Research On The Correlation Between The Environmental Information Disclosure And Firm Value Based On The Listed Companies In Heavy Polluting Industries

On February 28, 2015, As a video called under the dome, which cost almost a million yuan to collect the data by Chaijing who is a reporter of CCTV, quickly drew the attention of the whole society. It explains what is haze? where does haze come from? How to solve? People begin to feel increasingly fear to the deterioration of the environment. The enterprise as the main body of economic activity and the main pollutant emitters, It has the responsibility to disclose the environment information to the stakeholders, and to provide useful information to make decisions. Our country has formulated some laws and regulations in the environmental information disclosure, and the requirement of the heavy pollution industry enterprise is more strict than light pollution. Normally, polluting industries think that public environmental information is a mandatory hard rules, and never think about what is the relationship between the disclosure of environmental information and the enterprise value. Their understanding of the relationship has blind spot, and lack of motivation to take the initiative to re veal environmental information.In this paper, I carried on the empirical research on the correlation between the disclosure of the environmental information and the company value for the listed companies of the heavy pollution in our country to show the inner link between the two variable, so that it can be a good reason for heavy pollution enterprises to guide themselves to reveal environmental information actively, The conclusion in the paper has the important enlightenment to promote the environmental protection and sustainable development of our country.I selected 612 samples of 2012-2013 of heavy pollution industry in A shares listed on the Shanghai Stock Exchange, and made an empirical analysis of the correlation between the disclosure of the environmental information of the listed companies of heavy pollution industry in our country and the enterprise value. I analyzed the annual financial report /the sustainable development of the social responsibility report /the environment report through content analysis, and used the environmental information disclosure index to measure enterprise environmental information disclosure level. After consulting large numbers of domestic and foreign literature and measuring the indicators of the enterprise value, I used the tobin Q value to measure the enterprise value. Through theoretical analysis, I combined the unique background in our country and the enterprise features, I chosed the company scale, the financial leverage, profitability of the company, and the cash flow generated from the business activities, and the company’s growth as the control variables, finally constructed the multivariate regression model for the empirical research. The empirical result showed a significant positive correlation between the level of the disclosure of the environmental information of listed companies of heavy pollution industry in China and the enterprise value. We found that the most concerning problem was that the disclosure of the environmental information overall the listed companies of heavy pollution industry in China was not very well, the reason may be related to the imperfect of our country’s environmental laws and regulations and lack of regulation. Finally, combined the result of empirical research, I put forward some policy Suggestions in view of the various stakeholders.