An Research On The Effect That Environmental Information Disclosure On Corporate Value Based On Investor’s Decision

With the rapid development of China’s economy, environmental problem isincreasingly outstanding. People pay more and more attention to environmentalprotection and there is a growing call for corporate to disclose environmentalinformation. Under the advocacy of “green accounting”, the proportion ofenvironmental information disclosure of listed companies in our country has increasedyear by year. As a whole, the quality of the environmental information disclosure hasa tendency to increase. It has an influence on corporate value and it also affectsinvestor’s decision. So under the background of current company having differentquality of environmental information disclosure, whether the environmentalinformation disclosure quality affects investor’s decision and promotes corporatevalue? Based on the perspective of investors, this paper makes the top20%averageassets listed companies of heavy pollution industry in Shanghai A shares in2008-2012as the research samples, totally getting432samples. Then, by multiple linearregressions we empirically test how the environmental information disclosure qualityaffects corporate value and how investor’s decision affects the correlation betweenthem, on the basis of social responsibility theory, stakeholder theory, informationasymmetric theory and signal transmission theory.The results show that as number of listed company disclosing environmentalinformation increasing, the quality of which is improved year by year. However, thegap of different environmental information disclosure quality is still large. In thecapital markets, the improvement of environmental information disclosure quality isbenefit to promote corporate value. Investors tend to choose companies, which havehigh quality of environmental information disclosure. Investor’s decision plays apartial intermediary role between environmental information disclosure and corporatevalue. Finally, the article puts forward policy suggestions in improving theenvironmental information disclosure of company, namely raising awareness of theenvironmental protection of company and other stakeholders, to strengthen thesupervision of public opinion; Strengthening supervision of the governmentdepartment; Improving the system of environmental information disclosure system;Strengthening the construction of environmental audit system, so as to realize thesustainable development of China’s companies and society.