Research On The Impact Of Environmental Information Disclosure Of A+H Shares On Investment Efficiency

Building an ecological civilization is related to the future development of a nation.China has experienced decades of extensive economic development,and environmental problems have become increasingly prominent.As an important participant in social activities,enterprises bear an unshirkable responsibility for environmental pollution.China has also issued a number of laws and regulations to regulate the environmental behavior of enterprises,and whether strengthening the control of enterprises will increase the burden on enterprises and affect the production and investment of enterprises.Based on the perspective of environmental control,this paper explores whether strengthening the enterprise environmental information disclosure requirements will reduce the enterprise investment efficiency.The topic selection has a certain theoretical and practical significance.The paper studied the impact of environmental information disclosure of A+H-share enterprises on investment efficiency.The Hong Kong Stock Exchange raised the information disclosure requirements within the environmental scope to "explanation without disclosure",which has a certain impact on the environmental information disclosure of A+H-share listed companies.Taking A+H shares as the research object,we choose the dual difference model to discuss the impact of this policy on enterprise investment efficiency.At the same time,after the implementation of the policy,the quality of environmental information disclosure and the enterprise investment efficiency of the relationship is investigated.First,this paper sorts out the current situation of domestic and foreign research around three levels:environmental regulation,environmental information disclosure quality and investment efficiency,and summarizes the relevant theories.Secondly,analyze the regulatory differences between enterprises listed in Hong Kong and the mainland and build an environmental information disclosure framework,and briefly analyze the changes of enterprise investment efficiency after the implementation of environmental policies.Finally,the research results are summarized and suggestions are made.In the empirical part,based on the data of listed enterprises from 2012-2019,this paper,the dual difference model is used to test the impact of environmental regulation and environmental information disclosure quality on the investment efficiency of enterprises.After that,the influence of the nature of the enterprise,the degree of external marketization and internal control on the main hypothesis.The research results show that:(1)The non-efficient investment in the research sample is quite serious,but after the implementation of the strong disclosure policy,the investment efficiency of enterprises is significantly improved,especially the excessive investment situation.(2)Improving the quality of enterprise environmental information disclosure will help to enhance the investment efficiency of enterprises.The main performance is the improvement of the overall non-efficiency investment situation of enterprises,and the lack of investment has been alleviated.(3)The higher the level of information disclosure of the three environmental types,the more obvious the overall non-efficiency investment situation of enterprises improves after the implementation of strong information disclosure.In particular,improving the quality of contact information disclosure between enterprises and the outside world is more conducive to alleviating the insufficient investment of enterprises.(4)After environmental regulation,the investment efficiency improves the better;the higher the environmental information disclosure quality,the higher the investment efficiency;moreover,improving the disclosure quality of non-state-owned enterprises can reduce the information asymmetry and alleviate the investment shortage.(5)In areas with high marketization process,the investment efficiency of enterprises has been improved more significantly.At the same time,the higher the marketization process,the more conducive the quality of environmental information disclosure to improve enterprise efficiency.(6)Internal control is also significant in improving the investment efficiency of enterprises.Moreover,enterprises with high level of internal control disclose higher level of information disclosure quality is conducive to improving the situation of insufficient investment.