Study On The Correlation Between The Environment Accounting Information Disclosure And Enterprise Value Of Listed Pharmaceutical Corporations

With the increasingly serious air pollution and climate anomaly,environmental problems have been paid more and more attention by the government,enterprises and the public.As one of the main subjects of environmental pollution,heavy-pollution enterprises should take the main responsibility of environmental protection.However,are heavy-pollution enterprises willing to disclose environmental information? Can environmental information disclosure enhance the enterprise value? Is there a difference between the effect of positive and negative environmental information disclosure on enterprise value? Currently,there are no answers to those questions in academic circles.To solve this problem,this thesis studies the relevance between positive and negative environmental accounting information disclosure on enterprise value,which can provide the internal driving force for the disclosure of environmental accounting information.Both normative and demonstrative analysis methods are adopted to study two problems as following: The relevance between positive environmental accounting information disclosure and enterprise value.The relevance between negative environmental accounting information disclosure and enterprise value.Firstly,based on the study of a large number of related literatures,this thesis constructs the positive and negative index system of environmental accounting information disclosure with the content analysis method.Secondly,the annual report and social responsibility report of listed pharmaceutical corporations from 2009 to 2015 are selected as the data sources and their positive/negative environmental accounting information and are quantitatively evaluated according to the constructed index system above.Thirdly,this thesis analyzes how positive/negative environmental accouting information disclosure effect enterprise value,considering the efficiency of China's capital market and the time lag in the transmission of environmental accounting information,this thesis constructs models and making empirical researches based on the relevance between positive environmental accounting information disclosure and enterprise value in this period and next period of listed pharmaceutical corporations,Also,this thesis empirically analyzes the relevances between negative environmental accouting information disclosure level and short-term/long-term enterprise values.Finally,according to the results of this study,the thesis gives specific suggestions for the corporate's environmental accounting information disclosure from two aspects as the government regulator and the listed pharmaceutical corporations.The direction of further research is also proposed aimed at the existing problems.The conclusions are summarized as follows:(1)The environmental accounting information disclosure of listed pharmaceutical corporations is still in a low level,but it is increasing yearly.(2)There is a positive relevance between positive environmental accounting information disclosure level and their current-period enterprise value for listed pharmaceutical corporations.And there is a more positive relationship between positive environmental accounting information disclosure level of current period and the enterprise value of next period(compared with current period)for listed pharmaceutical corporations.(3)There is a negative relevance between the negative environmental accouting information disclosure level and the short-term enterprise value of listed pharmaceutical corporations,but a positive relevance on the long-term enterprise value.