Research On The Impact Of Environmental Inform Ation Disclosure On Financial Performanc-e Of Listed Companies In Coal Industry

Since the 18th National Congress of the Communist Party of China(CPC),the importance of environmental protection has become more prominent.As the coal industry of heavily polluting industry,but also the main source of energy and one of the important pillars of economy,how to balance the relationship between environmental protection and economic interests of enterprises has gradually become the key issue that coal enterprises must pay attention to.Therefore,it is of great practical significance to discuss the impact of environmental information disclosure on financial performance of listed companies in the coal industry under the background of increasing public awareness of environmental protection and forceful implementation of environmental protection policies by the state.In this paper,relevant researches and theories are thoroughly sorted out,and the theoretical basis of environmental information disclosure by listed coal enterprises is clarified.Taking 23 Ashare listed coal enterprises from 2009 to 2021 as samples,this paper analyzes the current situation of their environmental information disclosure and financial performance,and calculates the specific impact of environmental information disclosure index on financial performance by constructing an evaluation system of environmental information disclosure index.The research hypothesis was put forward respectively from two perspectives of the impact of the environmental information disclosure index of the current period and the previous period on the financial performance of the current period.The content analysis method was adopted to reflect the company’s financial performance with the environmental information disclosure index of the current period and the previous period as explanatory variables and five variables including earnings per share,total asset turnover and operating revenue growth rate as explained variables.At the same time,six control variables such as the listed years of enterprises are selected,and the following conclusions are drawn:(1)The environmental information disclosure index of the current period has different influences on different indicators of the financial performance of enterprises of the current period.Through selected specific indicators,this paper finds that the environmental information disclosure index of listed companies in the coal industry has a positive role in promoting their current profitability,but it hinders the company’s current operating capacity and development capacity.(2)The promoting effect of environmental information disclosure index on corporate profitability has a time lag.In the coal industry,the more environmental information disclosed by listed companies,the stronger the profitability of the current period.When earnings per share and return on assets are used as variables,the results of this study are still significant,indicating its robustness.(3)In the coal industry,there is no correlation between the environmental information disclosure index of listed enterprises in the last period and the development capacity and operation capacity of the current period.Based on this,the paper tries to put forward specific suggestions for relevant departments and enterprises,and believes that the government should help the coal industry to form a unified disclosure standard,improve the evaluation system of environmental information disclosure,and introduce a third-party review agency;At the same time,listed enterprises in the coal industry should also strengthen the concept of environmental protection and set up full-time environmental departments.