The Impact Of Heavy Pollution Enterprises' Information Exposure Level And Innovation Ability On EVA

With China's fast industrial development in recent years,we have enjoyed great improvements in our material life brought by economic growth,but at the same time,we need to take a good look at the resources overuse and environmental issues.Enterprises with heavy pollution are the focus of the problem.The environment information disclosure mechanism adopted by publicly trading companies in the international community is one of the methods to encourage companies fulfill their environmental responsibilities.Due to the stakenholder theory,management needs to satisfy stakeholders' requests for different kinds of information,as well as build a good company image and reputation to fulfill the expectations from the society to protect the environment.Therefore,enterprises with heavy pollution need to emphasize on technology innovation,reduction of pollution together with safety improvement,to achieve long term development.A company needs to invest a great sum of money for its research and development which is a sunk cost for the company and reduce its profit which will bring intangible assets to the company.Therefore these three aspects are interrelated.However,there is no one to research this project.So this research has the realistic significance.Therefore,this article has chosen the environmental management information exposure level and innovation ability as independent variables and EVA as the dependent variables for the measure of company's performance.The data used for analysis is collected from CSMAR database and Wind Database,which sampled enterprises with heavy pollution from 2011-2015,then used empirical analysis in the article to discuss the influences of the environmental management information exposure level and innovation ability on the EVA.The main conclusion of this article:First,It shows a positive correlation between environmental management information exposure level and innovation ability.There are differences between different ownership enterprises.Second,It shows a positive correlation between innovation ability and EVA.There are differences between different ownershipenterprises.Third,Innovation acts as the intermediation of environmental management information exposure level and EVA of enterprises with heavy pollution.There are differences between different ownership enterprises.Fourth,The impact of R & D spending on EVA lags behind and lag two years is more significant.There are differences between different ownership enterprises.Last,the article provides suggestions for enterprises with heavy pollution for its future development.First,strengthen the local government regulation of environmental governance information disclosure of heavily polluting enterprises,and enhance the transparency of environmental governance information disclosure.Second,give full play to the heavily polluting enterprises environmental governance information disclosure to promote their own research and development activities.Third,improve the strength of R & D investment,give full consideration to the lag effect of R & D activities.Fourth,to speed up the reform of the state-owned enterprise system and strengthen the government's policy support to the R & D activities of enterprises.