Study On The Correlation Between Environmental Information Disclosure And Financial Performance Of Paper-making Listed Companies

The report of the Nineteenth National Congress of the Communist Party of China clearly stated that we should win the battle against pollution.Paper industry as one of the heavy pollution industries,although the pollution prevention and control has achieved phased results,but there is still room for improvement.At the same time,the state stressed in the 13 th Five-Year Plan that the paper industry will continue to eliminate 8 million tons of backward capacity in the future.Therefore,by disclosing environmental information,the listed papermaking companies can weaken the negative impact of information asymmetry,facilitate stakeholders to understand the latest developments of the company and make scientific judgments.Chinese scholars have done relatively little research on this issue,and the relevant system is not perfect enough.The content of this study is in line with the basic requirements of building a beautiful China,enriching the theory of performance management,promoting the further improvement of our company’s environmental information disclosure system,and promoting companies to be more proactive in disclosing environmental information.The purpose of this paper is to deepen the understanding of the current situation of environmental information disclosure of paper-making listed companies from all walks of life,and to explore the correlation between environmental information disclosure and financial performance of paper-making listed companies in order to promote environmental information disclosure of paper-making listed companies.This paper takes paper listed companies as the research object,using the methods of literature research,empirical research,quantitative analysis and qualitative analysis.Firstly,through the analysis of public information such as annual report of the company,combined with the characteristics of pollutants produced by the paper industry and the characteristics of pollution control,the scoring standard of environmental information disclosure index is improved;secondly,the comprehensive score of financial performance of listed companies in paper industry is determined by factor analysis method;finally,through the establishment of regression model,the correlation and interaction between the two are explored.Intertemporal impact.The results show that there is no correlation between environmental information disclosure and financial performance of paper-making listed companies in this year,but there is a significant positive correlation between environmental information disclosure of the company in this year and the financial performance of the company in the next year,that is,there is a cross-period interaction between the two.Finally,this paper combines the empirical results with the actual pollution emission and governance of paper-making listed companies,and puts forward suggestions for improvement,in order to promote the further development of environmental information disclosure of paper-making listed companies in China.The innovation of this paper lies in the innovation of the scoring standard of environmental information disclosure index.According to the main pollutants produced in the process of production and operation of paper-making listed companies,this paper enriches the scoring standard of environmental information disclosure index,and incorporates the discharge and treatment of major pollutants involved in pulping and paper-making process into the calculation of environmental information disclosure index,which fits the actual operation and management of paper-making listed companies and improves the accuracy of environmental information disclosure index.