Study On The Correlation Between Environmental Information Disclosure And EVA In Heavy - Polluting Industry Listed Companies

More than 30 years since reform and opening up, China’s economy has great development, but in the back of a high economic growth, economic quality did not keep pace with high growth. "High input, high consumption, high emission, high pollution",the way of extensive economic growth, do not conform to the requirements of the socialist market economy with Chinese characteristics, and has violated the policy of sustainable development. Along with the increasing seriousness of environmental pollution, ecological destructions and environmental problems have become the world’s problems, attracted more and more attention of governments, enterprises and the public. Enterprises are not only the basic unit of economic activity but also the main pollutants emitters, especially heavy pollution industry enterprises. They bear the important responsibilities of protecting the environment. Heavy pollution industry listed companies entrusted with the responsibility to implement the environment, by the disclosure of environmental information, strengthen the regulation is one of the effective means to solve environmental problem. Only we strengthen the supervision of enterprise performance of environmental responsibility, encourage enterprises to save energy and reduce emissions, strengthen environment management and reduce environmental pollution, to achieve the transformation of economic growth pattern, to make the quality keep up with the pace of the economic growth. Enterprises have a duty to disclose environmental information to investors, government departments and other stakeholders to provide decision-making basis for them. But if the company is willing to disclose information related to operating environment or not, if improving the level of environmental information disclosure can be benefit for the enterprises and can improve enterprise’s value, these are the important problems in theory and practices, and is also the key for enterprises to disclose environmental information voluntarily and to play the environmental information governance mechanism effectively.At present, the environmental information disclosure of listed companies of heavy pollution industry in China is not optimistic. Many companies only treat the environmental information disclosure as a mandatory obligation, rather than a way of promoting the value of company from the perspective of corporate strategy. The viewpoint of this article shall be given heavier pollution industry listed companies, by studying the environmental information disclosure level influence on EVA, exploring whether improve the level of environmental information disclosure can bring positive effect to the enterprise. By studying Environmental information disclosure of listed companies in China and examine the association between enterprise EVA, to explain the inner relation between the two and function mechanism, to reasonably guide the environmental information disclosure of listed companies of heavy pollution industry, strengthen the inner motive power of corporate disclosure of environmental information.First, based on the studies of the environmental information disclosure of the content, the form, the motivation, the affecting factors and so on, this paper analyzes the inner relationship, between the environmental information disclosure and EVA, from the angle of the theory. Secondly, combined with industry characteristics, select heavy pollution industry in Shanghai a-share listed companies from 2011 to 2013, 819 samples in total, then considering the time lag of information transfer, the lag relation model is established. Again, through the establishment of the linear regression model, test the inner link between environment information disclosure level and the cost of equity capital, support the impact on enterprise EVA environmental information disclosure by capital market.Analysis results show that the environmental information disclosure level is not high, the situation is not optimistic, but has a tendency to improve year by year. The environmental information disclosure, will not only influence the current EVA, can also affect the EVA of the next fiscal year, and the influence degree is relatively larger. However, from the point of the whole sample, their relationship is not significant. Analysis from the perspective of grouping, for company of good performance, the environmental information disclosure is conducive to further improve the enterprise EVA, but for the enterprise of poor performance, the result is opposite. This paper further proves that through improving the level of environmental information disclosure, can reduce the expected return rate of the next phase of the investors, for that can reduce the cost of equity capital, and further influence EVA through capital market effect. Finally, combining with the results, this paper put forward relevant policy recommendations to the enterprise management, investors, government regulators, and provide constructive suggestions on the establishment and perfection of the supervision mechanism, to improve the level of environmental information disclosure of listed companies of heavy pollution industry.