Research On The Correlation Between Environmental Protection Investment,Environmental Information Disclosure Level And Financial Performance In Manufacturing Industry

Today,with the rapid development of the global economy,environmental issues have become a major bottleneck restricting the development of countries around the world.Environmental issues are increasingly valued by governments.Environmental problems refer to the damage caused by the adverse effects of human activities on the living environment and the formation of the ecological environment.The global environmental problems are mainly reflected in the greenhouse effect,ozone layer destruction,acid rain,energy crisis,biodiversity reduction,land desertification,water pollution and marine pollution.As one of the culprits of environmental problems,research on environmental protection investment and environmental information disclosure is one of the ways to solve environmental problems.Enterprises will be more willing to disclose more and more quality environmental information while conducting environmental protection investment;companies will disclose more environmental information and improve the level of environmental information disclosure,and whether they can improve their financial performance;A series of environmental protection investments may form a certain cost in the short term.However,in the long run,if the company can improve the financial performance of the company and benefit the enterprise,the company will have more incentive to invest in environmental protection.It has increasingly attracted the attention of academia,society,government and enterprises.As the concept of sustainable development is increasingly accepted and valued by the public,if enterprises only pay attention to their economic benefits,they will not be able to develop in the long run.Only when the economic,environmental and social benefits of the enterprise are maximized at the same time,The most ideal result.In order to understand more about the environmental issues that are attracting people's attention,this paper analyzes the past literature and analyzes the factors affecting its financial performance from two aspects of environmental behaviors,namely,exploring corporate environmental investment,environmental information disclosure and financial performance.The relationship between the three.Through the analysis of sustainable development theory,social responsibility theory,stakeholder theory and signal transmission and voluntary information disclosure theory,this paper puts forward the analysis hypothesis between environmental protection investment,environmental information disclosure and financial performance,and throughempirical research,it is found that:(1)There is a significant positive correlation between the behavior of enterprises in environmental protection investment and the quality of corporate environmental information disclosure.The disclosure of environmental information by enterprises that verify environmental protection investment is a self-interested “confession” method;(2)corporate environmental protection investment on financial performance It has a positive promotion effect,but this promotion has a hysteresis effect,that is,the enterprise's environmental protection investment will help to increase the value of the enterprise in the future;(3)The positive impact of the enterprise environmental information disclosure level on financial performance is lagging behind,that is,environmental information.The higher the disclosure level,the better the financial performance of the company in the future,which indicates that the company's voluntary disclosure of environmental information can help improve the financial performance of the enterprise;(4)The level of corporate environmental protection investment and environmental information disclosure is positively related to the financial performance of the lag period.Corporate environmental information disclosure has a significant regulatory effect on the positive correlation between environmental protection investment and financial performance in the lag period.The internal environmental protection investment and external environmental information disclosure make the financial data of the enterprise better in the future.