Study On Influencing Factors Of Environmental Information Disclosure And The Financial Performance

With the rapid development of the global economy, the ecological environment has been severely damaged. Enterprise is undoubtedly the culprit causing environmental degradation, but it is also the key to solving the problem. So research on the field of environmental management is critical to the development of environmental protection and low-carbon economy. Corporate environmental information disclosure is an important channel for corporate environmental management status. The paper aims to identify Influencing factors of corporate environmental disclosure and explore the relationship between corporate environmental disclosure and corporate financial performance by the environmental information corporate disclosed. The paper is structured as two main parts, the theoretical analysis section and the empirical testing part.In the theoretical analysis section, we reviewed the past studies about motives of environmental information disclosure, influencing factors of environmental information disclosure and the role of environmental information disclosure. Then we builds a theoretical framework for environmental disclosure including asymmetric information theory, signaling theory, principal-agent theory and stakeholder theory, by which to identify influencing factors of corporate environmental disclosure and analyze the possible impact of corporate environmental disclosure on corporate financial performance, afterwards put forward the theoretical assumptions of the paper.In the empirical testing part, we mainly test the theoretical assumptions above by the method of empirical study. We find that there is a significant positive correlation between enterprise scale and level of corporate environmental disclosure. Corporate profitability, the number of independent directors who have environmental expertise have positive effect on corporate environmental disclosure. However there is a negative correlation between financial leverage and the level of environmental information disclosure. State-controlled enterprises tend to disclose more environmental information. The growth stage, area, the department of environmental protection, ownership concentration, the unity of chairman and general manager, corporate values has little impact on the disclosure of environmental information. When we test the relationship between the disclosures of environmental information and financial performance, we found that the level of disclosure of environmental information has a positive effect on the later corporate financial performance.