Study On The Impact Of Environmental Information Disclosure On The High-quality Development Of Enterprises

Whether environmental protection and sustainable economic development can achieve synergy has been a topic of great concern for a long time.The simple pursuit of high-speed economic development has long been a thing of the past.In the past,the economic development mode that ignored resource consumption and environmental pollution needs to be changed.The 19 th National Congress of the CPC proposed for the first time that China’s economy should move to a stage of high-quality development.Among the Five Major Development Concepts,“green” is a universal development form required by the stage of high-quality development.The government,the public and enterprises have certain responsibilities and obligations for the ecological environment.The government has issued various environmental policies to guide and supervise the environmental protection behavior of enterprises.The public has the right to be informed about and monitor the environmental performance of companies.Enterprises are important subjects of environmental pollution and environmental protection.They should bear environmental social responsibility and disclose their environmental information.At the same time,corporations are the micro-foundation of high-quality economic development.Testing whether environmental information disclosure will affect the high-quality development of enterprises is the principal task of this paper.Based on Porter hypothesis,voluntary disclosure theory and asymmetric information theory,this paper studies whether environmental information disclosure can affect the high-quality development of enterprises at the micro enterprise level.This paper uses A-share listed companies from 2010 to 2018 as the research samples and draws the following conclusions: the improvement of corporate environmental information disclosure has a significant positive impact on the high-quality development of enterprises;Further research shows that enterprise innovation and resource allocation efficiency play a partial intermediary effect between them;In the test of heterogeneity in industry,region and firm characteristics,it is found that environmental information disclosure in highly polluting industries plays a greater role in promoting high-quality corporate development than in non-highly polluting industries,with the positive relationship between the two being particularly significant in eastern regions,state-owned enterprises and large-scale enterprises.The findings of this paper suggest that there is certain value in environmental information disclosure.From the perspective of mandatory disclosure and voluntary disclosure,it has a positive effect on the quality of corporate development.In the meantime,the environmental information disclosure policy is also conducive to strengthening the subject responsibility of environmental protection and strengthening ecological environment protection,which is of certain significance to verify that environmental protection and high-quality economic development can achieve win-win results.