Study On Environmental Disclosure And Regulation Of Listed Companies

The environmental impact of enterprise, is not only concerned by enterprise itself, but also concerned by different social groups who have relationship with the enterprise directly or indirectly, even concerned by social management organization who planning the development of social and national. Therefore, the enterprise must disclose the environmental impact generated from their production to social groups with appropriate way, who concerned about the environmental impact of enterprise.This dissertation take the severe environmental issues in our country as background, and put forward the necessity of carry out the research of environmental information disclosure of listed companies and the research of China's regulation system. Then after defining on environmental information disclosure, this dissertation provide theoretical basis to environmental disclosure regulation by the theory of externality theory, the information asymmetry theory and Non-cooperative game theory. The dissertation analyzed and summarized the present situation and the existence deficiency of environmental information disclosure of listed companies by the Content Analysis Method, and analyzed reasons, found inadequate supervision is the main reason. The problem that insufficient of China's environmental disclosure supervision is reflected on the "double standard" of environmental disclosure supervision in the multinational corporations in China. For further demonstrated the necessity of environmental disclosure supervision, the dissertation used the method of independent sample t-test basing on《Shanghai Stock Exchange Guidelines on Environmental Information Disclosure of Listed Companies》,which promulgated by Shanghai Stock Exchange in May 2008, and discovered the level of information disclosure of listed companies in shanghai stock market obviously enhanced under supervision of《Shanghai Stock Exchange Guidelines on Environmental Information Disclosure of Listed Companies》.The affection of《guidelines》is obviously compared to the control sample of listed companies in Shenzhen stock market, but only to the extent of regulation of listed companies in Shanghai stock market, regulatory is narrow, so it is necessary to expand the control surface. This dissertation put forward to establish environmental disclosure supervision system from the angle of perfecting regulates of environment information disclosure, combining guidance mandatory disclosure with voluntary disclosure, strengthening local government to regulate the enterprise environment information disclosure and so on.