Research On The Economic Consequences Of ESG Disclosure

In 2020,the COVID-19 outbreak drew attention to corporate social responsibility and largely promoted the development of ESG.The importance of ESG itself has led domestic and foreign organizations to voluntarily include ESG factors in the scope of assessing business performance.ESG investment is the product of the development of The Times,which requires enterprises to pay attention to environmental protection,social needs and optimize corporate governance structure while developing economy,which has become a new factor to enhance the competitiveness of enterprises.At present,many enterprises not only pursue short-term profits,but pay more attention to long-term development.Especially for listed companies,taking ESG activities is beneficial to financial indicators and business performance in the long run.For China,the development of ESG information disclosure is short,the level of disclosure is low,and there is a lack of unified disclosure standards.A complete ESG system has not been established for the time being,and the overall ESG system is still in its infancy.At present,few enterprises have issued ESG reports.While many enterprises are full of longing for ESG investment,they also have misgivings.The main concern is that the disclosure of ESG information will affect the financial performance and economic value of enterprises.Then,what economic consequences will ESG information disclosure have on enterprises?This is exactly the research purpose of this paper.As we all know,the impact of nuclear power industry on the environment can not be underestimated.Under the current concept of sustainable development,the information disclosure of nuclear power enterprises is more attracting attention.As a leading enterprise in China's new energy industry,China Nuclear Power has made a lot of efforts in ESG information disclosure,which is worthy of in-depth study.This paper takes China's nuclear power industry as the research object,based on a large number of domestic and foreign literature,and on the basis of corporate social responsibility theory,signal transmission theory and stakeholder theory,analyzes the economic consequences of information disclosure on the three aspects of environment,social responsibility and corporate governance respectively.Through the summary of ESG information disclosure of China nuclear power,the problems existing in its information disclosure can be found out and reasonable suggestions can be given.Finally,the event study method is used to test the market reaction caused by ESG information disclosure.This paper is a case study,hoping to arouse stakeholders to pay attention to enterprise ESG information and strengthen the enterprise's awareness of information disclosure through the actual case.This paper has an innovative topic and a novel research perspective,which has important theoretical significance and practical value.It is believed that it can play a certain reference and demonstration role for Chinese enterprises to carry out ESG information disclosure work.