Research on the Impact of ESG Information Disclosure on the Value of Pharmaceutical Manufacturing Enterprises-- Empirical Evidence from A-share Listed Companies

Abstract

In today's society, we need to participate in the construction and protection of the national ecological environment.As one of the important forces of national economic development, enterprises need to practice the goal of "carbon peak and carbon neutrality".Among them, Environment, Society, and Corporate Governance (ESG) is an important basis for evaluating the relationship between enterprises, environment, and social responsibility.Exploring the impact of ESG information disclosure on enterprise value can help enterprises make better decisions and help people have more understanding when making investment decisions.Based on the fact that the pharmaceutical manufacturing industry has various physical and chemical processing products, and as an advanced technology intersection industry, its environmental activities and control occupy an important part of major enterprises in the country, this article selects 121 pharmaceutical manufacturing enterprises from 2016 to 2022 as research objects.Based on their enterprise value and ESG reports, a regression model is constructed, and STATA17 is used to analyze the relationship between ESG information disclosure and the value of pharmaceutical manufacturing enterprises.The following conclusions are drawn: Good ESG information disclosure is positively correlated with corporate value; Financing constraints can enhance the promoting effect of ESG information disclosure on corporate value; Compared to enterprises before the national policy reform, ESG information disclosure of enterprises after the national policy reform is more conducive to promoting enterprise value; ESG information disclosure can enhance corporate value through the mediating role of profitability.