Study On The Impact Of Environmental Accounting Information Disclosure On Enterprise Value In Pharmaceutical Industry

With the rapid development of China's economy,the problem of environmental pollution is becoming more and more prominent,which has seriously affected people's daily life.As the main manufacturer of pollution,enterprises should bear the unshirkable responsibility and have the obligation to disclose the environmental accounting information of the enterprise to the stakeholders.However,China's current environmental laws and regulations are not perfect enough,most enterprises,especially the heavy polluting enterprises in the pursuit of economic efficiency to ignore environmental pollution,environmental accounting information disclosure awareness is weak.To improve the current state of the environment,the need to start from the enterprise,the ultimate goal of the enterprise is to realize the maximization of enterprise value.Based on this,this paper attempts to study the impact of environmental accounting information disclosure on enterprise value,in order to guide enterprises to pay attention to environmental issues,improve environmental accounting information disclosure level.This paper chooses the heavy polluting industry which relates to people's life health and safety as the research object,expounds the development status and pollution characteristics of the pharmaceutical industry,constructs the environmental accounting information disclosure scoring system,analyzes the present situation of the environmental accounting information disclosure in the pharmaceutical industry and the existing problems.Analyzing the effect of environmental accounting information disclosure on enterprise value,this paper divides the enterprise value into market value and financial performance,taking into account the influence of regional difference,constructs multivariate regression model to study the influence of environmental accounting information disclosure on enterprise value.The results of empirical research indicate that environmental accounting information disclosure has a positive impact on the market value of enterprises,which is more significant in developed regions.And environmental accounting Information disclosure has a positive impact on corporate financial performance,in the developed regions,the hypothesis that the positive impact is more obvious has not been adopted,and the reasons for failure may be the strong government supervision in developed regions,the high cost of disclosing environmental accounting information and the investment in environment,which affects the financial performance of enterprises.Based on the empirical research results,suggestions for improvement are proposed from different perspectives of government,society and enterprises.Finally,by taking H enterprise as a typical case,this paper analyzes the present situation of environmental accounting information disclosure of H Enterprise,and applies the conclusions and suggestions concretely to the enterprise.