Influencing Factors Of Food Safety Information Disclosure And Realization Of Corporate Value

Food safety concerns public health,social trust and even national stability.However,food safety accidents have frequently appeared in recent years,such as"poisoned milk powder","ditch oil" and "clenbuterol”,which have pushed food industry into the center of the vortex,causing the public's loss of confidence in the entire food industry.Due to the serious information asymmetry between consumers and food companies,consumers are in a weak position and cannot get timely and accurate information on food quality.Once the food accident is exposed,the silence chosen by the companies involved in evading responsibility and the media's amnesty report for the sensational effect push consumers to a more panic situation.Therefore,weakening information asymmetry and strengthening food quality and safety require supervision by the supervision department to strengthen food quality supervision.On the other hand,enterprises need to actively undertake social responsibility and proactively disclose food safety information.Based on the existing research results at home and abroad,based on stakeholder theory,information asymmetry theory and triple bottom line theory,this paper takes panel data of 86 A-share food listed companies in Shanghai and Shenzhen stock markets from 2006 to 2016 as the research object,to study the influencing factors and the realization of firm value of food safety information disclosure.Firstly,the content analysis method is used to construct a food safety information disclosure index based on product quality standards,third-party testing,internal supervision and inspection,risk warning and risk prevention,and the factor analysis method is used to construct food safety information disclosure indicators.The panel effect model and the breakpoint regression model were used to empirically analyze the impact of environmental features and governance features on the level of corporate food safety information disclosure.The results show that:(1)the economic level of the enterprise has a significant positive impact on the level of food safety information disclosure;(2)the legal environment has a significant positive impact on the level of food safety information disclosure;(3)executive compensation has a significant positive impact on the level of food safety information disclosure;(4)power concentration has a significant negative impact on the level of food safety information disclosure:(5)After controlling other variables,the legal policy has a significant role in promoting the level of corporate information disclosure,but the policy effect has a one-year lag period.Secondly,referring to the "triple bottom line theory",the enterprise value is divided into economic value,social value and environmental value.The observed variables are constructed from the perspective of stakeholders,and the structural equation model is used to study the relationship between food safety information disclosure level and enterprise value.The results show that:(1)the level of food safety information disclosure has a positive impact on enterprise economic value;(2)the level of food safety information disclosure has a positive impact on enterprise social value,economic value has a positive impact on social value,and the impact of food safety information disclosure on social value can be indirectly realized through economic value;(3)the level of food safety information disclosure has a positive impact on enterprise environmental value,economic value has a positive impact on environmental value,and the impact of food safety information disclosure on environmental value can be indirectly realized through economic value.