Value Effect of Environmental Information Disclosure in Listed Companies

It is difficult to balance economic development and environmental protection for a long time. As environmental degradation becomes more and more serious, human beings are increasingly aware that it is a wrong way to sacrifice the environment for economic development. In order to enable more enterprises to take the initiative to undertake environmental responsibilities, the Chinese government has introduced a series of laws and regulations. However, in the process of practice, there are still many problems which are extremely widespread, such as unstable and inconsistent disclosure content, low value of disclosure information. This thesis makes research on the relationship between environmental information disclosure and enterprise value from two perspectives of theory and demonstration. At first, the system framework of the relationship between enterprise environmental information disclosure and enterprise value is constructed, and the value mechanism affecting environmental information disclosure is established. Then, 54 typical listed companies from 17 subdivision industry from Shanghai and Shenzhen A-share listed companies which are heavily polluted are selected as samples. According to study data on financial report, social responsibility report, as well as sustainable development report, regression model is established to test the relationship between environmental information disclosure and corporate value, and the influence of corporate governance on the relationship between environmental information disclosure and enterprise value. What’s more, the empirical proof demonstrates that the higher the level of enterprise environmental information disclosure, the higher the enterprise value; the higher the size of the board of directors and the proportion of the largest shareholders, the smaller the impact of the level of enterprise environmental information on enterprise value. Last but not least, this thesis puts forward some methods and suggestions for environmental information disclosure for government and enterprises. 3rd International Conference on Education, Culture and Social Development (ICECSD 2019) Copyright © 2019, the Authors. Published by Atlantis Press. This is an open access article under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/). Advances in Social Science, Education and Humanities Research, volume 344