Research On The Impact Of Environmental Information Disclosure Level On Financial Performance Of Heavily Polluted Listed Companies

Promoting green development and promoting harmonious coexistence between man and nature is an important goal of the 14 th Five-Year Plan.In recent years,there have been frequent environmental incidents such as "haze","seepage pit" and "soil pollution",which highlight the urgency of green governance.As the main body of the market economy and the main culprit of environmental pollution,the environmental information disclosure of heavy polluting enterprises has a great impact on the overall environment of the society.Profit is the purpose of an enterprise itself.Therefore,exploring the impact of environmental information disclosure level on the financial performance of heavily polluting enterprises is not only related to the effective protection of the environment and the maintenance of ecological balance,but also related to the long-term development of heavily polluting enterprises.At present,the impact of environmental information disclosure level on the financial performance of heavy pollution enterprises still has many problems to be solved urgently.This paper adheres to the problem orientation,takes the shanghai-Shenzhen A-share heavily polluting listed companies as the research object,distinguishes the heavily polluting listed companies with different property rights and different regions,and studies the impact of environmental information disclosure level on their financial performance.Explore how to optimize the level of environmental information disclosure of heavily polluted listed companies and improve the feasible path of financial performance.First of all,based on the research on the level of environmental information disclosure and corporate financial performance at home and abroad,124 listed companies in 16 heavy pollution industries from 2015 to 2019 were selected as research samples.Combined with the Interim Measures on Environmental Information Disclosure of Enterprises and Institutions issued by the Ministry of Environmental Protection,2 first-level indicators and11 second-level indicators were established for the mandatory and voluntary disclosure of environmental information by high-pollution units.By consulting the environmental information items disclosed by enterprises in annual reports,environmental reports,social responsibility and sustainable development reports,the content analysis method was used to construct the environmental information disclosure level(EDI).Collect and sort out the financial indicators of guotai ’an,Juchao information,Oriental fortune network enterprises.Secondly,by using Hausman test and panel regression analysis,the fixed effect model of panel regression static model is selected to empirically analyze the internal relationship between the level of environmental information disclosure of heavily polluted listed companies and their financial performance in the next period.This paper introduces the property right nature as a moderating variable to analyze the heterogeneous impact of different property right nature and the level of environmental information disclosure of enterprises in heavy pollution industries in different regions on financial performance.The results show that the level of environmental information disclosure of heavy pollution listed companies is positively promoting the current financial performance.The improvement of environmental information disclosure by non-state-owned enterprises has a more significant effect on financial performance than that by state-owned enterprises,and the improvement of environmental information disclosure by enterprises in heavy pollution industries in eastern China has a more significant effect on financial performance than that in central and western China.Finally,combined with the research conclusions of this paper,the policy suggestions of improving the environmental information disclosure mechanism of listed enterprises in the heavy pollution industry,improving the level of financial performance of enterprises,and strengthening the top-level design of policies related to environmental information disclosure by the government are put forward,and the green transformation of enterprises in the heavy pollution industry is assisted by the visible hand of the government.