Empirical And Case Study On The Impact Of Environmental Information Disclosure On High Quality Development Of Heavily Polluting Enterprises

China’s social economy is developing at a high speed,many heavy pollution enterprises play a mainstay role in the process of China’s economic construction and development.However,due to the heavy pollution enterprises in the process of production and operation,there are often a large number of pollutants such as waste gas and waste water to the outside world,which seriously damage the surrounding environment.Therefore,government departments and the public are paying more and more attention to the environmental protection of heavy polluting enterprises.In November 2021,the "Management Measures for The Disclosure of Enterprise Environmental Information in accordance with the law" once again emphasized that heavy polluting enterprises should disclose environmental information in accordance with the law and regulations.On the one hand,the disclosure of environmental information by heavy polluting enterprises will increase the operating cost of enterprises,which is not conducive to the improvement of enterprise economic performance;However,on the other hand,the active disclosure of environmental information by heavily polluting enterprises can help to show their green image to the outside world and improve their corporate reputation,thus affecting their long-term business performance and high-quality development level.Otherwise,enterprises will fall into the road of extensive production and operation and low quality development.Since there is still no conclusion on whether environmental information disclosure can help improve the quality development level of heavy pollution enterprises,this paper will conduct empirical and case study methods to study this issue.Through reviewing relevant literature,environmental information disclosure may affect the high quality development level of heavily polluting enterprises through improving the efficiency of capital allocation and promoting enterprise innovation,among which internal control may play a moderating role.In the empirical analysis stage,this paper takes the a-share heavy polluting enterprises in Shanghai and Shenzhen stock markets from 2015 to 2019 as the research object,and uses content analysis method to evaluate the level of environmental information disclosure and total factor productivity to represent the development quality level of enterprises to carry out the research.Then,this paper chooses Fosun Pharmaceutical as a representative enterprise for case analysis,explores the performance of Fosun Pharmaceutical in environmental information disclosure and highquality development,and analyzes the impact path of environmental information disclosure in different development stages on its high-quality development.The empirical research results show that the improvement of environmental information disclosure level can promote the high-quality development of heavy pollution enterprises;And this effect is achieved by improving the efficiency of capital allocation and promoting enterprise innovation,and internal control plays a moderating role;Further research shows that environmental information disclosure plays a more significant role in promoting the high-quality development of heavily polluting enterprises in central and western regions and state-owned enterprises,while environmental information disclosure has a lag effect.The case study of Fosun Pharmaceutical shows that in the stage of "endogenous growth",environmental information disclosure mainly promotes high-quality development of enterprises by alleviating financing constraints,while in the stage of "extension expansion",it mainly innovates r&d mechanism.Based on this,this paper puts forward the following suggestions: in terms of enterprise internal governance,it is necessary to improve the environmental awareness of managers and employees,implement the daily supervision and inspection work,pay attention to the operation efficiency and quality of internal control system,improve the enterprise environmental governance system,and strengthen communication with stakeholders;In terms of external supervision,the government should establish unified standards for environmental information disclosure,and the environmental information disclosed should be examined by independent third-party authentication institutions,and the supervision and publicity role of Internet media should be fully utilized.Environmental protection supervision departments also need to regularly or irregularly inspect the problems existing in the process of performing environmental protection duties and disclosing environmental protection information of local heavily polluting enterprises,and give timely and correct guidance,so that enterprises can develop healthily and sustainably.