An Empirical Study On The Impact Of Environmental Information Disclosure On Financial Performance In China's Steel Companies

With the development of the economy and the progress of the society,environmental pollution and the growing exhaustion of natural resources threaten the survival and long-term development of human beings.Human beings begin to take sustainable development as the top priority.The concept of environmental protection is included in both individual behavior and collective behavior.The awareness of the world's environmental protection is also awakened.Various types of international environmental protection conference have been held one after another.For example,the World Conference on environmental protection and the Copenhagen world climate conference are all calling for every country to take sustainable development as the concept,save resources and protect the environment.Enterprises are the main promoters of social progress and economic development,and are also the main sources of resources and environmental pollution.Especially in the heavy pollution industry,we should bear the great responsibility of economic development and environmental protection.Foreign environmental information disclosure has already had a relatively mature and perfect research system,but our research on environmental information disclosure is relatively late,and has not yet formed a complete theoretical system.Therefore,this paper takes 48 listed companies of iron and steel enterprises in China as research samples,and selects the relevant data from 2012 to 2016 for empirical research.The results show that the environmental information disclosure of Listed Companies in China's iron and steel enterprises has a backward and positive effect on financial performance.Through this study,we hope to improve the awareness of environmental protection and improve the level of environmental management of enterprises.In this paper,the relevant literature at home and abroad is reviewed,and the related concepts and theoretical foundations are introduced.It includes the theory of information asymmetry,the theory of corporate social responsibility and the theory of Stakeholder.Then collate the selected data and do some empirical research.The results of the empirical study show that the benefits of environmental information disclosure will take a certain amount of time to feed back to the enterprise.Therefore,the environmental information disclosure of Listed Companies in China's iron and steel enterprises has a positive effect on the financial performance.Finally,combined with the above research results,the paper further analyzes,and gives the corresponding improvement suggestions from two levels of enterprises and government,hoping to improve the environmental awareness of enterprises and the whole society.