Study On The Correlation Of Environmental Accounting Information Disclosure And Enterprise Value

As the Chinese government put more emphasis on environmental concerns, the public attention of corporate environmental information is also increasing. Enterprises are profit-oriented organization in society, so we should strive to seek and make a great balance between economic development and environmental sustainability, especially for the excavating corporations, which are from resource-based heavy pollution industry. To test the effect of balancing, the most important link is disclose environmental accounting information. However, the reality is that environmental disclosure from corporations is easy to be unobjective or not complete enough. Therefore, in the study of environmental disclosure, some problems, such as the reason why corporations retain or hide environmental accounting information, release this information would cause what kind of feedback from the market and whether disclosure level will affect enterprise value, are urgent to be solved that we cannot avoid.Through collation and studying the related documents of environmental accounting information disclosure, this thesis summarized the current research status, especially focused on the relevant effect on corporate value. I discussed the theoretical basis of the correlation between the environmental disclosure and enterprise value, and then proposed three hypotheses after analyzing influence mechanism of environmental accounting information disclosure to enterprise value. In the data acquisition part, this thesis particularly collected and sorted environmental accounting information from annual report, independent environmental accounting report and other reports which was released from 2011 to 2014 by listed corporations, also designed and built an index system to evaluate the condition about environmental disclosure. Eventually, with the help of SPSS regression analysis, it empirically tested that environmental accounting information disclosure is positively related with enterprise value, and this relationship can be affected through the impact of information disclosure on cost of equity capital. However, there is no significant correlation between expected cash flow and environmental accounting information disclosure, thereby disclosure level cannot affect enterprise value through expected cash flow.