Study On The Relevance Among Environmental Information Disclosure,environmental Performance And Financial Performance

At present,enterprises especially from iron and steel industry are facing the supervision from environmental protection department and pressure to restrict production.On the one hand,with the increasingly serious environmental pollution worldwide,various kinds of pollution are threatening human health;on the other hand,in order to alleviate the excess iron and steel production capacity,iron and steel enterprises are forced to reduce the concentration of emissiont in order to save resources and ensure the sustainable development of the earth.At present,China's regulatory authorities have issued energy conservation and emission reduction plans and mandatory disclosure documents of environmental information.As the main force of environmental protection,enterprises have to choose disclosure plans carefully because of the wide impact on stakeholders.As the existence of environmental earnings management in enterprises,stakeholders can not effectively judge the environmental performance of enterprises based on the environmental information disclosed by enterprises,which is not conducive to external supervision,nor to internal self-improvement.Enterprises from iron and steel industry are taken as the research object.Data from 2013 to 2017 is collected by manual.The motivation of enterprises to carry out different disclosure policies is measured by financial performance.Environmental performance is measured by unit income sewage charges,and a new environmental information disclosure index system is constructed to score the quality of environmental information disclosure.Through theoretical analysis,hypotheses and models are put forward to study the correlation among the environmental information disclosure,environmental performance and financial performance.Empirical results show that environmental information disclosure is positively correlated with environmental performance,while financial performance is negatively correlated with environmental performance.At the same time,this paper focuses on the moderating effect of different financial performance on the relationship between environmental information disclosure and environmental performance.In the low financial performance group,there is no significant correlation between environmental information disclosure and environmental performance,and financial performance is positively correlated with environmental performance;in the high financial performance group,environmental information disclosure is positively correlated with environmental performance,and financial performance is negatively correlated with unit sewage discharge fee.Finally,suggestions from external supervision and internal management are throwed out to standardize enterprise information disclosure,encourage enterprises to increase investment in environmental protection,and to promote economic efficiency through the improvement of production efficiency by enhancing environmental protection investment to achieve a win-win relationship between " money " and " green ".