Research On The Influence Of ESG Information Disclosure Level On Enterprise Value

In recent years,global industrialization has brought prominent environmental,climate and public health problems.Torrential rains,floods and the COVID-19 epidemic have become important constraints on economic development.Under the background of the post-epidemic era,ESG development concept has received extensive attention.ESG’s advantages such as sustainability and risk resistance make ESG a key factor in evaluating the enterprise’s future sustainability.ESG theory integrates the three elements of environment,social responsibility and corporate governance,and is regarded as an emerging investment strategy by enterprises.Due to the in-depth study of the relationship between ESG and enterprise value,the starting point of this paper is whether and how ESG information disclosure level affects enterprise value.the starting point of this research is whether and what impact ESG information disclosure level will have on corporate value.This paper combs the previous literature and finds that enterprises will disclose ESG information based on the theory of sustainable development,which will affect the value of enterprises,so this paper puts forward the research hypothesis.The empirical research object of this paper is listed companies with CSI 300 index components.In this paper,the ESG score and corporate value data are substituted into the constructed regression model to explore the impact of ESG information disclosure level on corporate value.The empirical results show that ESG information disclosure level significantly affects enterprise value.In the heterogeneity analysis,this paper believes that private enterprises,enterprises after the implementation of the policy and higher degree of marketization can improve the enterprise value by disclosing higher ESG information.Secondly,the instrumental variable method is used to test whether there is a reverse causal relationship between ESG information disclosure and enterprise value,which leads to endogenous problems in the regression model.Finally,the conclusion of the paper is tested conservatively.Different from previous studies,this paper integrates three single factors in ESG,and comprehensively and systematically reveals the relationship between ESG information disclosure level and enterprise value.In order to adapt to the development of ESG concept in China,this paper uses the domestic rating agency Wind Business Channel Lv Rong ESG comprehensive score to measure the ESG information disclosure level of domestic listed companies.Besides,this paper carries out heterogeneity test of the relationship between ESG information disclosure level and corporate value from the perspectives of corporate nature,policy environment and market degree,which expands the scope of research and enriches the empirical evidence in the research field.The study found that the ESG information disclosure awareness of enterprises should be strengthened and cultivated at present in order to enhance the confidence of society,investors and customers and create long-term value continuously and stably.