Research On The Correlation Between Environmental Information Disclosure Level And Enterprise Value

Since 1960 s, the rapid industrial development has brought increasing economic leap and wealth to human society, but it also caused more and more problems of environmental pollution. In recent years, unprecedented hazy weather not only stimulated people’s respiratory tract, but also made people know that the pollution of the environment had become the most serious problem in China, even for all human beings.Direct manufacturing of human wealth is the enterprise, but the main cause of environmental pollution is also enterprise[1]. According to the "Chinese corporate citizenship report" published in 2009, industrial manufacturing industry companies was the main manufacturer of environmental pollution, 70% of the pollution was produced by industrial manufacturing enterprises and 50% of the industrial manufacturing enterprises pollution was caused by low enterprise management[2]. Some managers thought that corporate environmental responsibility was asked by laws and regulations, some managers thought that corporate environmental responsibility was a way to obtain environmental incentive, some managers think that corporate environmental responsibility is to win the stakeholders’ approval. But in fact, corporate environmental responsibility and disclosure of environmental information is conducive to enhance the competitiveness of enterprises and improve the enterprise’s valueThis paper used normative analytical method and empirical analytical method. The entrusted responsibility theory, the stakeholder theory and the signal transmission theory are the foundations of this research. This paper analyzed the external and internal influence factors and established regression model to conduct empirical research.Firstly, this paper reviewed the related literature at home and abroad about the content of environmental information, how to measure environmental information disclosure level, how to measure enterprise value and how the disclosure of environmental information affected the enterprise value. Reviewing the related literature helped us to understand the previous research achievements and absorbed the essence or concluded the inadequacies of the studies. Secondly, combined with the entrusted responsibility theory, stakeholder theory and signal transmission theory, the paper analyzed how environmental information disclosure level affected the enterprise value, and explained the transmission process. Thirdly, combining with the comprehensive analysis of empirical research results, this paper analyzed how the external factors and internal factors influence on the enterprise’s value. Next the paper used the data of enterprise value(Tobin Q value), company size(index the final total assets for each enterprise), solvency(assets and liabilities rate), profitability(the rate of return on net assets), operation ability(total assets turnover) and environmental information disclosure level(EDIR) to build regression model and conduct the empirical analysis. Finally, on the basis of the empirical results, the paper drew a conclusion, explained the reasons of the conclusion and put forward policy suggestions.Through empirical research, this paper found that for all the industry, the level of environmental information disclosure(EDIR) and enterprise value(Tobin Q) is uncertain; for the heavy pollutional industry listing corporation, the level of environmental information disclosure(EDIR) and enterprise value(Tobin Q) has significant positive correlation; for non-heavy pollutional industries listing corporation, the level of environmental information disclosure(EDIR) and enterprise value(Tobin Q) is significantly negative correlation.