Study On The Compliance Evaluation Method And The Influencing Factors Of Environmental Information Disclosure Of Chinese Listed Companies

Environmental issues are one of the main bottlenecks restricting the sustained and healthy development of China’s economy and society.Based on China’s national conditions,we should realize the dual strategies of"manufacturing power" and "ecological civilization",and conform to the trend of administrative system reform and information technology development.In the future,we must rely more on environmental information policy tools with low cost,high efficiency,and high social recognition.And China has also clearly required the recent implementation of mandatory disclosure of environmental information by all listed companies,focusing on promoting and improving environmental information policy tools.The quality of environmental information disclosure is the basis and key to whether environmental information means can play a policy role.This is also the starting point of the scientific problem of this research,that is,under the current system and practice level of China,how to evaluate scientifically and realistically with listed companies as the representative Quality of corporate environmental information disclosure and identification of its influencing factors.Developed countries have established a systematic environmental protection information disclosure,securities environmental information disclosure system and technical specification system,which can play a role of"full quality assurance" of corporate environmental information disclosure,forcing companies to have to comply with regulations and have to a higher level Disclosure,the front-end works well,and the back-end evaluation pressure is low,you only need to carry out the difference assessment based on voluntary information disclosure on the spire.However,the two areas of environmental protection information disclosure and securities environmental information disclosure in China are the lack of systematic system,standard clarity,and implementation guarantee,which leads to poor and chaotic environmental information disclosure of listed companies.How to propose a method for assessing the quality of corporate environmental information disclosure under the current institutional system,technical specifications,and corporate disclosure practices in China is a clear,accurate,scientific,and multi-party consensus assessment method.This study proposes the concept of "compliance" and the idea of"compliance first,then good and bad" in the field of environmental information disclosure quality assessment,and establishes companies that apply to all environmental behavior characteristics and apply mandatory and voluntary environmental information disclosure,including forms A "generalized compliance" evaluation framework for compliance,comprehensiveness,standardization and authenticity,and separately constructed quantitative evaluation methods for two types of entities that are listed as key polluters and listed companies in the real estate industry;Three methods,linear regression,quantile regression,and fuzzy set qualitative comparative analysis(fsQCA),analyze the factors that affect the level of trust between two types of subjects.The study carried out an empirical analysis of the actual disclosure of the two types of entities in 2017 and 2018.The study found that:the level of environmental information disclosure of listed companies generally presents a dual "echelon(echelon)" improvement of the subject and content.From the subject,it presents the cascade of "listed companies that are key pollutant discharge units-other listed companies in the manufacturing industry-listed companies in the real estate industry-listed companies in the other service industries".From the content,it presents the "formal compliance-comprehensive-Normative-true”cascade.Under the rising trend of“draining"environmental information disclosure level,listed companies with different disclosure levels and different characteristics have significant differences in the main factors that affect their environmental trust level.Listed companies that are key polluters have the highest requirements and the best overall disclosure level.The main "hard factors" that affect their environmental confidence level are listed exchanges,shareholding structure and the nature of shareholding;For companies that are not under pressure and are not focused on regulation,the main factors that still affect the company are still the company’s own "soft factors" such as the company’s size,the nature of equity,profitability,and the integration of the two positions.On this basis,in order to raise the level of disclosure of environmental information of listed companies whose overall and partial disclosure levels have increased significantly,it is recommended(1)to issue a mandatory environmental information disclosure policy covering all listed companies on schedule before the end of 2020 and continue to adopt a comprehensive hard policy Raise the disclosure level of all entities;(2)Issue technical rules that serve the requirements of strong approval,and provide reference standards for all kinds of listed companies to improve the level of trust and piracy;(3)Focus on the low disclosure level and slow improvement Groups of companies conduct special supervision,in the case of listed companies that are key pollutant discharge units,they pay attention to ① all the companies that are fully resolved in the qualitative comparative analysis of fuzzy sets,② listed companies on the Shanghai Stock Exchange and high debt ratios,③disclosure at low and medium levels In addition,it pays attention to the listed companies with the highest shareholding ratio of the largest shareholder.At the high level of disclosure,it also pays attention to private listed companies.In the case of listed real estate companies,it pays attention to the four types of effective simple solutions represented by the fuzzy set qualitative comparative analysis.② At the low and middle levels of disclosure,another focus is on small-scale real estate companies,and at the high level of disclosure,another focus is on small-scale,two-job real estate companies.This research has certain theoretical and practical significance:at the research level,the framework,perspective and method of environmental information disclosure and analysis of listed companies have been improved,and the environmental behavior characteristics of key pollutant discharge units and real estate are quite different.The two types of listed companies with large differences are required to establish a unified evaluation framework and evaluation method to provide a "benchmark" for evaluating disclosure quality.From a practical and policy perspective,systematically assess the current status of listed companies in my country and identify the main influencing factors of listed companies in various sub-groups to provide reference for the CSRC and environmental departments to take targeted measures.