An Empirical Study Of The Impact Of Environmental Information Disclosure On The Value Of Manufacturing Enterprises Based On Multilevel Models

The main source of environmental pollution problems lies in enterprises,and enterprises have important responsibilities for environmental problems.Environmental pollution control policies have entered the stage of environmental information disclosure after experiencing early compulsory environmental control and market-based pollution reduction tools.Environmental information disclosure refers to the voluntary disclosure of environmental information by enterprises,which can reduce the information asymmetry between enterprises and the public.Investors tend to invest in companies that have good environmental performance and can assume more environmental and social responsibilities.Environmental information disclosure is an important way to promote enterprises to realize their own environmental regulations.Many scholars have done certain research on environmental information disclosure and corporate value.However,companies compete in different industry scenarios,and the impact of corporate environmental information disclosure on corporate value may be different in different industry scenarios.However,there are currently few literatures on the differences in the relationship between environmental information disclosure and corporate value in different industry scenarios.This paper summarizes the research methods and conclusions of the existing literature,and elaborates the related theories in detail.First,the basic model of the impact of environmental information disclosure on corporate value is constructed,and then based on market competition and environmental sensitivity The industry is divided into 4 different industry scenarios,and a multi-layer model is used to test the joint regulation effect of market competition and environmental sensitivity on the relationship between environmental information disclosure and corporate value.Since environmental information disclosure is not mandatory for all companies at this stage,in some industries that have a small impact on the environment,not only corporate managers,investors and other stakeholders pay insufficient attention to environmental information disclosure.Therefore,this article focuses on my country’s A-share listed manufacturing companies.Taking the data of my country’s listed manufacturing companies in Shanghai and Shenzhen from 2011 to 2017 as a sample,the company’s value and corporate characteristics are obtained from the Guotaian(CSMR)database.Data on the characteristics of the industry and data on the level of environmental information disclosure are obtained from the environmental and social responsibility rating report.This paper adopts the method of empirical analysis to verify the proposed multi-layer model.Concluded as follow:(1)Environmental information disclosure has a positive impact on the value of enterprises(2)In industries with high environmental sensitivity,market competition will have a greater impact on the value of companies with high levels of environmental information disclosure than industries with low environmental sensitivity.(3)In an industry scenario with high market competition and high environmental sensitivity,companies that disclose high-level environmental information will bring more companies than companies in an industry scenario with low market competition and high environmental sensitivity Value enhancement.(4)In an industry scenario with high market competition and high environmental sensitivity,companies that disclose high-level environmental information will bring greater corporate value than companies in an industry scenario with high market competition and low environmental sensitivity Boost.The research in this article will help companies to have a deeper understanding of the impact of environmental information disclosure on corporate value,so that companies can actively assume environmental and social responsibility,and can help corporate managers to incorporate industry scenarios into the corporate environmental management decision-making process.According to the industry in which the company is located The environmental management measures are adjusted in the context to obtain the enhancement of corporate value.