Research On The Economic Consequences Of Corporate Sustainability Information Disclosure

Recent years, the government has made comprehensive and coordinated sustainable development as the theme of economic development. More and more companies have also made sustainable development of the strategic system. Sustainable development information mainly includes information of sustainable development strategy and economic, environmental and social performance, it belongs to the scope of voluntary disclosure information of the company, and the research on it has been increasingly widespread. The research reviews the related papers of sustainability information disclosure and bases on the related theories, and then puts forward hypotheses.The research includes two aspects:(1) the present situation of sustainability information disclosure. Based on The Global Reporting Initiative (GRI) Sustainability Reporting Guidelines(G3.1) to design sustainable development information evaluation index system, chooses heavy polluting industry listing corporation as a sample, and then uses content analysis to research on the status of sustainability information disclosure; (2) the economic consequences of sustainability information disclosure. Chooses the same sample, the heavy polluting industry listing corporation, sets up sustainable development information disclosure index as independent variable, chooses control variables, founds regression model, and then uses system GMM to research on the effect of sustainability information disclosure on the company value.The research gets the following conclusions:(1) the conclusion of the present situation of sustainability information disclosure. From the overall disclosure situation of the sample, although the disclosure number of the evaluation index increases year by year, but the overall disclosure level of the index is still low. The status of sustainability information disclosure of heavy polluting industry listing corporation is quiet different within different industry and between different market; (2) the conclusion of the economic consequences of sustainability information disclosure. From the regression results of the empirical model, the level of sustainability information disclosure in the current period has a significant positive effect on the company value, but the level of sustainability information disclosure of the lag phase and lag period has no significant effect on the company value, corporate governance structure has a positive effect on company value, but not significant, for the heavy polluting industry listing corporation, the level of regional economic development has a negative effect on company value.At last, the research puts forward policy recommendations from the company level and the government level:(1) companies should improve the level of sustainability information disclosure, especially improve the information disclosure level of environmental and social aspects, and then achieve the purpose of improving the company value; (2) our government should actively improve the sustainability reporting framework, so as to guide the listing corporation to voluntarily disclose the information of economic, environmental and social performance.