A Study On The Effectiveness Of External Pressure On The Supervision Of Corporate Environmental Information Disclosure

The existing research shows that the government,the media and other external pressure on the supervision and attention of environmental issues,help to improve the level of environmental information disclosure.With the appearance of the environmental protection supervision committee of the CPC Central Committee in 2016,that is,the environmental protection supervision group of the CPC Central Committee,not only represents the country’s practical action on environmental governance,but also exerts a stronger external regulatory pressure on the environmental issues of enterprises,including environmental information disclosure,from the central level.Although intuitively,the increase of external pressure is expected to lead to the improvement of the level of enterprise environmental information disclosure,this study found that the external pressure on the supervision of enterprise environmental information disclosure is ineffective.In order to investigate why the supervision of external pressure on enterprise environmental information disclosure is invalid,this paper uses case analysis method,taking Luoping zinc electricity and Dongjiang environmental protection as examples,and taking two times of environmental protection supervision group as nodes,divides the time into three stages: before the supervision of environmental protection supervision group,the first time of environmental protection supervision group and the "looking back" of environmental protection supervision group.Combing the changes of external pressure faced by enterprises in three stages,and observing the environmental information disclosure status and quality of environmental information disclosure of enterprises in different stages,the study found that the external pressure faced by enterprises is the same in the first supervision and "looking back" stage of environmental protection supervision group,but in the first supervision stage of environmental protection supervision group,the environmental information disclosure status and disclosure of enterprises The quality is the lowest level,the first supervision of environmental protection supervision group not only did not promote the level of enterprise environmental information disclosure,but also reduced the level of disclosure or even did not disclose the phenomenon;but in the "looking back" stage,it has significantly improved,and each index has reached the highest level in five years;this paper further from the market reaction,environmental performance and financial performance and other aspects The results show that in the first supervision stage,the external pressure did not bring too much impact on the enterprise,but in the "looking back" stage,the impact is severe.To sum up,in the first supervision stage,external pressure did not implement effective supervision on enterprise environmental information disclosure.Through the in-depth analysis of the external pressure involved in the system and regulatory authorities,stakeholders,the enterprise itself and others,it is found that in the process of supervision,the external pressure has such problems as government bureaucracy,lagging supervision of CSRC and stock exchange,implicit protection given by the government under political connection,and weak environmental awareness of economic stakeholders,which causes the external pressure on the enterprise environment The supervision of environmental information disclosure is greatly reduced.Finally,this paper puts forward relevant policy suggestions from the perspectives of legislation,supervision and stakeholders,and tries to build an effective supervision mechanism of external pressure on enterprise environmental information disclosure.