Empirical Research On Factors Of Affecting Environmental Information Discoursing In Chinese Listed Company

Since November 13, 2005 Songhua River pollution incident, the State Environmental Protection Administration received 45 environmental incident reports. The pollution is mainly caused by neglect of environmental management in company. Due to flaws of traditional accounting, there are no environmental costs and environmental benefits into the accounting system, and no information on the eco-efficiency is provided. Environmental issues have not been paid to attention. Therefore, it is necessary to discourse environmental information, which explains the utilization of environmental resources , management actions of environmental pollution, and so on.In this paper, combining with the background of China's capital market, firstly, drawing lessons from experience of domestic and international environmental information disclosure research; secondly, analyzing disclosure of environmental information theory and making assumptions; then, selecting Shanghai-listed company of manufacturing sector in 2008 as the samples, making the status and regression analysis on environmental information disclosure of the companies, at last, combining results of the analysis , putting forward some recommendations. On the one hand, this paper has a certain theoretical significance to the improvement of the theory on environmental information disclosure; the other hand, I hope it can guide the practice of environmental information disclosure of listed companies in China.Conclusions indicate that: on the one hand, China's listed companies, the overall level of environmental information disclosure is not high, more disclosure content is descriptive and easily monetized, and the mode of disclosure is more the Board of Trustees reports, financial statements notes and reports to the disclosure of social responsibility. On the other hand, China's environmental disclosure levels have a significant positive correlation with firm size, heavily polluting industries, social responsibility report, negative correlation with the equity concentration, but not significant. And positive correlates with financial performance, negative correlate with financial leverage. Based on the findings, the author suggests that the Government departments, environmental departments, and securities sectors cooperate with each other, regulate the content and format of environmental information disclosure, and promote the ISO14001 certification.The paper combining with market conditions of China's listed companies, in which two new variables are introduced-- social responsibility reports and heavily polluting industries: by far, there is no empirical studies involving the two variables, and it also is innovation of this paper.In this paper, selecting 306 Shanghai-listed companies in 2008 as samples, not to use a multi-year data, and timeliness, efficiency and quality of environment information discourse also not be tested, which will produce some impact to the results of empirical studies. This is also the limitations of this paper.