Value of Enterprise Environmental Information Disclosure: Contradictions from Capital Market and Questionnaire Investigation

Enterprise environmental information disclosure, as the tool that enterprises transmit their environmental performance information to the outside and the approach that societies supervise enterprise environmental protection activities, is concerned increasingly. Through empirical test, this paper finds that environmental information disclosure has no effect on company value. Using questionnaire survey, we find the truth is that now investors think enterprise environmental information disclosure is very important, but has no decision value. Thus, this paper considers that in order to solve the contradiction, we must take the following measures: improving level of enterprise environmental information disclosure, and creating compulsory and workable environmental information disclosure system. This research also provides a few of evidence to support the production of "the guidelines on environmental information disclosure of listed companies".