Corporate Environmental Information Disclosure And Financial Performance: Theoretical Analysis And Data Testing

More than 30 years of reform and opening-up have brought China's economic performance to the world's attention,but the attendant problems is environmental pollution which is caused by extensive economic development model,such as natural resources uncontrolled mining,carbon dioxide emissions Of the greenhouse effect and emissions,dust particles caused by the haze and a series of environmental problems,it has come to the urgent time to address,so the public,including government,consumers,and other stakeholders are eager to get business responsibility for environmental protection Therefore,it is necessary for enterprises to disclose their actions in environmental protection,and the level of enterprise environmental information disclosure will have a certain impact on the financial performance of enterprises,and ultimately affect the behavior of enterprises.Therefore,it is the purpose of this paper that the level of environmental information disclosure will affect the financial performance of enterprises and ultimately affect the behavior of enterprises.Based on the previous literature,this paper proposes the hypothesis of sustainable development theory,fiduciary liability theory,signal transfer theory and interest theory,and constructs the multiple regression model,The total return on assets and earnings per share as the dependent variable in the construction of environmental information disclosure on the basis of the quality index system to quantify the disclosure of corporate environmental information as independent variables,And the top 10 heavily polluted industries listed on the Shanghai stock market from 2012 to 2015 are taken as the sample data.The regression analysis shows that the quality level of the previous environmental information disclosure has positive effects on the financial performance of the enterprise,Based on the combination of descriptive statistics,this paper puts forward three recommendations,including improving the government environmental legislation system,Enterprises to fulfill the responsibility of environmental accounting information disclosure,unified enterprise environmental information disclosure quality index system,improve the comparability of environmental information between enterprises and strengthen the capital market discovery mechanism to promote corporate environmental awareness.