The Correlation Between Disclosure Quality Of Environmental Information And Efficiency Of Capital Allocation

In recent years, the frequent occurrence of major environmental pollution accident, which caused environmental pollution accidents mostly by poor environmental management of listed companies, which not only caused serious damage to the ecology and environment, seriously affecting people’s daily lives and health, where the haze event particularly prominent, and the sustainable development of listed companies and the rational flow of capital markets adversely affected. Environmental risks of the company increased business risk will be increased, giving rise to investment risk due to environmental pollution caused by investors in order to fully analyze and evaluate investment risks and more concerned about the environmental information disclosure quality heavy polluting enterprises. In the capital markets, environmental information disclosure quality directly affects the information asymmetry between companies and investors, thus affecting investors’ capital investment, capital flows to guide the limited environmental benefits of good, high-growth companies, and ultimately effective capital configuration. Therefore, the study of environmental information disclosure affects the quality of the efficiency of capital allocation has important theoretical and practical value.Firstly, disclosure of environmental information relevant theoretical knowledge and research quality and efficiency of capital allocation combed and summary, and then on the basis of theoretical analysis, focusing on the one hand, heavy pollution environmental information disclosure of listed companies manufacturing quality quantitative research, by "Content analysis" to quantify, drawing six elements Shen Tao(2012) the disclosure of environmental information to measure corporate environmental information disclosure quality samples from significant, quantifiable and timeliness three dimensions; on the other hand drawing Wurgler(2000) proposed a measure of the efficiency of capital allocation Wurgler model, using home-tour(2008) Wurgler model modification, namely investment response coefficient estimate model to study the efficiency of capital allocation between enterprises.This paper selects the relevant data Shanghai A—stock serious polluting manufacturing 2011-2013, 153 listed companies were analyzed, first to asymmetric information theory, by constructing an empirical model of environmental information disclosure between the quality and the degree of information asymmetry, Empirical and theoretical strengthening of asymmetric information, and then calculate the efficiency of capital allocation of the selected companies by Wurgler modified model, intuitive understanding of the extent of the selected sample business capital allocation, and then travel home-learning(2008) to be interpreted as a variable capital investment, capital output as explanatory variables, adding environmental information directly Wurgler model modified in disclosure quality and capital-output interaction term, through positive and negative interaction term coefficient study to test whether environmental information disclosure quality have a significant impact on the efficiency of capital allocation Empirical studies of environmental information disclosure quality and efficiency of capital allocation correlation. Finally using SPSS17.0, using descriptive statistics, correlation and regression analysis, analysis of the correlation between the two. The empirical results show that: the environmental information disclosure quality and efficiency of capital allocation positive.