Research On The Influence Of Enterprise Environmental Information Disclosure On Financial Performance

From continuing high speed of economic and social development in our country to develop fast and well,with the accompanying is save people rely on natural resources and environment and social living environment suffered heavy damage and pollution,to the atmosphere,we head on down to the soil and water touches all we see is facing increasingly polluted.More and more serious fog hung over the increasingly rapid development of our country's one,two,three line cities,to carry out the action plan for the control of air,water and soil pollution,so it is urgent to protect our beautiful home.Enterprise as the main body,the maximum of social production consumption environment and resources,the most use of environmental resources to obtain the biggest economic interests,damage to the environment is also the biggest accordingly,in accordance with the "who who who development,protection,pollution,governance" of the environmental protection principle,solve the problem of environmental pollution should first of all,from the perspective of the biggest polluters,enterprise.Study of corporate environmental information disclosure will provide theory support to solve the problem of environmental pollution in our country and practical experience,to promote our country enterprise,economy and society in the long run,green,sustainable development.Therefore,this article choose the listed companies of heavy pollution industry in China from 2007 to 2015,the company annual report data as sample data of the symposium,on the basis theory of studying relevant literature review and in-depth theoretical analysis,and according to the usual standard for the financial performance of the enterprise shall be classified and category of short-term financial performance,another kind of long-term financial performance,and to carry out empirical analysis,to explore the environmental information disclosure and financial performance of the relationship between the two.This article mainly from two aspects of research,the first aspect is to carry on the theoretical analysis,the second aspect is to carry on the empirical research,analysis and test.Theory analysis in this article is to carry out the specific meaning of the concept of mentioned institute,including the related literature research and the national system of file definition of heavy pollution industry,interpretation of environmental information disclosure level and corporate financial performance of the specific meaning and measure and so on.In the related theory,based on the analysis to explore the enterprise environmental information disclosure level and the relationship between short-term financial performance and financial performance for a long time,and accordingly puts forward two reasonable assumptions.Empirical research aspect,mainly develops the theory of two hypotheses of empirical research and calibration.First is to define the building model is rely on explained variable,explain variables and control variables,the design of environmental information disclosure index substitution variables,select sample data,it is concluded that research of variable indicator;Followed by model building,and by using the statistical software such as EXCEL environmental information disclosure level and the correlation analysis,corporate financial performance and robustness test,verify the correlation between them;It is concluded that environmental information disclosure level significantly positively related to long-term financial performance.Although enterprise performance of the environmental protection responsibility,voluntarily disclosed information is necessary to develop their own environmental protection,but within a short period,to improve enterprise performance effect is not obvious,even can make the enterprise financial performance does not rise but lower,but from the point of a long period,the disclosure of environmental information will be able to secure the support of stakeholders,improve enterprise value,which can improve their financial performance,setting up enterprise good image,accordingly,investors can learn further again,help to build enterprise environmental information disclosure level and help each other between the financial performance of the enterprise,ascending simultaneously virtuous cycle development system.For protection,ecological environment comprehensive unified management,sustainable development of resources recycling and other environmental information disclosure content is relatively small,the heavy pollution industry and as a large resource consumption,environmental pollution and big industry should be more responsible for environmental requirements differ greatly.On the basis of the above research,this paper puts forward the opinions of the relevant Suggestions,one is that the government should constantly improve the system of environmental information disclosure of related,in view of the environmental information disclosure are negatively related with short-term financial performance,companies for short-term profit point of view,will lack active initiative of disclosure of environmental information,and at present,our country environment was still in the stage of voluntary disclosure of information disclosure,it is recommended that play a role of "invisible hand" of government regulation and control,to strengthen the institutional guarantee of environmental information disclosure.2 it is suggested that adhere to the road of sustainable development of China's enterprises,sustained,long-term growth for the enterprise's financial performance.A broader view of the problem,improve financial performance in the sustainable development,the enterprise environment information disclosure as an issue of strategic project,make it become improve enterprise financial performance,enhance the social image of the enterprise,enhance the competitiveness of the company,attract stakeholders,to promote sustained development of enterprise itself.With a global view of the problem,improve financial performance in the innovation of environmental protection,establish the innovative idea,reform a somewhat,and environmental protection product innovation design is carried on research and development,production of environmental protection product can not be eliminated through innovation,maintain the market share and sales growth.3 it is suggested that enterprise environmental information disclosure should be brought into the corporate governance structure.Given the current our country enterprise environmental information disclosure level is not high,the gap is bigger,reason may be that a large part of enterprises will not consciously environmental information disclosure into the corporate governance structure.Recommended enterprises by setting up the administrative department of environmental protection,environmental protection measures of the directors,supervisors,raise the level of corporate environmental governance.