Study On Supervision Of Environmental Information Disclosure Of Listed Companies

Frequent worldwide environmental pollution incidents have aroused great attention of the government and the public on corporate environmental protection and regulation of environmental information disclosure(EID). Currently, EID regulatory system on listed companies in China is still not comprehensive, regulatory responsibilities of EID supervision agencies are not clear, and the enforcement of regulatory system is inadequate. Many listed companies do not strictly comply with regulations on EID, which leads to a poor EID quality. Considering from various aspects, parties whose interests get involved in listed companies' environmental information require government regulators to fulfill their social role of public spokesperson, appropriately intervene in market failure behaviors like information asymmetry, and build an effective EID supervision model to enhance the EID quality of listed companies. Therefore, market effect, spatial effect and the dynamic game relationship of environmental information supervision, as well as regulatory system of listed companies' EID is an important research topic in academia.On reviewing the current EID situation of China and developed countries, the present paper analyses and discriminates literature on EID regulation so as to conclude relevant regulation attribution theory, regulation pathway theory and regulation goal theory on EID. In the empirical research stage, the paper respectively investigated the regulation effect of EID and corresponding countermeasures from the macro, meso and micro levels. On the macro level, by using event study method, the overall effect of promulgation of laws and regulations concerning regulation of listed companies' EID on capital market is investigated. The conclusion shows: the promulgation and implementation of these regulations have a certain impact on capital market. Within a short time after the promulgation of relevant laws and regulations, the impact of EID on capital market is relatively more obvious. Investors' attitude toward environmental information changes with that of government supervision agencies. It is suggested that the government agencies of capital market supervision should play a positive role in the supervision and improve the legal regulations on EID. On the meso level, this paper investigated the spatial effects of EID regulation on listed companies using a spatial economics approach. From the perspective of system theory, the open space modeling technology is used to build the government supervision-EID-corporate value model which can ensure the integrity of the research. The spatial node effects of government EID regulation of corporate value system are explored to seek regional interaction pathway. The research shows: China should use the central straight EID supervision model; adopt national synchronized strict EID regulation policies to control listed companies' circumventing EID space. On the micro level, considering the regulation of EID involving interest conflicts of different parties, this paper apply evolutionary game theory to analyze the dynamic strategic changes and trends of the listed companies and the government regulatory authorities. The result shows: the implementation of policies made by EID supervision agencies are relevant with the frequencies of companies' failing in carrying out EID and the loss brought to these companies. It is also relevant with the regulation efforts and costs of these supervision agencies. Finally, according to research findings, this paper proposes to establish and improve laws and regulations regarding regulation of EID on listed companies, perfect relevant supervision and system, attach importance to building a corresponding regulatory system, and build collaborative regulatory mechanisms to enhance the efficiency.The main innovations of this paper are as follows:(1) it enriches the environmental information disclosure regulation theory. This research introduces the property of being systemic, locative and interactive into the regulation theory of listed companies' EID to ensure synergy and operability of the government EID regulation. It also provides beneficial decision-making ideas for government supervision agencies.(2) this paper adopts an innovative research perspective. Through empirical evidences, the present paper investigates market reaction of EID supervision methods, and provides empirical evidences for evaluation of operating results of those supervision methods. Hence, it provides a new perspective for researches on expanding supervision methods of listed companies' EID.(3) this paper employs some innovative research methodology. It uses spatial econometric methods to construct EID regulation- corporate value model; using evolutionary game analysis, this paper construct the supervision game model of listed companies' EID. The research provides beneficial empirical evidences for constructing effective mechanism of EID supervision and advisable analyzing methods for investigating listed companies' EID supervision.