Research On The Correlation Between Environmental Information Disclosure Level And Financial Performance In Heavy Pollution Industry

With the rapid development of economy, the environmental issues become increasingly prominent. the ecological environment has been severely damaged. We must attach importance to the environment, the enterprise is the most important arch-criminal of environmental pollution, it is the key to solving the problem. In recent years, Environmental management has become the hot issue, the attitude of enterprise’s environmental, product green degree also been included in the consideration. Under the pressure of the outside world, more and more enterprises begin to disclose environmental information. The fulfillment of environmental responsibility will be incorporated into the core strategy of enterprise sustainable development, performance evaluation.The rapid development of heavy pollution industry in China is promoting the national economy at the same time, it also brings a series of serious social problems, causing the whole society attention to environmental responsibility of heavy pollution industry. So, in the background of sustainable development, where is the power of implementation of environmental responsibility and active disclosure of environmental information in heavy pollution industry? Enhancing the information disclosure level of corporate environmental is helpful to improving the enterprise’s financial performance? Accordingly, the promotion of profitability, operation ability, development ability is contribute to the promotion of corporate environmental responsibility and the voluntary disclosure of environmental information? To solve these problems has becoming a pressing matter of the moment. The relationship between the quality of environmental information disclosure and financial performance, not only relates to the balance of ecological environment, also to the long-term development of enterprises. Therefore, study on the dynamic relationship between the two, has far-reaching significance, both from the environmental point or the angle of enterprise.This paper first reviews the research on the relationship between the environment al performance and financial performance in domestic and foreign, defining the concepts of environmental performance and financial performance. combing the theoretical basis of the evaluation of environmental performance that stakeholder theory, sustainable development theory, asymmetric information theory, signal transmission theory and principal agent theory. On the basis of these theories, Our theoretical analysis put forward the research hypothesis, build foundation for the following variables and model design.Then, this paper selects heavily polluting industries in 2011-2013 years of Shanghai stock market as the research sample of listing Corporation, Because it is with time lag between the dynamic interaction effects of environmental information disclosure and financial performance. Corporate environmental information disclosure is published in the annual report in four months after the end of the year. We make a relevant empirical test between the level of environmental information disclosure of the previous period and the current financial performance, whether the level of environmental information disclosure will further influence financial performance according to influencing the economic decisions of enterprises. By the same token, financial performance of the previous period decide that the enterprise in the current period has sufficient capacity to fulfill its environmental responsibility and disclosure environmental information. This is an innovation of this article.Finally, on the basis of the empirical results analysis, We put forward the improvement of enterprise environment information disclosure, realize the sustainable development of enterprises, We will achieve a win-win situation of mutual promotion between the level of environmental information disclosure and corporate financial performance.