Governance Structure Characteristics Of China's Listed Companies Disclose Information On The Environment Impact Study

With the increasingly serious environmental problems, the accounting profession has started to pay attention to how environmental issues into the accounting area, while the enterprise environment, environmental information disclosure activities stakeholders understand the business environment and questions of the main channel, and the Environmental Information Disclosure to improve the company released the information content and quality of the information users to acquire more companies in the environmental conditions, which contribute to the fairness of capital market efficiency, elimination of the capital market information asymmetries, thus increasing disclosure of environmental information attention has been paid. Factors affecting the environment have a lot of information disclosure, corporate governance Jiegou sorts of factors can not be ignored in one environment, information disclosure and corporate governance, Tsinghua University, both theoretical circles Hai Shi, the empirical It is also a important topic for study. Foreign scholars had more than its extensive research, the research scholars of their infancy, but also focused on theoretical research, empirical research, little results. In addition, many foreign research results, and not well applied in China's listed companies, therefore, this paper annual reports of listed companies and social responsibility report data on environmental information disclosure on the basis of theoretical analysis, empirical study of China's listed corporate governance structure on the level of disclosure of environmental information.In this paper, characteristics of ownership structure, board characteristics, board of supervisors and managers characteristic features of four aspects of the governance structure of the company's seven explanatory variables, namely, the nature of the largest shareholders, ownership concentration, board size, the number of independent directors, Board of Supervisors scale, Managerial Ownership and pay levels; In addition, set up two control variables are firm size and profitability. This paper selected two cities in the Shanghai and Shenzhen A-share market listing of the 598 manufacturing companies as samples to study. By empirical study, we found:Listed Companies in China Environmental Information Disclosure level and number of independent directors, board of supervisors the number of managers pay levels and firm size was a significant positive correlation; and ownership concentration negatively correlated; controlling shareholder of the state share of enterprise is not tendency to disclose environmental information; with board size and Managerial Ownership correlation ratio is not significant. Meanwhile, on the 598 listed companies to disclose environmental information in 2006-2008 the level of descriptive statistical analysis, found that the overall level of disclosure of environmental information low, but improving trend.According to empirical studies, this article from the optimization of ownership structure, improve the independent director system, strengthen the supervisory board construction, perfect for managers of the constraints and incentives and to encourage and strengthen the regulatory environment, information disclosure, in order to improve the level of environmental disclosure made the appropriate recommendations.