Environmental Information Disclosure,Government Regulation And Corporation Value

With the rapid development of economy,environmental problems have become the complex contradictions.Enterprises have the responsibility to provide useful environmental information to stakeholders.However,most enterprises in our country understand it more as compulsory obligation,rather than solving the information asymmetry from the angle of corporate strategy.In obvious,the threshold set by our government for corporate environmental management has become stricter.Environmental information disclosure is the bridge between enterprises and the environment.Studying whether it is the coordination or compromise between the disclosure of environmental information and its economic consequences can provide guidance to enterprises.This paper studies the correlation between environmental information disclosure and corporate value,and examines the regulatory effect of government regulation on the relationship between them.It is important both for the protection of environment and the sustainable development of the securities market.Based on the previous studies,this paper expounds the intrinsic relationship and the mechanism between environment information disclosure and enterprise value,and then puts forward hypotheses.Secondly,taking 1164 listed companies in heavily polluted industries in Shanghai and Shenzhen Stock Exchanges as examples,the empirical study is conducted.We use the Tobin Q value as the explanatory variable.Through the content analysis of the annual report,the social responsibility report,the environmental report and the sustainable development report,the environmental information disclosure index is obtained.This paper uses the "China Pollution Sources Regulatory Information Index" as the indicator of government regulation.It uses the scale,financial leverage,profitability,the proportion of the top ten shareholders as the control variables.The empirical results show that:(1)the level of environmental information disclosure positively affects the value of the firm.(2)In the private enterprises,the level of environmental information disclosure is positively related to the enterprise value,but it is not significant in the state-owned enterprises.(3)In areas with high government supervision,the positive correlation between environmental information disclosure level and enterprise value is more significant.Finally,combined with the research results of this article,we try to make policy recommendations to the relevant departments.