The Level Of Corporate Environmental Information Disclosure And Its Influencing Factors

Recently, China has made remarkable economic achievements, people’s living standards are improving, accompanying the deteriorating environment, and increasingly affect people’s normal life. Extensive transformation of economic development mode, take the road of intensive economic development has increasingly become the consensus of government and business circles. November 2012, a new historical starting point of The Party,18th CPC National Congress make a "vigorously promote the construction of ecological civilization" strategic decision. The report not only discusses the major achievements, important position and important objective of ecological civilization construction, and comprehensively discusses all aspects of the ecological civilization construction, which depicts the grand blueprint for the complete construction of the future for a long period of ecological civilization. Faced with tight resource constraints, we should respect for nature, and establish the nature protection concept of ecological civilization and the path of sustainable development. As China’s economic and social development of enterprises is an important part of the fulfillment of their environmental responsibilities directly affect the success or failure of the party and China’s ecological civilization strategy, and environmental information disclosure is an important part of fulfilling its environmental responsibilities. Relevant legislation and implementation of environmental information disclosure system of listed companies have achieved remarkable results. Enterprise through environmental information disclosure to convey the fulfillment of their environmental responsibility to stakeholders, at the same time, environmental information disclosure has become an important medium for the community to understand and supervise business activities related to the environment.This paper reviews the researches in the level of corporate environmental information disclosure and its influence factors, and on this basis, the course describes the construction of corporate environmental information disclosure system, and analyzes the principal-agent theory, the theory of corporate social responsibility, stakeholder theory and the classical theory, the theory of public pressure on corporate environmental information disclosure, combined with China’s actual situation and find the entry point for the study, and then put forward relevant research hypotheses. Empirical part of the article on China’s biopharmaceutical 2006-2013 listed companies to disclose environmental information related to the status quo level of description, and then listed biopharmaceutical company’s environmental information disclosure level factors empirical analysis found that the company’s size, profitability, actual controller’s nature, debt scale, board characteristics and growth are significantly affected the company’s environmental information disclosure levels. And environmental information system implementation have a significant positive impact on the improvement of environment information disclosure standards. Finally, combining research findings and the status quo of China’s environmental information disclosure, put forward relevant proposals from the perspective of government, listed companies and the public. And pointed out the deficiencies of research and the research prospects of this article.