The Influence Of The Environmental Accounting Information Disclosure On Enterprise Value Research

With the rapid development of economy and the progress of human civilization, Peoplecome to awake up from the economic growth at the cost of environment, and recognize theimportance of environmental protection and ecological balance. People also recognize theimportance of sustainable development. The enterprise undertakes the environmentalaccountability and disclosure the environmental accounting information in time. It is one ofthe most effective measures to governance environment problems. but is the enterprisewilling to disclosure the environmental accounting information? Whether can the enterprisedisclosure the environmental accounting information completely and timely? And can thisinformation add the enterprise value? We will encounter these questions when we researchon theory and practice. At the same time, it is the key that the enterprise disclosures theenvironmental accounting information actively. And then it is also significant to make theinformation quality system working effectively.The author reviewed of the domestic and foreign scholars research on environmentalaccounting and the enterprise value. Based on these research results, combined theinformation asymmetry theory、the information transmission theory、the stakeholder theory、the sustainable development theory and analyzed the mechanism of the influence thataccounting information on enterprise value. Using the basic theory model of the influence onenterprise value. The author derived three testable hypotheses. Then I build three empiricalmodels to testify the influence of the environmental accounting information disclosure onenterprise value、capital cost and expected cash flow. At last. I choose185listed companiesof heavy pollution industry to be the sample company. Then collect the data of these samplecompany and do the empirical analysis. The empirical results show that the environmentalaccounting information disclosure level can improve the enterprise value. on the whole, levelof EDI can not only by reducing the cost of capital to improve the enterprise value. but alsocan promote the enterprise value by increasing the expected cash flow.