Product Market Competition,Environmental Information Disclosure And Firm Value

Reform and opening up policy has been implemented for more than 30 years,in this process,our country's economy is growing rapidly,but the environmental problems are becoming more and more serious.As part of the society,the enterprise has made great contributions to the development of the economy,but it has an unshirkable responsibility for the environmental problems.Therefore,the topic that how to achieve economic development and social progress win-win situation has become a research topic that domestic and foreign scholars concerned and interested in.There are many empirical studies on the corporate environmental information disclosure quality and corporate value.Actually,the results of these studies are very different and this research need to be further explored.According to the theory of industrial organization,product market competition will have an impact on corporate behavior and corporate performance.Based on this theory,from the perspective of product market competition,corporate behavior may be different because of different degree of market competition,and even the same corporate behavior may have different impact on firm value.A small number of scholars have realized that the different degree of competition in the product market will affect the environmental information disclosure behavior of enterprises,but the mechanism of action between the degree of market competition and the corporate environmental information disclosure quality,and the relationship between the corporate environmental information disclosure quality and the firm value under different market competition are lack of in-depth research.So further research is needed to find the answer.In order to further explore the relationship among product market competition,environmental information disclosure and firm value,this paper uses the content analysis method to design the evaluation system of corporate environmental information disclosure quality based on the data of listed companies of heavy polluting industries of Shanghai-Shenzhen A-share from 2013 to 2015.Then,this paper analyzes the theories of signal transfer theory,stakeholder theory,social responsibility theory and industrial organization theory,and puts forward the research hypothesis.The empirical model of the article has obtained the following conclusions:(1)The relationship between the degree of product market competition and the corporate environmental information disclosure is significant negative.(2)The relationship between the corporate environmental information disclosure quality and firm value is significant positive.(3)Compared with the industry that has weak competition in the product market,the positive influence of the corporate environmental information disclosure quality on the firm value is more obvious in the industry that has strong competition in the product market.According to the above conclusions,this paper puts forward the following suggestions:First,introduce relevant laws and regulations of corporate environmental information disclosure as soon as possible,and perfecting the system of corporate environmental information disclosure.And then,optimize the environment of product market competition,and guide enterprises carry out environmental information disclosure actively;finally,establish and improve the system of environmental supervision and the mechanism of public participation.