Research On Motivation And Effect Of ESG Information Disclosure Of New Energy Automobile Enterprises

As the ESG information disclosed by enterprises has been paid more and more attention by all parties in the capital market,investors and creditors are more and more inclined to tap the information contained in the ESG reports issued by enterprises on their profitability and potential risk.However,the research on ESG in China is still in its infancy.There is not a total standard for the construction of the ESG system,and the format of ESG information disclosure is not uniform.The listed companies,capital markets,and government and other regulatory departments do not pay enough attention to the construction of the ESG system.The attention to the field of ESG information disclosure needs to be improved.Therefore,in order to promote ESG information disclosure and ESG report in the Ashare market,this paper collects and summarizes the relevant literature on motivation and effect in the field of ESG information disclosure at home and abroad,and summarizes that: the motivation of enterprise disclosure is mainly divided into the internal motivation to improve the share price and the external pressure to respond to the supervision of government and other institutions.The specific effects includes: improving corporate reputation,reducing the degree of financing constraints,reducing the cost of capital,inhibiting the earnings management behavior of companies,and increasing corporate value.On this basis,this paper combines stakeholder theory,legitimacy theory,institutional theory and shared value creation theory to conduct an integrated analysis of the causes and effects of ESG information disclosure,and selects XPENG,a representative new energy car making force listed on both Chinese Hong Kong and U.S.stocks,as a case company,to explore the specific causes of ESG information disclosure through WW index,PEG model,The modified Jones model and Tobin-Q.Finally,the event research method was used to analyze changes in market value of XPENG after its first ESG report.The research results show that responding to the regulatory requirements of the government and relevant institutions is the basic motivation for new energy vehicle enterprises to disclose ESG information.When enterprises are listed in different markets,they need to disclose information according to specific market rules.In turn,specific reporting guidelines also provide reasonable guidance and suggestions for enterprises to make relevant decisions.Secondly,improving the market value of enterprises is also a major motivation to promote the information disclosure of new energy vehicle enterprises ESG.The positive news from the ESG report can improve the confidence of investors,enhance the reputation of the enterprise and improve the value of the enterprise,so the equity incentive of executives will also appreciate.Finally,reducing their own financing constraints is the core motivation for new energy vehicle enterprises to release ESG information or reports.According to stakeholder theory,good ESG information disclosure can improve the risk perception of banks and other creditors and shareholders,reduce the information asymmetry between them,and create a serious,responsible and sustainable corporate image,thus reducing the financing constraints faced by enterprises.In terms of the effect of ESG information disclosure: after XPENG released the ESG report for the first time,with high-quality information disclosure,it has received positive comments from various stakeholders,and its corporate reputation has been improved to a certain extent;According to the stakeholder theory,the high-quality reputation formed by the good ESG performance of the enterprise is transmitted to all stakeholders through the social network,attracting more potential investors with ESG preferences,thereby reducing the cost of capital;The financing risk of XPENG is gradually reduced,and the financing channels are gradually widened.The reduction of capital cost also alleviates the degree of financing constraints;The information related to corporate governance,including internal control,in the ESG report reflects the accounting conservatism of XPENG,and its earnings management behavior has been effectively suppressed;However,the effect of ESG information disclosure on improving enterprise value remains to be further studied.Finally,after XPENG released its first ESG report,the market responded positively to the event,and the cumulative excess return rate in the window period showed a significant upward trend,which verified the market effect of ESG information disclosure.Based on the above research results,this paper puts forward corresponding suggestions for the enterprise itself,capital market and regulators.For the enterprise itself,this paper suggests that the company should establish reporting content and reporting procedures,and try to use quantitative data;At the level of capital market,China’s capital market should accelerate the construction of comprehensive ESG evaluation indicators and systems,and promote the ESG investment concept;At the regulatory level,this paper believes that A-share CSRC should learn from the experience of Hong Kong and other international capital markets,accelerate the construction of the ESG system,build an ESG indicator evaluation system,reduce the company’s disclosure costs,and thus improve the coverage of A-share ESG information disclosure.At present,the existing relevant literature in the field of ESG information disclosure is mostly empirical research,which studies the potential relationship between variables by analyzing large sample data,while the number of case studies is very rare.This paper combines case analysis and event research methods to make a specific exploration of XPENG,adds new energy vehicle company research cases in the field of ESG information disclosure,makes up for the disadvantage that empirical research cannot be integrated into specific case scenarios,provides a certain practical basis and realistic basis for the theoretical framework of ESG information disclosure,and provides ESG information disclosure related suggestions for new energy vehicle enterprises,investors and regulators.It is hoped that while strengthening the awareness of corporate social responsibility,it will reduce the investment risk of investors and promote the development of China’s new energy vehicle enterprises and the overall capital market in a green and sustainable direction.