Research On ESG Information Disclosure Of Listed Electric Power Companies Based On Text Analysis

In recent years,ESG has developed on the basis of CSR and is gradually becoming a global hot issue.the ESG concept fits perfectly with the need for high quality economic development and also provides ideas to address the current acute environmental,social and governance issues in society.Moreover,excellent ESG performance can lead to a variety of benefits such as increased company value,increased financial performance and lower financing costs.In addition,stakeholders at an information disadvantage can use non-financial information such as ESG as a supplement to gain a multi-dimensional understanding of a company’s responsibility performance and true operating conditions.As a result,more and more attention is being paid to ESG information,and the ESG investment market is booming.However,the development of ESG information disclosure framework and evaluation system in China is not mature,and the overall level of information disclosure is not high.In addition,considering the importance of the power industry to the achievement of the double carbon goal,this paper will study the ESG information disclosure in the power industry.Considering that the report carrier of ESG disclosure contains a large amount of textual information and it is not efficient to read and process a large amount of textual information manually,this paper will adopt typical text analysis techniques to study the disclosure characteristics of the power industry and case company respectively.Firstly,this paper selects the CSR,SDR or ESG reports of 29 listed companies in the power industry for the past five years as samples,and after text pre-processing,analyses the textual characteristics of ESG disclosure in the power industry from three perspectives: text similarity analysis,text readability analysis and text sentiment analysis.Based on domestic and international literature,this paper adopts the cosine similarity method based on the TF-IDF technique to map the text into a spatial vector model,and uses the cosine similarity between text vectors to measure the degree of similarity between the two texts,and further calculates the incremental text information;in constructing readability indicators,the average sentence length,the number of pages of the report,the number of charts contained in the report The four secondary indicators,namely average sentence length,number of pages in the report,number of diagrams in the report and whether the report is in colour,are standardized and then added together to measure the readability of the text;the calculation of the net positive tone of the text is based on the dictionary method.After the above steps,this paper can provide insight into the characteristics of ESG disclosure in the power industry in three dimensions: how much information is incremented in the text,whether the text is readable and whether the text is emotionally balanced.The paper then applies the above methods to the study of the case company,summarises the characteristics of the disclosure of the case company,points out the problems of the disclosure of the company and proposes corresponding countermeasures.The power industry and the case companies share similar disclosure characteristics and common problems.Although the textual information increment,readability and emotional balance of CSR,SDR or ESG reports in the power industry all show a trend of becoming more and better,the level itself is not high,except that the emotional balance is deteriorating,the trend of changes in other aspects of the case companies is similar to that of the power industry,reflecting from the side that the quality of ESG information disclosure in power companies is not satisfactory,and there are still problems such as similarity in report content and form,and This paper not only enriches the quality of ESG information disclosure,but also shows that the quality of ESG information disclosure is not satisfactory.The study not only enriches the research on the characteristics of ESG information disclosure texts and the quality of ESG information disclosure,but also enlightens relevant authorities to improve the policy environment of ESG information disclosure and strengthen the supervision of information disclosure,and suggests that investors should make investment decisions prudently and rationally by combining various information and not being led by public sentiment.