Environmental Information Disclosure Level, Green Innovation Investment And Financial Performance Of Heavily Polluting Enterprises

Recently,China's economy has grown rapidly,but meanwhile,it has caused some environmental problems,so the top priority of the sustainable development of modern enterprises is to adhere to ecological protection,which is also the universal requirement of the global economy.National development cannot leave the enterprise,the enterprise is the main part of the national economic system,the enterprise's survival depends on the environment,the environment for the existence and development of the enterprise to provide the carrier,and heavy polluter is the primary source of environmental pollution,therefore,it is particularly important to improve the environmental protection awareness of enterprise managers,carry out high-level environmental information disclosure,and increase investment in green innovation.Taking Shanghai A-share heavy pollution listed companies as the research object and the research interval is from 2015 to 2019,researching the relationship between environmental information disclosure and financial performance.In this paper,the research perspective is not limited to the research between the two,but also introduces green innovation input into the research as a moderating variable to explore its effect on financial performance and its moderating effect on the impact of environmental information disclosure level on financial performance,which closely links the three together.Through the study,the following conclusions are drawn: improving the disclosure level of environmental information and increasing the investment in green production innovation can promote the financial performance of enterprises,and the investment ratio of green innovation also has a positive moderating effect on the impact of environmental information disclosure level on corporate performance.And then taking China Shenhua Group as a case,analyze its green innovation input,environmental information disclosure and financial effect in recent years,and the empirical results were further verified.From the concrete case to illustrate its role in the actual operation of enterprises.Enterprise production and operation of the link can be effectively at ordinary times will improve the level of environmental information disclosure is combined with increased investment in green innovation,give full play to the synergy of the two,to strengthen the environmental information disclosure level positive effect on financial performance,positive for the enterprise to a high level of environmental information disclosure,references are provided for the reasonable arrangement of research and development direction,has more practical significance.