greater responsibility in social welfare,the corporate governance of pharmaceutical enterprises in environmental protection and corporate social responsibility has been valued by the international community.At the same time,the level of environmental,social responsibility and corporate governance information disclosure of Chinese pharmaceutical enterprises has also attracted much attention in this context,and the ESG report of pharmaceutical and pharmaceutical enterprises,as a carrier to present corporate ESG disclosure information,is also an important way for enterprises to strengthen external communication and strengthen internal supervision and constraints.Therefore,what is the current level of disclosure of environmental,social responsibility and corporate governance reports of pharmaceutical companies,what are the driving factors to promote their information disclosure,and how to play a role are issues that need to be studied and solved urgently,and require theoretical support and empirical discussion.Using case analysis,comparative analysis and event research,this paper selects Shanghai Fosun Pharma Group,an enterprise listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange,as the case object,summarizes the content and quality of Fosun Pharma’s ESG information disclosure around the process of ESG information disclosure,and further analyzes the motivation of Fosun Pharma’s ESG disclosure and the economic and non-economic consequences after the release of corporate ESG reports.Firstly,this paper analyzes the disclosure content and disclosure quality of the case companies in terms of environmental,social and corporate governance by collecting Fosun Pharma’s CSR and ESG reports over the years.Secondly,by integrating the theoretical foundations of signal transmission theory,stakeholder theory and corporate social responsibility theory,this paper attempts to explore the driving factors and mechanisms affecting the disclosure of ESG information by pharmaceutical enterprises.Finally,the implementation consequences of Fosun Pharma’s ESG disclosure are analyzed from both financial and non-financial indicators.Through the research of this paper,it is found that: First,after years of ESG governance practice,Fosun Pharma publishes ESG reports to disclose corporate ESG information in accordance with the ESG disclosure framework of the relevant guidelines of the Hong Kong Stock Exchange and the Shanghai Stock Exchange.Second,Fosun Pharma’s ESG information disclosure measures comply with market regulatory requirements,meet stakeholder expectations and ease financing constraints.Third,ESG information disclosure by enterprises has a positive impact on enterprises in the short and long term,while independently released ESG reports are more recognized by investors,and this trend is more obvious when Hong Kong investors invest.The long-term development level of enterprises has also improved with the improvement of ESG governance level;Fourth,the impact of non-economic consequences is reflected in the improvement of corporate market reputation,the enhancement of corporate innovation ability,becoming a leader in ESG disclosure in the industry,and promoting the green and sustainable development of enterprises.In summary,this paper summarizes the relevant enlightenment from the perspectives of enterprises,regulators and stakeholders,namely,corporate ESG information disclosure should be combined with the actual situation of enterprises,ESG information disclosure by enterprises is conducive to long-term sustainable development,and the promotion of ESG governance requires the government and relevant departments to jointly guide and promote ESG governance in line with the national development strategy.