Government Subsidy And Enterprise Environmental Information Disclosure

Environmental protection has increasingly become the most urgent problem of the whole society,which is related to the survival and development of human beings.It has also attracted more and more public attention.There are two main bodies that play a decisive role in environmental protection,one is the government,the other is enterprises.Therefore,this paper from the perspective of government subsidies,enterprise level,select the perspective of environmental information disclosure,to explore how the two play a role in environmental protection,and what kind of connection.Enterprises are the main body of business activities,which play an important role in promoting economic development,but also cause huge environmental problems such as environmental pollution and ecological damage,so they also play an important role in environmental protection.However,due to the consideration of cost,technology and other issues,the motivation of environmental protection and information disclosure is not strong.Therefore,it is necessary for the government to regulate and guide,and government subsidy is one of the ways to encourage and guide enterprises to disclose environmental information.The academic research on environmental information disclosure has been relatively perfect,but there are still some deficiencies from the perspective of government subsidies.Therefore,this study not only improves the research on government subsidies,but also provides a new perspective for the analysis of the quality motivation of enterprise environmental information disclosure,provides a theoretical basis for the government’s subsidy decision-making,and provides a new perspective for enterprises to improve the quality of environmental information disclosure The path of.By combing the relevant literature on government subsidies and enterprise environmental information disclosure,this paper expounds the institutional background,analyzes the relevant theories,and makes overall descriptive statistics and univariate descriptive statistics on the samples of heavily polluted enterprises from 2014 to 2018,so as to understand the overall situation of government subsidies and enterprise environmental information disclosure quality.In order to further test the hypothesis,Tobit regression is carried out on the data;in order to test the robustness of the regression results and solve the problem of endogeneity of the model,replacement model,instrumental variable method and propensity score matching method are used to test;in order to find out the factors that affect the relationship between government subsidies and the quality of enterprise environmental information disclosure,the paper uses the nature of property rights as the moderating variable In order to fully explore the impact of government subsidies on corporate environmental information disclosure,the number of corporate environmental information disclosure is introduced for further research.Through the above analysis,we can draw the following conclusions:(1)the environmental information disclosure level of the samples of heavily polluted enterprises selected in this paper is generally low,and needs to be improved in terms of quality and quantity;(2)government subsidies,especially government environmental protection subsidies,can improve the level of enterprise environmental information disclosure in terms of quantity and quality;(3)the impact of government subsidies on enterprise environmental information disclosure is partly through enterprise risk bearing(4)the environmental information disclosure of enterprises is affected by the government subsidies and regulated by the nature of property rights.The state-owned enterprises with heavy pollution can obtain more government subsidies and disclose higher quality environmental information.However,due to the sensitive policy of non-state-owned enterprises,the environmental information disclosure of enterprises is affected by the government subsidies The impact of government subsidies on enterprise environmental information disclosure is more obvious in non-state-owned enterprises.Finally,based on the above conclusions,the corresponding policy recommendations are put forward.All in all,this study found that government subsidies have a positive impact on corporate environmental information disclosure.The positive performance is not only to improve the quality of corporate environmental information disclosure,but also to improve the quantity of disclosure.At the same time,the relationship between the two is realized through corporate risk-taking,which will be significantly affected by the nature of corporate property rights.