Research On The Impact Of Environmental Information Disclosure On Enterprise Investment Efficiency

In recent years,the outbreak of a series of environmental events has seriously affected the development of China and even the global economy.For the development of the global economy,this urgent issue will step forward the disclosure of environmental information step by step.Government departments and the general public pay close attention to environmental protection behaviors of enterprises.The environmental protection policies and regulations of domestic regulatory authorities are constantly improving,requiring companies to disclose environmentally relevant information,and the environmental risks facing companies are also increasing.Now,more companies are beginning to adopt a series of measures.The most important way is to disclose their environmental liabilities and other expenses incurred to maintain or improve the environment through their annual reports or social responsibility reports.information.As a profitable entity,improving investment efficiency is the main goal of business management.At the same time,investment efficiency is also an important criterion for examining the operation status of an enterprise,which is directly related to the future development and value performance of the enterprise.Regarding the investment status of enterprises,many scholars pay attention to and study the investment efficiency of enterprises.The research hotspots of corporate governance at home and abroad also focus on how to improve the investment efficiency of enterprises.And how to improve the investment efficiency of enterprises and achieve the investment level of maximizing value has also become a problem that enterprises need to solve urgently.The current capital market is not a complete capital market.The problem of entrusted agency and information asymmetry still exists,which will cause the listed companies of our country to face restrictions when financing,and there are financing constraints.The financing constraints will affect the investment decisions of enterprises.Behavior and investment efficiency have a serious impact.The research focus of this article is whether companies can proactively disclose environmental information,fulfill their social responsibilities,establish a good image in the market,and at the same time alleviate information asymmetry and entrusted agency problems to a certain extent,and alleviate financing constraints,and Improve the company's investment efficiency by improving the company's environmental information.Therefore,based on the information asymmetry theory,signal transmission theory and principal-agent theory,this paper uses the content analysis method to measure the environmental disclosure level of enterprises by using the A-share listed companies in China's heavy pollution industry from 2015 to 2018 as samples,and uses the Richardson model The absolute value of the residual is used to measure the investment efficiency of the enterprise,and the sample is further divided into underinvestment and overinvestment,and reference is made to the previous research to measure the financing constraint variables and information environment variables,and multiple regression analysis is used to study the environmental information disclosure on the investment efficiency of the enterprise Influence and its conduction path.The results of the study show that the phenomenon of non-efficient investment generally exists in enterprises in China's heavily polluting industries.The disclosure of corporate environmental information has a significant promotion effect on the investment efficiency of enterprises,especially when there is insufficient investment,the mitigation effect is more obvious.Regarding the constraints faced by enterprises in financing,the disclosure of environmental information can alleviate this.To the extent that environmental information disclosure affects the investment efficiency of enterprises,financing constraints are an important influence path and play an intermediary role.In addition,the disclosure of corporate environmental information can also improve the information environment between companies and investors to a certain extent,and further improve their investment efficiency.This paper empirically studies the transmission mechanism of the impact of corporate disclosure of environmental information on investment efficiency,and finds that the mitigation of financing constraints and the improvement of corporate information environment are the ways in which environmental information disclosure affects corporate investment efficiency,enriching and expanding the factors influencing corporate investment and financing activities theoretical research.