| In recent years,the state has paid more and more attention to environmental management,and environmental protection policies have been gradually improved.It is the general trend to implement mandatory environmental information disclosure.Environmental information has become an indispensable part of information disclosure by heavily polluting companies.This increases the environmental and operational risks of heavily polluting enterprises,and also provides new opportunities for their green development.Discuss the value effect of environmental information disclosure by heavily polluting enterprises,and make them realize that disclosure of environmental information is a behavior that benefits others and themselves,and motivates their own internal motivation for disclosure.Drive heavily polluting enterprises to actively combine environmental protection and economic development under the dual drive of external pressure and enhancing their own value,improve the standardization of environmental information disclosure,and play an active role in the orderly operation of the market economy and social stability and harmony.On the basis of drawing on domestic and foreign literature,based on the guidance of stakeholder theory,legitimacy theory and other theories,this paper takes heavily polluting listed companies as the research object,and discusses environmental information disclosure and corporate value from the perspective of short-term business performance and long-term market response.The relationship between management ability and external supervision level on the relationship between the two is further studied.The empirical research results show that:(1)There is no significant correlation between the environmental information disclosure of heavily polluting enterprises and the short-term value of the company,and a positive U-shaped relationship with the long-term value of the company.(2)Disclosure of environmental information can affect the longterm value of the enterprise through green technology innovation.In the long run,heavily polluting companies pay more attention to their own environmental information disclosure,which is conducive to their sustainable development and green transformation.(3)Management capability,external audit supervision,and environmental enforcement have a positive moderating effect on the relationship between environmental information disclosure and long-term corporate value.That is,the higher the level of internal governance,the stricter the external supervision and environmental law enforcement,and the more significant the value effect of environmental information disclosure.(4)Further research on property rights and regional differences shows that,affected by the nature of the enterprise,the level of economic development and environmental awareness,the value effect of information disclosure in non-state-owned enterprises and the eastern region is more significant.This provides empirical evidence for enterprises to introduce talents,scientifically carry out environmental information disclosure,and strengthen the construction of government information disclosure system. |
