The Impact Of Corporate Green Accounting Information Disclosure On Financial Performance

China is now in a stage of high-quality economic development.In response to the "Two Mountains Theory" and "Two-Carbon Strategy",the government has developed sustainable development approaches.However,in the process of development,enterprises,especially manufacturing and other heavily polluting industries,will inevitably produce a lot of pollution and waste in the process of operation,so the heavily polluting industries must fulfill their obligations and responsibilities to protect the environment.Although China has relevant regulations requiring heavy polluting enterprises to publicly disclose relevant reports,there is no clear environmental information disclosure system,so enterprises are lax in assuming responsibilities.In accordance with the requirements of our environmental protection policy,an important issue of environmental protection is the research on environmental management high pollution industry.This paper collected the environmental information of 324 listed companies in China’s A-share heavily polluting industries from 2008 to 2020,and it included a constitutional analysis to produce the EDI indicator,a quantitative assessment of the disclosure analysis of hip data by companies and a quantitative analysis of the status of companies and their problems.Multiple linear regression model is used to study the efforts made by enterprises in green accounting information disclosure,whether enterprises undertake the responsibility of environmental protection,and whether environmental behavior has an impact on financial performance.The principal-agent cost and the cost of equity capital are further introduced as intermediary variables to verify their intermediary transmission effect in the process of the impact of enterprise green accounting information disclosure on financial performance through Sobel test.At the same time,because the enterprises in different regions are affected by the market is not the same,and then introduced into the empirical analysis,to investigate the effect of its regulation between the two.It is found that the disclosure of environmental information is positively correlated with the financial performance of enterprises.The principal-agent fee and the cost of equity capital play an intermediary role,and the improvement of the marketization degree of enterprises will make the disclosure of environmental information more conducive to the improvement of financial performance,and the impact of green accounting information disclosure of state-owned enterprises on financial performance is higher than that of non-state-owned enterprises.However,in areas with low degree of marketization,the effect of green accounting information disclosure of non-state-owned enterprises on improving financial performance is higher than that of state-owned enterprises.This paper argues that the government should establish and perfect laws and regulations related to environmental information disclosure,and introduce third-party institutions when necessary.At the same time,enterprises should actively assume responsibilities and fulfill their obligations of environmental protection;And the public should also participate in environmental supervision.The innovation of this paper is: firstly,the double difference method is used to study the influence of green accounting information disclosure policy on corporate financial performance;and introduce intermediary variables to study the mechanism between green accounting information disclosure and financial performance.The second is to investigate the degree of marketization of the relationship between the two.However,as the environmental information disclosure index adopts the content analysis method,although scholars at home and abroad have carried out relevant studies on it,subjective factors inevitably exist in the evaluation process.In addition,this paper mainly collects relevant environmental information from the annual reports and independent reports of sample companies,while ignoring other media that may be disclosed,such as the prospectus of listed companies.