Research On The Relationship Between Environmental Information Disclosure And Enterprise Performance

With the rapid development of China's economy,our country is also facing more and more severe environmental pollution problems.In response to the increasingly severe environmental problems such as haze and corporate pollution accidents in recent years,the state has issued a series of laws and regulations related to environmental protection and has vigorously remedied the problem of increasingly serious environmental pollution.In addition,the environmental protection awareness of the public has recently increased,and it expressed strong dissatisfaction and protest against the pollution behavior of enterprises that have destroyed the ecological environment.Therefore,corporate stakeholders also pay more attention and attention to relevant environmental information when making decisions.As a major source of environmental pollution,manufacturing companies should assume the corresponding social responsibility for protecting the environment.However,the public disclosure of the content of environmental information and the quality of the information directly indicate the quality of corporate environmental responsibility.Obviously,companies need to spend costs to improve environmental performance,and whether the costs incurred can bring corresponding income to the company,whether it will improve the company's performance has caused widespread concern of corporate management and owners.This article uses the environmental information disclosed by the company as an explanatory variable to study whether it will have a positive impact on the performance of the company.This article takes the manufacturing A-share company listed on the Shanghai stock market for there consecutive years from 2014 to 2016 as the research object,taking the total return on assets of the company as the explanatory variable,and disclosing the annual report disclosed by the sample company and the relevant independence report such as the society.The environmental information in the responsibility report is used as an explanatory variable and is scored using the content analysis method to quantify the level of environmental information disclosure.Firstly,a multiple regression model of environmental information and corporate performance was constructed to analyze whether the disclosure of environmental information and environmental information disclosure index had different impacts on corporate performance,and on this basis,it was further analyzed whether the impact of financial environmental information on corporate performance was more significant.The empirical results show that although the level of disclosure of environmental information in sample companies is increasing year by year,the overall level of disclosure is still low;the disclosure of environmental information by sample companies has a positive impact on business performance,and the higher the disclosure level,the higher the company's performance,but the financial The impact of environmental information on corporate performance is not significant.Based on the research conclusions of this article,this paper gives seven suggestions on improving the voluntary disclosure of environmental information and the autonomy of undertaking environmental responsibility from the three different levels of government,enterprise and public.