The Impact of Environmental Information Disclosure on the Profitability of China Listed Companies——Based on PSM-DID Analysis

Environmental Information Disclosure (EID) has become an important reference standard to judge corporate value, thus affecting the profitability of enterprises. This study takes the year of 2008 as the policy watershed of EID disclosure and takes the data of 72 listed construction and mining companies in Shanghai and Shenzhen of China in 2010 and 2022 as the research samples. According to whether EID is carried out, it is divided into treatment group and control group. Return on equity (ROE) and earnings per share (EPS) are selected as the profitability evaluation indexes of listed companies. DID propensity score matching model (PSM-DID) is adopted to study the impact of EID on the profitability of listed companies. The results show that the EID policy has a significant impact on both the construction and mining industries: the EID degree of listed companies in the construction industry increased by 1.619, and by 1.232 in the mining industry. However, the implementation of EID policy has not significantly affected the profitability of listed companies. It is suggested that the government should expand the scope of EID and standardize the content and format of enterprise information disclosure.