Research On The Relationship Between Level Of Environment Information Disclosure And Enterprise Value In Chinese Steel Industry

Ever since the industrial revolution,social productivity has been rising continuously,and the global economy has achieved rapid growth.However,with the increasingly intensified environmental pollution and ecological destruction,the public has gradually been aware of the great harm caused by environmental problems.As the basic unit of social production,enterprises act as the main consumer of natural resources as well as an important source of environmental pollution.Implementing the sustainable development of environment while developing economy has become the topic people are most concerned at present.As the report of the th National Congress of the Communist Party of China clearly pointed out,we should build the modernization of harmonious coexistence of man and nature.In order to realize the construction of ecological civilization and green development,relevant departments have posed stricter requirements on the disclosure of enterprise environmental information.The steel industry is one of the heavy pollution industries in China,the environmental behavior and disclosure of environmental information of which has been given more attention of society.Therefore,it is of great practical significance to focus on the research of steel industry in the paper.According to the “Sustainable Development Report” of Global Reporting Initiative and the laws and regulations issued by China’s environmental protection department,the paper constructs an environmental information disclosure index system starting from financial information and non-financial information based on previous studies.Specifically,the financial information is divided into assets,liabilities,income and expenses.Meanwhile,non-financial information consists of three dimensions,namely reliability,comparability and integrity.Selecting listed companies in the steel industry of Shanghai and Shenzhen from to as the research object,the paper acquires information from the corporate annual report,social responsibility report,environmental protection report and sustainable development report,and calculates the environmental information disclosure index of each company according to the environmental information disclosure system constructed in this paper.Furthermore,taking the environmental information disclosure index as the explanatory variable and enterprise value as the explained variable,the scale of the company,financial leverage,profitability,shareholders’ return,development ability,shareholding ratio of the largest shareholder and enterprise nature as the control variables,a multiple regression analysis is conducted on enterprise value.The empirical results show that improving corporate environmental information disclosure can promotethe improvement of the enterprise value of listed companies in China’s steel industry,and the financial environmental information disclosure is positively correlated with the enterprise value of listed companies in steel industry.Finally,Fangda Special Steel was selected as a typical case company to evaluate the level of environmental information disclosure of enterprises.From the financial point of view,it analyzes how the level of environmental information disclosure of steel companies affects the value of enterprises,and proposes targeted recommendations.