Research On China's Environmental Information Disclosure In Annual Reports Of Listed Companies

With the rapid development of economy and increase of population, there are more and more environmental problems referred to ecological imbalance and environmental pollution in recent years, such as algae in Taihu Lake in 2007, Zijin Mining major pollution in 2010. Therefore, the biggest source of environment pollution comes from the enterprises' production and business activities; they should be responsible for the deterioration of ecological environment. So, environmental information disclosure system is very significant to the open market system. The effective environmental information disclosure is advantageous to the protection of environment. Stakeholders may act according to information disclosed by companies to adjust investment strategies. Thus, environmental information disclosure system plays an important role in solving environmental problems, optimizing the allocation of resources and ensuring the smooth implementation of the sustainable development strategy.The annual report is the crucial content of public companies' environmental information disclosure; governments promulgated a series of laws and regulations for listed annual report disclosure contents and forms. By analyzing the annual reports of A-share companies listed on the Shanghai stock exchange and Shenzhen stock exchange 2008 and 2009, using index and content analysis methods, and draws support from the SPSS 19.0 software, this report studied the present situation of environmental information disclosure of listed companies of China. The results show that the level of environmental information disclosure in china's listed company is limited. The company's list date, industry types, size and profitability, the companies'disclosed social responsibility reports will directly affect the extent of environmental information disclosure, while regional economic development level is not related much to disclosure extent. At last, some suggestions were put forward on the establishment and improvement of environmental information disclosure system of China, which provides for the study of the latest theoretical support.