Empirical Study On Legitimacy Under Threat Of Environmental Disclosure In China Listed Companies

Since the Industrial Revolution in the 18th century,with the rapid development of science and technology,mankind has created a great deal of productivity,in the material aspects of unprecedented achievements,which damage the natural environment in the cost of the material achievements,from the natural world resources more and more use of the predatory,as well as emissions of pollutants from the growing,and is leading mankind to survive the worsening of the environment serious consequences.With more and more attention to environmental issues,the company as an important impact on the environment,one of the activities under the environment of interest,including investors,creditors,suppliers,government and the public's attention,they require companies to provide more environmental information.Theory at a reasonable point of view,the company once the media exposure,sudden environmental events,being the proceedings,or as a result of violation of environmental regulations has been ordered to stop production when subjected to a reasonable threat,and will therefore be more than usual high degree of public concern.This situation a serious threat to this type of companies and their respective industries or related industries reasonable,in order to cope with the impact of negative environmental information,the rationalization of public pressure to reduce the types of companies will choose to disclose more environmental information.Based on the above research background,research orientation of this article is a reasonable threat to the listed companies to disclose environmental information research.The main contents of this paper is divided into the following six chapters: Chapter 1,the main topics of this article describes the background and purpose,and research the meaning of this article summarizes the major research methods used and content of the research framework in this paper.Chapter 2,respectively,summed up the corporate environmental information disclosure of listed companies with the size, nature of ownership,equity structure,domestic and foreign-owned industry research on the literature reviewed above,laid the theoretical foundation of this article.Chapter 3,in the analysis of normative theory based on the research hypothesis of this article.Chapter 4,research and design section describes data sources and sample selection,the definition of the relevant variables,the design of an empirical model.Chapter 5,through descriptive statistical analysis,correlation analysis and regression analysis and event study methods for the analysis of the results of empirical research.Chapter 6 summarizes the main conclusions of this article points out the shortcomings of the research and limitations,and how to avoid being a threat to the legitimacy of a number of recommendations put forward.This paper uses content analysis,regression analysis and event study method and other methods as a means of empirical research.First of all,be a reasonable threat to a number of companies as samples to the regression analysis method was used to observe a reasonable threat has been the company of its size,ownership structure and nature of the industry type and disclosure of environmental information which exist in the end the relationship between.Secondly,the use of event study as a tool to observe the market by the legitimacy of the company's response to the threat.This article is innovation:This sample is selected in the previous studies did not relate to, and observation has been a threat to the reasonableness of the size of the company, ownership structure and nature of the industry types and the relationship between the disclosure of environmental information,but also reasonable for us to study the theory and the relationship between the disclosure of environmental information and provides a new way of thinking and methods.Through research,this article found that China's main environmental information disclosure at this stage the main problems are as follows:1.Environmental disclosure fewer units,and concentrated in industries with high sensitivity.China's disclosure of more information on the environment industry are concentrated mainly in the steel,chemical,petrochemical,paper,textiles and other environmentally sensitive enterprises,this phenomenon was mainly due to environmental pollution by the enterprise's own serious threat for a reasonable consideration,and this kinds of enterprises will be more concerned about government departments,business executives would be more inclined to disclose the environmental information in order to rationalize the right to sustainable development.2.The proportion of environmental information disclosure is not high,but the trend of gradual improvement.Observed in the samples,we can see that in 2002,most of the enterprises did not mention any information on the environment.In the 2003-2007 fiscal year annual reports of listed companies,the information on the environment there is no disclosure of a decreasing proportion.3.Environmental information disclosure of the content and form of non-standard,the lack of comparability and practicality.China's current environmental reporting major service enterprises in the state's overall environmental management and pollution control,the Government authorities in China's enterprises the main users of environmental reports,this phenomenon makes the lack of disclosure of environmental information related to a certain extent,making the information difficult to users effective in these environments through the use of existing information to determine the business,such as decision-making.In this paper,the main conclusions are as follows:1.Through regression analysis,we found that when the company threatened the legitimacy of the company, as well as government ownership stake in the degree of concentration of the extent of information disclosure and the environment associated with high or low,and the results significantly.That is,when the reasonableness of the company are at risk,the higher the ratio of government shareholding in the annual report a higher level of disclosure of environmental information;when the reasonableness of the company are put at risk the higher the ownership concentration of environmental information disclosure in annual reports the extent of the lower.However,under the same conditions,the company size and degree of pollution in their respective professions and annual report disclosure of environmental information in the magnitude of the problem associated with the symbol,but the result is not significant.2.Time study, we found that:the stock market for China's threat to the legitimacy of the poor response of the listed companies on our people for environmental information disclosure of listed companies low concern.Although self-listed companies may be subjected to legitimacy in order to avoid the threat and safeguard the rights of their own sustainable management of environmental information tend to be more disclosure of corporate environmental information,but if our attitude towards environmental issues has been weak,do not take it more seriously,and often this past China's listed companies will lead to such environment has not paid much attention to negative information,even their own interests in order to cause the Company to an even greater threat to the environment.Based on the above research,this paper listed company,government departments, and social third party for disclosure of environmental information to improve our proposal.First of all,the listed company:1.Managers should strengthen awareness of environmental protection,positive business environment with emphasis on information disclosure;2.Accounting personnel should attach importance to the follow-up education and training,the disclosure of environmental information to fulfill responsibilities;3.A listed company itself than the non-listed companies assume more social responsibilities,in order to establish a good corporate image,it is proposed to actively participate in a listed company for the Environment,held periodic disclosure pilot reform activities.Secondly,the government's functional departments:1.Environment to promote the development of accounting information disclosure,environmental protection legislation can not be ignored an important aspect,we need to strengthen the efforts of environmental legislation;2.Enterprises from their own interests,are often not comprehensive,truthful disclosure of environmental accounting information,and information users and hope that through the test of environmental accounting information to improve its reliability.Therefore, the relevant government departments should be strengthened and the supervision of the social intermediary organizations.Finally,a third party on the community: 1.Through or expand environmental education and propaganda,and strengthen public awareness of the environment;2.Prominent firm of Certified Public Accountants audit function gradually improved and the role of market intermediaries; 3.So that the accounting profession in China should learn from the successful experience of the accounting profession,the changing attitudes towards environmental issues,environmental protection so that it play a positive role.Finally,the article at the end of a stage as a result of China's listed companies to disclose environmental information on the importance attached to a limited extent a result of this study exist in a number of shortcomings,the researchers hope that later in this article can be insufficient to overcome the circumstances,to carry out deeper.