Research On The Motivations And Economic Consequences Of ESG Information Disclosure By Internet Companie

The continuous penetration of the concept of sustainable development in the social level promotes the continuous upgrading of market investors’ evaluation methods of enterprise value.The market is changing from the traditional enterprise value evaluation method with financial index as the core to the evaluation method with "financial index +ESG" as the core.Driven by this,although the mainland has not officially issued the ESG disclosure guidelines for listed companies,the level of voluntary disclosure of ESG information of listed companies is increasing,and the excellent practice and existing problems of information disclosure are constantly occurring.The Internet industry has made great achievements in recent years,taking advantage of the booming development of digital economy.However,the research and construction of ESG information disclosure in the industry lags behind the overall pace.On the one hand,there are relatively few researches on ESG information disclosure of Internet enterprises.On the other hand,the important economic and social benefits played by the Internet industry and the structural problems bred in the wild growth have been increasingly valued by the government,the society and the public.The pressure of stock competition and a series of strong regulatory measures have put forward higher requirements for the sustainable social value creation of Internet enterprises.Internet enterprises urgently need to combine their own characteristics.Timely and comprehensive disclosure of ESG information to respond to government concerns and social concerns.Therefore,to do a good job in the research and construction of ESG information disclosure in the Internet industry is of extensive and profound significance for promoting ESG information disclosure in Internet enterprises and promoting the sound development of the industry and the sustainable development of the society.This paper firstly summarizes the historical evolution and development of ESG information disclosure,and analyzes the characteristics and existing problems of ESG information disclosure in the domestic Internet industry.Taking Tencent as a typical case,this paper combs the situation of Tencent’s ESG information disclosure in recent years,and analyzes the motivation of Tencent’s ESG information disclosure by combining theoretical derivation and industry background.It believes that Tencent’s active disclosure of ESG information is mainly due to the industry’s attention and the huge enterprise scale.Strict industry regulation,scattered regulatory pressure;Economic downward pressure,whitewash financial information.Through the research on market reaction,capital cost,financing constraints,reputation impact and other aspects at the data and representation level,this paper explores the economic consequences of ESG information disclosure on Tencent,and analyzes that ESG information disclosure can help improve investor recognition,reduce capital cost and financing constraints,improve corporate reputation and strengthen political relevance.Starting from the case perspective,this paper makes a series of industry analysis and case analysis on the Internet industry ESG information disclosure,so as to provide literature reference and suggestions for standardizing and promoting the construction of Internet ESG information disclosure.