Environmental Information Disclosure Of Listed Companies In China

Currently, the listed companies to disclose environmental information, has become an important non-financial information content. In the past, whether investors, managers or other stakeholders, the focus of their concern, that is the company's operating condition - the financial analysis. With the changing times, With the changing times, people's attention turned to non-financial information of listed companies research. Non-financial information relating to their social responsibilities, the information generated by the company a significant impact on future operations. The enterprise is the need to disclose their environmental information is the focus of this article.Now, environmental issues have been the government and various non-governmental organization (NGO) attention, and become part of general corporate governance issues. Although the development of corporate environmental information disclosure of the late twentieth century, the rise in the early 90s, but its rapid development. At present, the disclosure of environmental information is still in its infancy. On the one hand, this stage is still in the industrialization process of China is a big manufacturing country, environmental issues are relatively more prominent. On the other hand, the market still lacks an effective corporate environmental governance constraints, and the public and non-governmental organizations monitoring corporate environmental behavior is also weak. Therefore, some listed companies ignore environmental governance, environmental pollution, a major event occur. External disclosure of environmental information enterprise, help the public supervision of enterprises, help to change corporate environmental behavior. However, by 2006, most listed companies of environmental information disclosed in the annual report sporadic, without a standardized content and format. Only a small number of companies to disclose environmental information, a separate report, such as PetroChina, Baosteel, and Qingdao Haier. In recent years, Shanghai and Shenzhen Stock Exchange, the SASAC and other institutions under the impetus of the report listed the number of corporate social responsibility has increased rapidly. No matter what the reasons listed companies out of social responsibility report released, to release its responsibility to society to the situation itself is worthy of recognition. Corporate disclosure of environmental information in order to find the driving force or pressure to improve its disclosure, this paper from the annual reports of listed companies issued CSR reports and to extract the contents of the environment, and statistical analysis, to find the issue of environmental information to be disclosed analysis, giving them the appropriate response.Purpose of this study is on the content of corporate environmental disclosure for statistical analysis, (1) analysis of enterprise why the disclosure of environmental information; (2) enterprises as the main socio-economic, in the course of its development on the environment should bear the social responsibility, that is what the environmental information disclosure; (3) Through the guidance of the enterprise, to guide enterprises how disclosure of environmental information, to elaborate the business environmental information disclosure methods.The significance of this paper, through theory and practice to guide enterprises to understand the enterprise business activities in the meantime, what kind of environment, social responsibility commitment. Thus enabling enterprises to standardize their business activities, provide for disclosure of environmental information and constructive comments and suggestions.Limitations of this study are: first, fewer longitudinal data collection (year), resulting in statistical results would produce a certain deviation. Second, the environmental information as part of social responsibility, that if the mechanical separation, is not conducive to reflect the true state of environment information such as how to determine the share of social responsibility and some power weight. Furthermore, those who have not released the report of the listed company social responsibility, not some sporadic disclosed in annual reports were analyzed and studied. Finally, if environmental information is published on the capital market - would affect stock prices, etc., without empirical study.